Yesterday, Cott Corp announced its intention to acquire office coffee and water supplier Eden Springs for EUR470m (US$525m). Here, just-drinks takes a closer look at Eden Springs.
- Established in 1997, Israel-based Eden Springs started off with operations in Poland. Two years later, the company expanded to Switzerland, where it also set up its headquarters
- Between 2000 and 2005, the company entered other European markets, primarily through local acquisitions, but also through a JV tie-up with Danone in 2003, which saw Danone acquire a 53.2% stake in the company. By 2005, Eden Springs had grown its presence across Europe to 13 countries
- The local purchases continued in the coming years and, in 2013, private equity group Rhône Capital bought Eden Springs for a reported EUR70m (then US$93.4m)
- Today, the company holds either the number one, two or three spots in the Home & Office Delivery channel in most of its European markets, as well as in Israel. The UK accounts for 18% of total sales, with Israel coming in second (17%), ahead of France (15%). With around 3,200 employees, Eden Springs has an installed client base of 850,000 across 18 countries
- In FY 2015, sales totalled EUR356m (US$408m), an 11.6% rise on 2014. EBITDA increased by 21.2% year-on-year, coming in at EUR63m
- According to analysts at Stifel, the $525m that Cott will pay for Eden Springs translates to 30% of Cott’s market value at close of trading yesterday. The price values Eden Springs at 7.5-times annual EBITDA for 2015
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