Water treatment specialist, Culligan International, has reached an agreement to acquire 100% of Australian instant hot water appliance supplier, Zip Industries, for an undisclosed sum.
The deal is expected to complete in August.
According to a statement from Zip, its business operations and focus on the Australian, New Zealand and UK markets complement Culligan’s global presence and will create “expansion opportunities” for both businesses.
John Doumani (pictured), chief executive of Zip, said: “We are delighted to have been recognised by Culligan as an innovator in the global market for boiling, chilled and sparkling instant drinking water appliances.
“We look forward to continuing to drive innovation behind water quality, enhanced functionality, energy efficiency and aesthetic appeal with the strong support of the Culligan team.
“Furthermore, we are very excited at the prospect of accelerating the global expansion of the Zip HydroTap by being part of Culligan, an iconic quality water business with a strong presence across North America, Latin America, Europe, Middle East and Asia.”
Scott Clawson, president and chief executive officer of Culligan International said: “We’re thrilled to bring Zip into the Culligan team.
I believe these businesses are a great fit with a shared focus on water purity, convenience, technology and innovation. By working together, we look forward to exploring opportunities to expand Zip’s product range, particularly the HydroTap, into new markets internationally.”
Zip Water UK is the trading name of Zip Heaters (UK) Ltd, which is wholly owned by Zip Industries.
Speaking about the acquisition from a UK perspective, Tracey Bamber, managing director Zip Water UK said: “We’re thrilled to begin a fantastic relationship with such a well-established and internationally recognised water treatment brand and we’re looking forward to the long-term benefits and expanded opportunities for both companies.
“For Zip, along with increased resources and expertise, the acquisition gives us the backing to continue to grow the business in the UK and further afield.”