US: Private equity group swoops for DS Waters of America
DS Waters of America is set to be bought out by a private equity group.
The privately-owned bottled water supplier said today (24 July) it has agreed to be acquired by New York-based Crestview Partners. Under the deal, Crestview will buy DS Waters from a group of equity owners via a merger for an undisclosed sum, the company said.
DS Waters will remain headquartered in Atlanta.
"Our partnership with Crestview will provide additional capital and support as we accelerate our growth, both organically and through acquisitions, and further expand our product offering,” said Tom Harrington, DS Waters' president & CEO.
Crestview has around US$4bn of capital under its management, which includes Goldman Sachs and Morgan Stanley executives.
DS Waters' former CEO, Dillon Schickli, and company board member Jim Turner will also be investing in the venture with Crestview. Both will join DS Waters' board of directors.
The deal is expected to complete within the next three months.
DS Waters has made a series of acquistions in the last two years, including K&K Bottled Water Company in April.
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