Beverage dispensing equipment maker Celli Group has acquired Cosmetal United, which produces drinking water dispensing systems.
Financial details about the acquisition have not been disclosed.
The acquisition is part of Celli’s strategy to expand its presence not only in its line of business, but also in the drinking water sector. The company already operates in the water sector through its Alma division.
The demand for water dispensers is growing at a rate of a 9.6% per annum internationally, especially in developed countries, says a report by Zenith International. It has forecasted that by 2018, there would be more than 4 million units of water dispensers installed, mainly in US and Europe.
At present, Celli employs about 200 people with 4 production sites across Italy and UK. Since the last four years, the company has doubled its turnover. Right now, it exports to more than 100 countries throughout the world, which has placed it as a key global player in the water sector.
On the other hand, Cosmetal has a workforce of about 70 people. It had a turnover of about €13.5m in 2015.
Celli expects the acquisition to increase its turnover to €80m from the present €65m. The company plans to have a turnover of €100m in the next three years.
Celli Group CEO Mauro Gallavotti said: "The acquisition of Cosmetal has particular strategic value for our Group as it allows us to gain an important position in the dynamic and rapidly expanding sector of water dispensers by merging two strong Italian businesses and developing important commercial and industrial synergies. We are glad to welcome Cosmetal into our Group.“
