Tampa firm merges with Quench USA

TAMPA — Quench USA Inc., the largest independent provider of filtered water coolers and ice dispensers in North America, has agreed to merge into AquaVenture Holdings, a Tampa-based water purification company.

King of Prussia, Pa.-based Quench becomes the second operating business for AquaVenture Holdings, in addition to Tampa's Seven Seas Water Corp., which creates and operates seawater desalination and water treatment facilities for businesses and municipalities.

In connection with the merger, AquaVenture Holdings secured an additional $50 million in financing, led by Element Partners and mutual funds managed by T. Rowe Price. The company says this funding will be used for new acquisitions and business development.

AquaVenture Holdings will be managed by Douglas Brown, CEO of AquaVenture Holdings and Seven Seas Water; Tony Ibarguen, AquaVenture Holdings president and Quench CEO; and Lee Muller, chief financial officer of AquaVenture Holdings and Seven Seas Water.

“Like Seven Seas Water, Quench generates predictable recurring revenue by providing advanced drinking water solutions to customers,” Brown says in a press release. “Our investors are strong supporters of our strategy to become the global leader in providing 'Water-as-a-Service,' and joining forces with Quench moves us significantly closer to that goal.”

Quench, which has 350 employees, provides filtered drinking water to 50,000 companies across the United States.

Financial terms of the merger were not disclosed.