L Catterton has sold its portfolio company Aquasana to publicly-traded A. O. Smith for $87 million in cash.
Aquasana, acquired by L Catterton in 2009, designs, assembles and markets water treatment products including whole-house treatment systems, drinking water solutions for at home and on-the-go, and shower filters. The company sells its products to US consumers through an on-line website, as well as through retail outlets and distributors. Aquasana is led by its CEO Todd Bartee and is based in Austin (www.aquasana.com).
Aquasana’s 2016 sales are expected to be approximately $44 million with approximately 35 percent comprised of consumable water treatment filters. The purchase price represents a multiple of two times expected 2016 sales. A.O. Smith believes Aquasana’s organic revenue, including synergies, could reach $100 million in 2019.
L Catterton invests from $10 million to $50 million of capital in consumer-focused companies growing at double or triple digit rates. Areas of specific interest include food and beverage, retail and restaurants, consumer products and services, consumer health, and media and marketing services. L Catterton has 120 investment and operating professionals in 18 offices. The firm was founded in 1989 and is headquartered in Greenwich, CT (www.lcatterton.com).
A.O. Smith manufactures residential and commercial water heating and water treatment equipment. The company distributes its products worldwide and is headquartered in Milwaukee (www.aosmith.com).
© 2016 Private Equity Professional • 8-17-16
