NEWPORT BEACH, CA December 18, 2018 – Private equity firm ClearLight Partners announced today that it has sold Pure Water Technology-PHSI (PHSI) to Quench USA, Inc. (Quench), an operating segment of AquaVenture Holdings Limited (NYSE: WAAS).
Headquartered in Lincolnshire, Illinois, Pure Water Technology-PHSI is one of the nation’s leading manufacturers and marketers of point-of-use water purification coolers. The company’s products are distributed to commercial customers throughout the U.S. via a network of over 90 dealers, and through a direct sales channel that includes regional branches as well as large, national accounts. PHSI’s bottleless water coolers represent a simpler, cheaper and greener solution compared to traditional five-gallon water jugs.
ClearLight invested in PHSI in 2009 and, in partnership with PHSI’s management team, supported the growth of the company’s dealer channel while launching a new initiative to sell directly to end users. This direct to consumer initiative led to the opening of seven regional branches to expand the company’s presence in previously underserved markets and the introduction of several new, innovative products. During ClearLight’s ownership period, PHSI and its dealer network placed over 100,000 coolers with commercial accounts seeking a better solution for clean drinking water. “Early on, we recognized the opportunity to disrupt five-gallon water jugs, so it was rewarding to work with the company and help it sustain a leading market position in an industry that needs a dependable, high quality product like PHSI’s,” said Josh Mack, a Partner at ClearLight.
“ClearLight was a great partner as an investor with a long-term focus on building enterprise value. Their support helped us enter new markets, expand and improve our product portfolio and bring clean water to America’s workforce,” said Bob Tangredi, CEO of PHSI. “Pure Water Technology products are recognized as the premier systems in the rapidly growing point-of-use water industry. Quench strengthens its position in the market by adding a large loyal customer base, leading manufacturing capabilities and a strong dealer network.”
“Point of use water coolers are a great solution, and PHSI has been a leader in the field. We are particularly proud to have overseen the successful entry into the direct channel, and the company’s success in working with commercial customers across the nation,” commented Michael Kaye, Managing Partner of ClearLight.
ClearLight was advised by Raymond James and Armstrong Teasdale LLP.
About ClearLight Partners
ClearLight Partners is a private equity firm in Southern California that invests in established, profitable middle-market companies with significant growth potential. Since inception, ClearLight has raised $900 million in capital across three funds from a single limited partner. The team at ClearLight has extensive operating and financial experience and has a history of successfully partnering with owners and management teams to drive growth and create value.
For more information, please visit www.clearlightpartners.com.