KING OF PRUSSIA, PA (October 12, 2011) -- Quench, the largest independent provider of filtered water coolers in North America, announced today that it has closed on nearly $30 million in equity and debt financing. The financing will help support additional acquisitions and continued organic growth. Element Partners, Virgin Green Fund, Douglas Brown and other existing investors were joined by new backers ORIX Venture Finance, Advent-Morro Equity Partners, Potomac Energy Fund and The Pohlad Companies.
"We are thrilled to have the support of our new equity investors, as well as the vote of confidence from our new debt partner, ORIX Venture Finance,” said Douglas Brown, Quench’s Chairman. “The fact that institutional investors view Quench as an attractive platform in the current economic climate is a testament to the excitement surrounding Quench’s value proposition and unique market position.”
Jeff Bede, a Principal at ORIX, said “Quench’s combination of recurring revenue and solid growth make it an ideal portfolio company for us. The business is growing rapidly and is well positioned for the consolidation of the filtered water services industry. We look forward to working with the Quench management team to help their continued growth in the filtered water cooler market.”
Quench CEO Anthony Ibarguen added, “This funding will accelerate our growth in key markets across the country, as we continue to capitalize on the trend of businesses switching to filtered water coolers from traditional plastic-jug water coolers. We expect our growth will continue organically as well as through acquisitions of like-minded entrepreneurs in the filtered water industry."
About Quench
Headquartered outside Philadelphia, Pennsylvania, Quench USA, Inc. is a clean technology company that rents, installs and services “bottleless” water filtration systems (also known as point-of-use water coolers) for businesses across North America. Quench systems purify tap water, providing a more cost-effective and environmentally-responsible solution than delivery of water in 5-gallon plastic jugs. With an installed base of more than 50,000 water filtration systems across 47 US states, Mexico, Canada and the Caribbean, Quench is the largest bottleless water cooler company in North America – serving approximately one-third of the Fortune 500. For more information, please visit www.quenchonline.com.