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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.

 

Transaction Details:

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