ATLANTA -- DS Waters of America Inc., a nationwide water and office coffee service provider, said it has agreed to be acquired by an affiliate of Crestview Partners, a New York-based private equity firm.
Atlanta-based DS Waters serves more than a million businesses and homes across the country. It has acquired several water and office coffee service companies in recent years, including New Orleans, LA-based Standard Coffee in 2012. | SEE STORY
Under the terms of the agreement, Crestview will acquire DS Waters from a group of equity owners for an undisclosed sum through a merger. The transaction is expected to close within the next three months. Members of the management team will invest in the transaction alongside Crestview. DS Waters will remain headquartered in Atlanta.
DS Waters president and chief executive Tom Harrington said the company's partnership with Crestview will provide additional capital and support, both organically and through acquisitions.
"We have followed the progress of DS Waters since 2011 and have tremendous respect for the management team," said Jeffrey Marcus, a partner at Crestview Partners. "This is an opportunity to invest in one of the true market leaders within the beverage services industry, and we look forward to supporting management in executing their growth plans."
Dillon Schickli, DS Waters' retired chief executive, advised Crestview in the transaction. He and Jim Turner, a longtime beverage industry executive and current DS Waters shareholder and board member, will be investing alongside Crestview and joining its board of directors.