Ovivo to be taken private after Canadian/German investment
Canadian water treatment company Ovivo has unveiled that it will eventually become fully privately owned...
QUEBEC, Canada - Canadian water treatment company Ovivo has unveiled that it will eventually become fully privately owned.
In a deal worth Can$185 million (US$141.6m) German investment company SKion would own 70% of the company’s shares and Canadian fund manager La Caisse would increase its existing 18.7% ownership to 30%.
The transaction is subject to a shareholders vote taking place in September.
Ovivo has been making steady progress to date securing industrial water treatment contracts, particularly in the Asian electronics market to supply ultrapure water systems (read WWi article).
Marc Barbeau, president and CEO will continue to operate the business and the head office will remain in Montreal, Canada.
It is hoped the investment will enable the company to be better positioned for “future growth with the ability to invest in innovation, talented resources, market development and business acquisitions”, the company said in a statement.
SKion GmbH is an investment company of German entrepreneur Susanne Klatten whose main holdings include Eliquo Water Group and Dutch wastewater treatment company, Paques.