UAE’s state-owned holding company Mubadala Investment Company, its asset management subsidiary Mubadala Capital and private equity firm BDT Capital Partners has closed the deal to acquire sustainable water solutions provider Culligan International.
BDT acquired a majority interest in Culligan from Advent International and Centerbridge Partners in a transaction that was announced earlier this year. Mubadala provided a notable capital commitment as an anchor partner.
According to Mubadala’s statement, Advent will retain a minority stake in Culligan. The financial terms of the transaction were not disclosed.
“We are pleased to announce the closing of the acquisition of Culligan, a leader in the consumer water treatment and sustainable water solutions market led by CEO Mr. Scott Clawson and an exceptional management team. We are also pleased to have Mubadala invest alongside us in this transaction given their global presence, long-term capital and our deep relationship with them since the founding of BDT,” said Mr. San Orr, President of BDT Capital Partners.
“We have built our Private Equity business around identifying world-class management teams that operate market-leading businesses. Culligan is a prime example of adhering to this strategy and pairs well with our interest in profitably investing in businesses where ESG is at the core of their value proposition to the market, namely the delivery of clean drinking water on a global basis and reducing the use of single-use plastic bottles through innovative water solutions, among others.”
Culligan, founded in 1936 as a water filtration and treatment service provider in the US, is now the largest player in the sector with over 35 brands in 90 countries. Culligan Middle East established a presence in Dubai more than 20 years ago. The company now operates through facilities in Abu Dhabi, Dubai, Sharjah and Qatar.
In 2014, Culligan Middle East opened a new manufacturing facility in Dubai Techno Park. This 10,000 square meter site is a purpose-built, integrated manufacturing, sales and service center, including facilities for equipment fabrication, chemical blending and water bottling.