Watercoolers Europe Member Eden Springs, has confirmed the acquisition of FIVE water cooler businesses (for an undisclosed sum) from Nestlé Waters Direct in Germany, Russia and Portugal, which are new markets for them; and in Poland and the Netherlands, which will enhance their position in those countries.
Eden Springs already services offices with water and/or coffee in 15 countries and this acquisition will increase their client base from over 650,000 to approximately 1 million. The deal is expected to increase Eden’s annual turnover by around 30%, from over €280million to approximately €370million.
This reflects Eden Springs’ confidence in the present and future growth of the European water and coffee market following a period of contraction during the recession.
Chief Executive Office of Eden Springs, Raanan Zilberman commented: “I am excited with the opportunity the NWD acquisitions bring. Germany is Europe’s strongest economy and offers a big potential for Eden not only in office water services, where we will gain a leading presence, but also for office coffee services.
“We will expand our activities in Eastern Europe in two important markets, Poland and Russia, that will boost future growth and enable us to expand both activities, water and coffee, to a larger potential client base.”
The acquisition will be financed through a combination of equity and debt and is subject to the customary regulatory and other approvals, with both parties working to complete the transaction in the coming month.
Source: Eden Springs