Quench Announces Acquisition of Quality Water Services and Sale of Atlas High Purity Solutions
KING OF PRUSSIA, Pa., Oct. 2, 2018 /PRNewswire/ -- Quench, an operating segment of AquaVenture Holdings Limited (NYSE: WAAS) and a leading provider of filtered water coolers, ice machines, sparkling water dispensers and coffee brewers for businesses across the United States and Canada, announced today that it has acquired substantially all of the rental assets of Quality Water Services, a point-of-use water filtration company based in Seattle, Washington. This acquisition adds approximately 1,200 rental and service units and more than 500 new clients to Quench's installed asset base in the important Seattle market, a top 12 U.S. Metro area.
Quench also announced the sale of substantially all of the assets of its Atlas High Purity Solutions unit to East Range Partners, LLC. Atlas High Purity Solutions was acquired in connection with the Atlas Watersystems transaction in June 2014, and is included within the Quench segment.
"We are excited to announce the acquisition of Quality Water Services in Seattle, which represents Quench's 7th acquisition this year and 10th acquisition since our IPO. We continue to execute our growth strategy and strategically increase our customer density in key markets," commented Tony Ibarguen, President of AquaVenture Holdings and CEO of Quench. "In addition, we are pleased to have completed the sale of the Atlas High Purity Solutions unit. The divestiture of this non-core operation, which had a nominal contribution to Adjusted EBITDA, will have a positive effect on our margins and provide additional capital to fund incremental growth within the business."
About AquaVenture
AquaVenture is a multinational provider of Water-as-a-Service™ (WAAS™) solutions that provide customers a reliable and cost-effective source of clean drinking and process water primarily under long-term contracts that minimize capital investment by the customer. AquaVenture is composed of two operating platforms: Quench, a U.S.-based provider of POU filtered water systems and related services to more than 45,000 institutional and commercial customers; and Seven Seas Water, a multinational provider of desalination and wastewater treatment solutions, providing more than 8.5 billion gallons of potable, high purity industrial grade and ultra-pure water per year to governmental, municipal, industrial and hospitality customers.
About Quench
Quench USA, Inc. offers WAAS solutions by providing filtered water systems, including bottleless water coolers, ice machines, sparkling water dispensers and coffee brewers, to customers across the United States and Canada. Our point-of-use (POU) systems purify a building's existing water supply to provide reliable and convenient filtered water to a broad mix of businesses, including government, education, healthcare, manufacturing, retail, hospitality, and other large commercial customers, including more than half of the Fortune 500. Headquartered in King of Prussia, PA, Quench has sales and service operations across North America to serve our 45,000+ customers. Quench is an AquaVenture Holdings business. For more information, please visit https://quenchwater.com.
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Investor Hotline: 855-278-WAAS (9227)
SOURCE AquaVenture Holdings Limited
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