Kumulus Partners assisted the shareholders of Sipwell in the sale of the company to Eden Springs, the European operations of the listed US group Primo Water.
Founded in 1993 by David Rubenstein, Sipwell provides drinking water solutions to business and families. Offering highly functional and attractive cooler models as well as a unique bottle design, Sipwell is the market leader in Belgium with an installed base over 30,000 water coolers. Based on this market position the company has a dense commercial network to deliver water bottles to its clients, filled from its own water source in Londerzeel.
The drinking water market in general benefits from trends towards healthier lifestyles, improved environmental awareness and the high-growth residential channel. The market leading position, recurring revenue generation and in-house product development of Sipwell attracted a great deal of interest from both industrial and commercial buyers. After a thorough preparation which included a comprehensive analysis of the figures and KPIs of Sipwell, Kumulus maintained a high competitive tension throughout the sale process. At the end of the process, an agreement was reached with Primo Water, as the acquisition further strengthens Primo's presence in Western and Central Europe.
