REG - Schroder Br.Opps.Tst - Waterlogic combination with Culligan International

Peel HuntAnnouncement

07/01/2022 08:00

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RNS Number : 7014X  Schroder British Opportunities Tst.  07 January 2022

Schroder British Opportunities Trust plc

 

Waterlogic combination with Culligan International

 

Schroder British Opportunities Trust plc ("SBO" or the "Company") is pleased
to confirm that one of its private equity investments, Waterlogic Group
Holdings ("Waterlogic"), has announced that it has agreed to combine with
Culligan International ("Culligan") to create a leader in sustainable drinking
water solutions and services.

 

Culligan is a leading global consumer water solutions and services provider
whose mission is to deliver clean, safe and soft water to improve consumers'
health and wellness and reduce single use plastics. Waterlogic has pioneered
the application of advanced technology in the design of its water dispensers
for offices, healthcare, education, hospitality and public settings to deliver
sustainable and safe water.

 

Together the combined company will shape the future of clean and sustainable
drinking water, providing water solutions and services for customers at home,
at work, at leisure and on-the-go. The transaction brings additional scale and
expertise to drive innovation in the development of new water filtration,
purification and treatment solutions, expanding those to both existing and new
markets, and additional distribution channels. In addition, by addressing the
fundamental need for the provision of clean, safe, soft and sustainably
sourced water ad the reduction of single use plastics, the combined company
and its customers will help deliver against the United Nations Sustainable
Development Goals ("SDGs") and meet their respective leading Environmental,
Social and Governance ("ESG") commitments.

 

SBO gained exposure to Waterlogic through its investment in May 2021 into the
EPIC I-b Fund SLP, a single asset fund managed by Castik Capital, which
acquired a majority stake in Waterlogic. Existing investors in Waterlogic will
continue to hold a meaningful minority ownership position in Culligan going
forward. Terms of the transaction were not disclosed.

 

The transaction is expected to close in the second half of 2022, subject to
receipt of regulatory approvals and the satisfaction of other customary
closing conditions.

 

Tim Creed, Portfolio Manager of the Company, commented: "We are delighted to
see the announcement of this combination which will create a global leader in
sustainable drinking water solutions and services while allowing SBO to remain
a shareholder. The combined business has very strong sustainability
credentials and considerable future growth potential through continued M&A
and new product innovation."

 

Enquiries:

 

   Schroder Investment Management Limited                       020 7658 6000

   Paula Lockwood (Company Secretarial)

   Andy Pearce (PR)

 Peel Hunt                                                      020 7418 8900

Liz Yong, Luke Simpson, Huw Jeremy (Investment Banking)

 Alex Howe, Chris Bunstead, Ed Welsby, Richard Harris (Sales)

 

About Schroder British Opportunities Trust plc

 

Schroder British Opportunities Trust plc has been established to invest in a
diversified portfolio of both public equity investments and private equity
investments consisting predominantly of UK Companies with strong long-term
growth prospects.

 

ESG company engagement is a key feature of the Company's investment
strategy. The Company's focus is on companies with business models which are
considered to be sustainable in terms of both the longevity and durability of
their businesses and their environmental, social and governance (ESG)
behaviours.

 

The Company's ordinary shares are listed on the premium listing segment of the
Official List of the Financial Conduct Authority and have been admitted to
trading on the main market for listed securities of the London Stock Exchange
in December 2020 under the ticker "SBO".

 

Further information on the Company is available at www.schroders.com/sbo
(https://www.schroders.com/sbo) .

 

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