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| Angel Springs |
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| Business description: |
| Supplier of watercoolers and bottled water |
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| Country: |
| UK |
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| Investment type: |
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Buy-outs
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In December 2003, 3i led the simultaneous acquisition and merger of three UK office watercooler businesses to form Angel Springs, thereby creating one of the largest independent national cooler businesses in the UK.
The watercooler market is growing strongly on the back of the trend to healthier living habits and increased water consumption and is undergoing a phase of consolidation in the UK and continental Europe as a number of larger food and drink groups pursue market share through acquisition strategies.
The investment strategy is to integrate the three businesses, drive organic growth and then sell to one of the industry consolidators or a new strategic entrant to the market.
The managing director of the new group is someone with whom 3i had previously successfully invested within the watercoolers sector and whose operational and other abilities it believes will enable a successful integration of the three businesses. 3i further strengthened the management team by introducing a chairman with relevant experience from its Independent Directors Programme and a finance director with whom it had also successfully worked before. |
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