Ireland-based Waterlogic has offloaded a minority stake to four institutional investors including BCI, Neuberger Berman, StepStone and Skandia.

Waterlogic is a designer, manufacturer, distributor and operator of point-of-use (POU) drinking water purification and dispensing systems.

Financial details of the deal are yet to be divulged by either company.

Waterlogic founder and group CEO Jeremy Ben-David said: “This is a very pleasing result and a testament to Waterlogic’s businesses resilience, especially considering the unprecedented economic downturn and turbulent times we currently find ourselves in.

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“The acquisition provides further access to capital in support of Waterlogic’s growth ambition to become the global leader in the fast-growing market for bottle-less workplace hydration.

“We look forward to continuing our journey with Castik Capital and the new shareholders in this next exciting phase of our growth.”

In January, British Columbia Investment (BCI) company signed an agreement to acquire a significant minority stake in Waterlogic with funds managed by Castik Capital.

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Currently, Waterlogic has a presence in 17 countries across the UK, US, Australia, Canada, Chile and Western Europe.

In 2013, Waterlogic signed a conditional agreement to purchase POU supplier Cool Clear Water Group (CCWG) of Australia for around A$60m ($58.5m).

The acquisition, which included the entire share capital of CCWG, marked the entry of the company into Australian water cooler market.

CCWG has a presence in all the states in Australia and has installed over 26,000 POU coolers.