Monument Group Advises Castik Capital on Closing of €700 million Single-Asset Fund
LONDON, May 21, 2021 – Monument Group, one of the industry’s leading placement agents, has advised European private equity investment firm Castik Capital on the completion of a new single-asset fund, EPIC I-b (the “Fund”). The Fund closed at its hard cap of c.€700 million and attracted strong demand from existing, and new investors.
The Fund, which will be managed by Castik Capital, will acquire a controlling stake in Waterlogic, which designs, manufactures, distributes and services drinking water dispensers and solutions. The Fund will provide Waterlogic with an extended investment horizon, additional capital to execute its buy-and-build strategy, and resources to support its global growth ambitions.
The Fund will acquire the majority stake in Waterlogic from Castik’s EPIC I Fund. This transaction follows the sale of a significant minority stake in the company to four institutional investors – BCI, Neuberger Berman, StepStone, and Skandia – that closed in April 2020. Since EPIC I Fund’s initial investment in Waterlogic in January 2015, Waterlogic’s business has transformed into a global market leader of purified drinking water dispensers, with revenues of c.$400m and EBITDA in excess of $150m.
“With Castik’s track record and Waterlogic’s enviable position in a fragmented and growing market, there was significant interest in this fundraise both from existing Limited Partners and new investors,” said Karl Adam, a Partner at Monument Group. “We’re pleased to have supported Castik in the raise of this Fund and wish them and Waterlogic continued success. Single asset and continuation funds are becoming increasingly popular vehicles as fund managers and LPs look to maintain an interest in their best performing companies.”
In addition to EPIC 1-b, Monument Group acted as the exclusive placement agent on raising EPIC II which closed at its hard cap of EUR 1.25 billion in October 2020.
About Monument Group
Monument Group is a leading, independent private placement agent managed by a senior team with significant buy-side investment heritage. Since its inception in 1994, Monument Group has assisted a range of general partners around the world to raise 114 funds, totaling more than US$118 billion of equity. These clients represent a broad variety of investment strategies including buyouts, debt, distressed, growth, infrastructure, real estate, energy and natural resources. Monument Group also has a strategic alliance with boutique secondaries advisor Mozaic Capital. For more information on Monument Group’s primary and secondary capabilities, visit www.monumentgroup.com.
Monument Group, Inc., is a member of the Financial Industry Regulatory Authority (FINRA); Monument Group Europe LLP is authorized and regulated by the U.K. Financial Conduct Authority; Monument Group, L.P. is licensed as a Type II Financial Instruments Dealer in Japan; Monument Group (HK) Limited is licensed to conduct Type 1 regulated activities in Hong Kong.
About Castik Capital
Founded in 2014, Castik Capital focuses on identifying and developing investment opportunities across Europe. The investments are made by the Luxembourg based EPIC funds. The first fund, EPIC I, has a volume of €1 billion and was raised in 2014/2015. The second fund, EPIC II, had its final close in October 2020 and a volume of €1.25 billion. The Castik employees have extensive knowledge and experience in the private equity markets, with a team that has been actively investing in transactions for over 25 years. The advisor to Castik Capital is Castik Capital Partners GmbH, based in Munich. For more information, please visit www.castik.com
About Waterlogic
Waterlogic is an innovative designer, manufacturer, distributor and service provider of drinking water dispensers and solutions designed for environments such as offices, factories, hospitals, restaurants, hotels, schools and public spaces. From freestanding, countertop and integrated dispensers to water filling stations, fountains and boilers, every solution focuses on delivering the best quality water in the safest and most sustainable way. An extensive range of consumables and accessories adapts to customer needs and is available on subscription service to guarantee cost savings and continuous supply.
Founded in 1992, Waterlogic was one of the first companies to introduce bottle-less dispensers to customers worldwide, and has been at the forefront of the market promoting product design and water quality, the application of proprietary technologies, sustainability and world-class sales and service. Waterlogic has its own subsidiaries in 18 countries and its leading markets are the US, Australia and Western Europe, in particular the UK and Germany. The company drives growth organically and through M&A to consolidate its lead in existing territories and extend its reach to new markets. In addition, Waterlogic’s extensive and expanding independent global distribution network reaches over 50 countries around the world in North and South America, Europe, Asia, Australia and South Africa. Its far-reaching market coverage means Waterlogic is the only water dispenser provider able to cover the full geographical needs of global customers under one roof. More information can be found at www.waterlogic.com.
