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S&P puts AI Aqua on positive watch
S&P said it placed the ratings for AI Aqua Sarl, which does business as Culligan, on CreditWatch with positive implications on news the company will acquire AquaVenture Holdings Ltd. for $1.1 billion.
“We believe the acquisition would further diversify Culligan’s existing U.S. point-of-use water filtration products, which currently sell through both owned and independent (largely dealer) channel, by expanding into the direct channel where AquaVenture’s Quench business has a leading market share with strong commercial customer relationships,” said S&P in a press release.
In addition, the company is starting to benefit more materially from geographic diversification following several acquisitions over the past 18 months which are contributing more meaningfully to EBITDA now that they are near fully integrated, the agency said.
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