Quench Announces Acquisitions of Mirex AquaPure Solutions and Flowline Canada
October 01 2019 - 4:05PM
Business Wire
Quench, an operating segment of AquaVenture Holdings Limited
(NYSE: WAAS) and a leading provider of filtered water-as-a-service
solutions for businesses across the United States and Canada,
announced today that it has acquired substantially all of the
assets of Mirex AquaPure Solutions, L.P. (“Mirex”) and Flowline
Canada, Inc. (“Flowline”).
Mirex is a point-of-use (POU) water filtration company based in
Houston, Texas, a top-5 US metro area. Mirex has been in business
for nearly 20 years and built a loyal commercial customer base.
Notably, Mirex was an early and rapid adopter of specialty POU
products, such as ice dispensers, which enjoy attractive rental
rates. Flowline is a point-of-use water filtration company based in
Edmonton, Canada, a top-10 Canadian market. In aggregate, these
acquisitions add approximately 1,400 customers and 3,000 rental
units.
Todd Peterson, COO of Quench, said: “We are excited to announce
the acquisitions of Mirex and Flowline. Mirex increases our
customer penetration in one of the most attractive US markets,
while Flowline extends our geographic footprint to an important
metro area in Canada. We continue to execute our growth strategy by
acquiring point-of-use water filtration companies in strategic
markets that increase our customer density, expand our service
coverage, and strengthen our unit economics. In addition, Flowline
was one of our independent dealers, which demonstrates our
continued success in providing attractive exit opportunities to our
extensive dealer network.”
About AquaVenture
AquaVenture Holdings (NYSE: WAAS) is a multinational provider of
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 leading provider of filtered water systems and related
services with over 150,000 units installed at institutional and
commercial customer locations across the U.S. and Canada; 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 offers WAAS solutions by providing filtered water systems
with quenchWATER+ mineral-infused water to customers and
independent dealers across North America. Our point-of-use (POU)
systems, which are integrated into bottleless water coolers, ice
machines, sparkling water dispensers and coffee machines, purify a
user’s existing water supply to provide reliable, convenient and
sustainable drinking water to a broad mix of businesses, 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 50,000+ customers, and a network of over 250
independent dealers selling Quench products under the brand names
Pure Water Technology, Wellsys and Bluline. Quench is an
AquaVenture Holdings business. For more information, please visit
https://quenchwater.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191001006025/en/
investors@aquaventure.com Investor Hotline: 855-278-WAAS
(9227)
AquaVenture (NYSE:WAAS)
Historical Stock Chart
From Mar 2024 to Apr 2024
AquaVenture (NYSE:WAAS)
Historical Stock Chart
From Apr 2023 to Apr 2024