Quench Secures $30 Million in Growth Financing
KING OF PRUSSIA, Pa. /PRNewswire/ — Quench, the largest independent provider of filtered water coolers in North America, announced today that it has closed on nearly $30 million in equity and debt financing. The financing will help support additional acquisitions and continued organic growth. Element Partners, Virgin Green Fund, Douglas Brown and other existing investors were joined by new backers ORIX Venture Finance, Advent-Morro Equity Partners, Potomac Energy Fund and The Pohlad Companies.
“We are thrilled to have the support of our new equity investors, as well as the vote of confidence from our new debt partner, ORIX Venture Finance,” said Douglas Brown, Quench’s Chairman. “The fact that institutional investors view Quench as an attractive platform in the current economic climate is a testament to the excitement surrounding Quench’s value proposition and unique market position.”
Jeff Bede, a Principal at ORIX, said “Quench’s combination of recurring revenue and solid growth make it an ideal portfolio company for us. The business is growing rapidly and is well positioned for the consolidation of the filtered water services industry. We look forward to working with the Quench management team to help their continued growth in the filtered water cooler market.”
Quench CEO Anthony Ibarguen added, “This funding will accelerate our growth in key markets across the country, as we continue to capitalize on the trend of businesses switching to filtered water coolers from traditional plastic-jug water coolers. We expect our growth will continue organically as well as through acquisitions of like-minded entrepreneurs in the filtered water industry.”
Headquartered outside Philadelphia, Pennsylvania, Quench USA, Inc. is a clean technology company that rents, installs and services “bottleless” water filtration systems (also known as point-of-use water coolers) for businesses across North America. Quench systems purify tap water, providing a more cost-effective and environmentally- responsible solution than delivery of water in 5-gallon plastic jugs. With an installed base of more than 50,000 water filtration systems across 47 US states, Mexico, Canada and the Caribbean, Quench is the largest bottleless water cooler company in North America serving approximately one-third of the Fortune 500.
About ORIX Venture Finance
ORIX Venture Finance, a business unit of ORIX USA Corporation, provides customized financial solutions to mid- and late-stage companies which have established customers and run-rate revenues of $10 million or greater. Since its inception in 2001, ORIX Venture Finance has invested in 90 growth companies throughout the U. S. and Canada. ORIX USA Corporation is a financial conglomerate with operations or investments across corporate, real estate and public finance markets as well as advisory services and asset management. ORIX USA’s public parent is ORIX Corporation, an, international financial services company established in 1964 with headquarters in Tokyo and operations in 27 countries. ORIX Corporation is listed on the Tokyo (8591) and New York (NYSE:IX) stock exchanges.
About Element Partners
Element Partners invests in high growth companies offering innovative solutions to global energy, resource, and environmental problems. Element is a growth equity investor that is willing to make minority equity investments and become a long-term partner with pioneering companies. Since 1995, Element’s team has successfully managed over $1.2 billion in capital commitments spanning six investment partnerships. These partnerships have all been focused on investing in profitable and growing energy, industrial, and environmental related businesses. Over the course of more than fifteen years, the principals of Element have collectively invested in over 100 companies.
About Virgin Green Fund
Virgin Green Fund (“VGF”) is a leading growth capital investor targeting companies in the renewable energy and resource efficiency sectors, primarily in the United States and Europe. Virgin Green Fund seeks to help management teams increase the value of growing businesses by utilizing its equity, experience and global networks to help companies realize their market potential. In doing so, VGF works collaboratively with its portfolio companies, bringing to bear the operational expertise and financial acumen of the VGF Team to help management teams think critically about strategic issues such as market positioning, recruiting, acquisitions and financings. Virgin Green Fund has been launched with the backing of Sir Richard Branson’s Virgin Group and a strong network of additional limited partners.
About Advent-Morro Equity Partners
Advent-Morro Equity Partners is the leading U.S. private equity firm based in Puerto Rico and focuses on expansion capital and lower middle market buyouts predominantly targeted at companies led by Hispanic management teams or companies targeting the U.S. Hispanic and Latin American markets. Since its inception in 1989, Advent-Morro has invested in more than 40 companies, generating in aggregate over $3.5 billion in annual revenues and employing more than 3,000 people, making a significant contribution to economic development in the markets where those companies operate.
About Potomac Energy Fund
Located near Washington, D.C., the Potomac Energy Fund invests in leading companies across four broad themes: alternative energy, energy efficiency, infrastructure development and resource management. The Fund is sponsored by Potomac Asset Management Company, which has been making and managing private equity and mezzanine debt investments since 1995 and investing in clean technology since 2002.
About Pohlad Family Capital Fund
The Pohlad Family Capital Fund was created and fully funded in 2010 by the Pohlad family as a permanent capital base with the sole focus of non-control equity investments in private companies. PFCF brings 20+ years of broad transaction experience, a team oriented approach to investing, and a strong network of trusted advisors, professionals and investors, to offer more than just capital. Their family office background provides a unique investment perspective which differentiates PFCF from other financial partners. This background has been shaped through a storied history of entrepreneurial success in building, owning and operating companies in a number of different industries. Since the 1950’s, Carl R. Pohlad and his family have invested in and built a diverse set of businesses encompassing banking, financial services, commercial real estate, retail, automotive, entertainment and technology industries, as well as ownership of Major League Baseball’s Minnesota Twins.
SOURCE Quench USA, Inc.
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