M&A Deal Summary

NB Private Equity Partners, StepStone Private Equity, Ardian and British Columbia Investment Management Acquires Waterlogic International

On January 28, 2020, NB Private Equity Partners Ltd (Neuberger Berman Private Equity), private equity firm StepStone Private Equity, asset manager Ardian and asset manager British Columbia Investment Management Corp. (BCI) acquired utilities company Waterlogic International from Castik Capital S.à r.l.

Acquisition Highlights
  • This is NB Private Equity Partners’ 1st, StepStone Private Equity’s 1st, Ardian’s 6th and British Columbia Investment Management’s 2nd transaction in the Utilities sector.
  • This is NB Private Equity Partners’ 1st, StepStone Private Equity’s 1st, Ardian’s 24th and British Columbia Investment Management’s 3rd transaction in the United Kingdom.

M&A Deal Summary

Date 2020-01-28
Target Waterlogic International
Sector Utilities
Buyer(s) NB Private Equity Partners Ltd (Neuberger Berman Private Equity)
StepStone Private Equity
Ardian
British Columbia Investment Management Corp. (BCI)
Sellers(s) Castik Capital S.à r.l.
Deal Type Secondary Buyout
Advisor(s) Goldman Sachs Investment Banking Division
PwC Corporate Finance LLC (Financial)
Skadden, Arps, Slate, Meagher & Flom LLP (Legal)

Target

Waterlogic International

Berkshire, United Kingdom
website
Waterlogic is a designer, manufacturer, distributor and operator of mains attached point-of-use ("POU") drinking water purification and dispensing systems designed for environments such as offices, factories, hospitals, hotels, schools, restaurants, and other workplaces. Waterlogic was established in 1992 and is based in Berkshire, United Kingdom.

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Buyer(S) 4

Buyer

NB Private Equity Partners Ltd (Neuberger Berman Private Equity)

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
SizeSmall
Type Sector Agnostic
DESCRIPTION


DEAL STATS #
Overall 16 of 17
Sector (Utilities) 1 of 1
Type (Secondary Buyout) 8 of 8
Country (United Kingdom) 1 of 1
Year (2020) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-10 Farnese Group

Ortona, Italy

Farnese Vini markets and distributes wines from southern and central Italy. The company acquires grapes from local farmers, oversees production and markets wines under specialty labels to customers internationally.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-05 Engineering Ingegneria Informatica S.p.A.

Roma, Italy

Engineering Ingegneria Informatica is an IT services provider focused on digital transformation with more than 11,000 professionals in 65 locations across the world. The Group designs develops and manages innovative IT solutions for business areas where digitalization is having the biggest impact.

Sell -
Buyer

StepStone Private Equity

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2007
SizeLarge
Type Sector Agnostic
DESCRIPTION

StepStone Private Equity is the private equity arm of StepStone Global, a global alternative investment and asset management firm. StepStone Private Equity manages and makes fund investments as well as co-invests in direct opportunities spanning buyout, venture, distressed, private debt, and energy. StepStone Private Equity is based in La Jolla, California.


DEAL STATS #
Overall 5 of 5
Sector (Utilities) 1 of 1
Type (Secondary Buyout) 1 of 1
Country (United Kingdom) 1 of 1
Year (2020) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-09-06 Strata Fund Solutions LLC

Salt Lake City, Utah, United States

Strata Fund Solutions LLC is a full-service administration company providing high-quality administration and consulting services to the alternative investments industry. Strata Fund's focus is on unparalleled service to hedge funds, private equity funds, funds of funds, and managed accounts.

Buy -
Buyer

Ardian

Paris, France

Investor Investor Investor Investor Investor

website


Category Asset Manager
Founded 1996
PE ASSETS 125.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Ardian is a mega-sized diversified investment group focused on opportunities worldwide. Ardian invests across and manages funds focused on small and mid-sized buyouts, growth capital financings, mezzanine, infrastructure, real estate, and co-investment opportunities. Ardian's small-buyouts group targets controlling interests in French, German, and Italian businesses valued up to €100 million. It's mid-sized buyout group seeks businesses valued up €1.5 billion and does not have any geographic limitations. The Infrastructure team looks for European opportunities and can commit up to €150 million per transaction. The Mezzanine group supports junior capital commitments of €5 to €80 million. In addition to direct investing, Ardian also manages various private equity fund-of-funds. Ardian was founded in 1996 and is based in Paris.


DEAL STATS #
Overall 359 of 407
Sector (Utilities) 6 of 7
Type (Secondary Buyout) 114 of 130
Country (United Kingdom) 24 of 24
Year (2020) 2 of 23
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-16 Frulact

Gemunde - Maia, Portugal

Frulact is a producer of natural fruit-based and plant-based specialty ingredients for the Food & Beverage industry. The Group has a global presence across three continents, with nine business units in five countries (Portugal, Morocco, France, South Africa, and Canada). Frulact was founded in 1987 and is based in Gemunde - Maia, Portugal.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-03 CLS Group

Ramonville Saint-Agne, France

CLS Group is a global company and a pioneer in providing Earth monitoring and surveillance solutions. Its mission is to develop and deploy innovative solutions to understand and protect our planet and manage its resources sustainably. The company operates in five strategic areas of activity: environment and climate monitoring; sustainable management of fisheries; fleet management; energy, mining, and infrastructure; and maritime security. CLS was formed in 1986 and is based in Ramonville Saint-Agne, France.

Sell -
Buyer

British Columbia Investment Management Corp. (BCI)

Investor Investor Investor Investor Investor

website


Category Asset Manager
Founded 1999
PE ASSETS 21.9B CAD
SizeMega
Type Sector Agnostic
DESCRIPTION

British Columbia Investment Management Corp. (BCI) is large asset manager focused on providing investment management services to British Columbia’s public sector. The Firm looks to invest in a range of asset categories and will consider opportunities globally. BCI's private equity practice was established in 1995 and seeks leverage buyout and growth equity opportunities that include market leading companies with tangible downside protection. Portfolio companies have a sustainable competitive advantage, offer value-added products and services, and are led by talented management teams. British Columbia Investment Management Corp. is headquartered in Victoria, British Columbia.


DEAL STATS #
Overall 9 of 14
Sector (Utilities) 2 of 2
Type (Secondary Buyout) 5 of 7
Country (United Kingdom) 3 of 6
Year (2020) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-08 Valence Surface Technologies, Inc.

The Woodlands, Texas, United States

Valence Surface Technologies, Inc. is a provider of aerospace surface finishing services, which has historically been a highly fragmented, geographically focused, and technically challenging part of the supply chain. Valence Surface was built to offer a differentiated, full service, supply chain solution for critical, complex parts to the aerospace industry, delivering the lead times, capacity and technical resources needed to match growing aircraft build rate demand. Valence Surface Technologies was founded in 1957 and is based in The Woodlands, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-04 ClearMacro Ltd.

London, United Kingdom

ClearMacro Ltd. is a software analytics company provides investment analytics tools to asset managers and other professional investors to make quicker, better informed, and more consistent investment decisions as well as mitigate well-documented human biases. ClearMacro is based in London, United Kingdom.

Buy -

Seller(S) 1

SELLER

Castik Capital S.à r.l.

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2014
PE ASSETS 1.0B EUR
SizeLarge
Type Sector Agnostic
DESCRIPTION

Castik Capital Partners advises Luxembourg based Castik Capital, the manager of the EPIC Funds. Castik seeks public and private investment opportunities throughout Europe where the Firm can commit €100 to €300 million per transaction. Castik was formed in 2014 and is based in Luxembourg.


DEAL STATS #
Overall 1 of 2
Sector (Utilities) 1 of 1
Type (Secondary Buyout) 1 of 2
Country (United Kingdom) 1 of 1
Year (2020) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-09-26 AddSecure AB

Stockholm, Sweden

AddSecure AB is a European provider of premium solutions for secure data and critical communications. AddSecure AB serves over 50,000 customers and partners around Europe with secure communications and solutions that help customers safeguard their life- and business-critical applications. This helps save lives, protect property and vital societal functions, and drive business. AddSecure offers solutions within Smart Alarms, Smart Rescue, Smart Grids and Smart Transport.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-02 Customs Support International B.V.

Rotterdam, Netherlands

Customs Support International B.V. is a specialist and independent platform in customs services in The Netherlands. The company services logistics firms, expeditors, manufactures and trade firms in customs declarations, consultancy and (temporary) staffing. Customs Support International is based in Rotterdam, Netherlands.

Buy -