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September 2014

Eden Springs announces acquisition from Nestlé Waters Direct in five countries

  • Post-acquisition, Eden Springs’ installed water and coffee client base will reach approximately 1 million.
  • Deal expected to increase Eden’s annual turnover by over 30%.
  • Transaction with world’s water giant follows seven years after Eden’s purchase of Danone’s European office water service activity.
Eden Springs, a leading provider of office water and coffee solutions in Europe, has confirmed the acquisition of five water cooler businesses, for an undisclosed sum, from Nestlé Waters Direct (NWD), a division of Nestlé Waters. The deal involves the acquisition of NWD’s water cooler activities in five European countries.

Already servicing offices with water and/or coffee across 15 countries, this acquisition provides the Swiss-headquartered company with important new markets in Germany, Russia and Portugal, and enhanced positions in Poland and the Netherlands. The NWD acquisition will increase Eden’s installed client base1 from over 650,000 to approximately one million. The deal is expected to increase Eden’s annual turnover by circa 30%, from over €280m2 to approximately €370m, and strengthens its brand within the European water and coffee market.

The acquisition reflects Eden Springs’ confidence in the present and future growth of the European water and coffee market following a period of contraction during the recession. The company believes now is the time to harness the opportunity to expand its offerings of both water and coffee to a larger potential client base in Europe.

Chief executive officer of Eden Springs, Raanan Zilberman, commented: “The acquisition of Nestlé Waters Direct is an additional important milestone in realizing Eden’s vision to be every European workplace’s favorite water and coffee service provider. The deal will strengthen both our brand’s presence and position. The new scale will enable Eden to continue to invest in its service excellence and product innovation for our current and future customers in Europe.”
Mr. Zilberman continued, “I am excited with the opportunity the NWD acquisition brings. Germany is Europe’s strongest economy and offers a big potential for Eden not only in office water services, where we will gain a leading presence, but also for office coffee services. We will expand our activities in Eastern Europe in two important markets, Poland and Russia, that will boost future growth and enable us to expand in both activities, water and coffee, to a larger potential client base”, said Zilberman.

Eden Springs launched its first water operation starting in 1997 and expanded into France, Switzerland, Spain, the UK, Poland and other European countries. In 2010, Eden enlarged its offer to include office coffee services (OCS), providing employers with a ‘one-stop shop’ for all their water and coffee solution needs. A strong service culture has helped Eden to grow a large customer base of blue chip organisations, public sector bodies and small- and medium-sized businesses throughout Europe.

Mr. Zilberman explained, “Eden was one of the first companies in Europe to launch office water services, thereafter expanding into coffee. We have grown rapidly via a strategy of green field expansion and a series of over 80 acquisitions. The NWD acquisition is important to us and comes seven years after we acquired Danone Springs, the Danone Group’s office water service activity in Europe.”
Zilberman continued, “The acquisition brings great resources to Eden. First and foremost, over a thousand professional and experienced Nestlé employees, whom I would like to take the opportunity to welcome. New water sources, fleet and branches in the five countries will enhance our operations, and allow us to provide water and coffee solutions to an expanded customer base of approximately one million throughout the continent. We are pleased, excited and committed to continue with our mission to energize European workplaces through fresh and exciting water and coffee solutions,” concluded Zilberman.

The acquisition will be financed through a combination of equity and debt. It is subject to customary regulatory and other approvals and both parties are working to complete the transaction in the coming months.

Forward-looking Statements and Financial Information
This press release may include projections and other “forward-looking” statements within the meaning of securities laws. Any such projections or statements reflect the current views of Eden Springs about further events and financial performance and such statements are not undertakings as to the future performance of Eden Springs. No assurances can be given that such events or performance will occur as projected and actual results may differ materially from these projections.
The financial information included in this press release give pro forma effect to the NWD acquisition that is based solely on preliminary reports prepared by management. Because this financial information is preliminary and not prepared in accordance with international financial reporting standards, the numbers presented are estimates and could change. This financial information has not been reviewed by any audit firm and is inherently subject to modification during the preparation of financial statements.

1 Installed client base is a total approximation of water and coffee dispensing units across Eden’s portfolio.
2 Revenue gives full year pro forma effect to the Kafevend acquisition in 2013

About Nestlé Waters Direct:
Nestlé Waters Direct Europe is part of Nestlé Waters, the water division of the Nestlé Group. Founded in 1992, Nestlé Waters is the world’s leading bottled water company, with consolidated sales of CHF 7.2 billion in 2013, representing around 8% of total Nestlé Group sales. Nestlé Waters employs more than 30,000 people. It operates 100 bottling factories in 35 countries and manages a 59-brand portfolio among which are Nestlé Pure Life, Perrier, S.Pellegrino, Poland Spring, Vittel, Nestlé Aquarel, Naleczowianka and others. More information at: www.nestle-waters.com

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