Waterbury Companies acquisition of P+L Systems, Ltd.
Client and Buyer: Waterbury Companies, Inc.
Waterbury Companies (“Waterbury”) manufacture air care delivery systems and products. The company offers proprietary products for controlling and eliminating germs, odors, and pests in a wide variety of commercial, institutional and agricultural markets. Its portfolio products include TimeMist, TimeWick, Microbemax and Touch Less Control and Country Vet. Waterbury was acquired by Amrep, a subsidiary of Zep (NYSE: ZEP) for $66 million in September 2010.
Seller: P+L Systems, Ltd.
Based in Knaresborough, United Kingdom, P+L Systems, Ltd. (“P+L Systems”) manufacturers and markets of non-pesticide pest control products for use in restaurants, food processing, retail and other situations where hygiene is important.
Waterbury had grown organically, and through acquisition but was only active in North America when American Corporate Services was hired to help Waterbury establish International Operations. P+L Systems was identified as a “UK Waterbury” and while the business was not looking to be acquired, the synergy with Waterbury made a compelling case. £6m was paid at closing for the entire issued share capital of P+L Systems.
Broker/Dealer: Not Applicable (pre-FINRA regulation)
Completion: January 2003