Culligan International, the parent company of Zip Water, which itself owns the Instanta water boiler brand, has changed ownership.
Merchant bank BDT Capital Partners has acquired Culligan, alongside several strategic family business owners and investors within the firm’s global network, from private equity investors Advent International and Centerbridge Partners.
As part of this agreement, Advent will also reinvest to acquire a minority stake in the business. Financial terms of the agreement were not disclosed.
Water specialist Culligan was founded outside of Chicago, USA in 1936 by Emmett Culligan and operates through a dealer network in North America and internationally.
With the support of Advent and Centerbridge, the company has continued to build on its legacy through strategic investments in areas such as new product innovation, digital tools and geographic expansion across Europe, Asia and Latin America. Through its investments, Culligan has completed many acquisitions.
The firm believes that the BDT partnership will enable the company to extend its international footprint and continue investing in innovative products and digital growth initiatives.
Scott Clawson, CEO of Culligan International, said: “For more than eight decades, we’ve served as a leading provider of water treatment solutions and service – driving innovation, a better consumer experience and sustainability – while moving the market forward and transforming ourselves.
“We have the leading dealer network as well as direct service operations that touch consumers around the world. We’re grateful for the support of Advent and Centerbridge, and are excited to work with our new partners at BDT as we continue to execute on our growth plan and expand our leadership position in the consumer water market. I’m confident that the best is yet to come for Culligan and our valued customers, franchise dealers, employees and partners.”
BDT Capital Partners MD Scott Hasley added: “Culligan is the innovative pioneer in clean and safe water solutions that has grown to become one of the world’s most trusted brands, led by Scott Clawson and a highly-experienced management team who share our commitment to providing families and communities with healthier water while reducing plastics consumption.
“We look forward to our long-term partnership with Scott and his team, consistent with our business model of providing patient capital to closely held businesses, while leveraging our global network of business owners and investors to support the company’s continued growth and expansion.”