Euroventures invests 1.5 million EURO in AP Aqua
Leading Central European private equity firm Euroventures
announced last week an investment of 1.5 million EURO in AP
Aqua Rt, a leading bottled water home and office delivery
service company. AP Aqua Rt installs and rents to corporate
clients water coolers, for which it supplies quality large-format
(19 litre) bottled mineral water sourced from its own well
in Monostorap�ti, Hungary under the monti� brand name.
AP Aqua Rt grew from a start-up operation in mid-2002 into the second-largest bottled water HOD service company in Hungary, operating near 3000 coolers installed at approximately 1000 corporate and institutional clients, ranging from small private enterprises to subsidiaries of multinationals to the public sector.
AP Aqua Rt was established by Andr�s Patk�, a well-known Hungarian business man, who serves as its non-executive founder. Mr Patk� is owner and president of AP International Finance Corporation, a New York-based boutique specializing in trade and investment facilitation between the US and Central and Eastern Europe. Mr Patk�s Hungarian operations focus on financing and arranging energy-related and environmental projects.
AP Aqua�s mission is to provide superior quality natural mineral water to employees and customers of its clients on a continuous basis and in a convenient way. This mission is achieved through a state-of-the-art bottling process, national delivery coverage, and a customer service-oriented attitude.
While the majority of Euroventures� 1.5 Million EURO (approximately $2 Million) equity investment will be used to fund AP Aqua�s planned growth, some of the investment will be used to buy shares from the non-executive founder. Euroventures is committed to funding further growth of AP Aqua, through the potential consolidation of the domestic market as well as possible international expansion.
Euroventures attracted Hans Volker Buss, Chairman of the Supervisory Board of Unilever Hungary and of Unilever Poland and Board member of Fusion, which operates Burger King restaurants in Hungary, to join the Board of AP Aqua.
P�ter T�nczos, a partner at Euroventures, said: �We believe this is an attractive opportunity given AP Aqua�s impressive track record; disciplined, sophisticated and service oriented management; as well as the dynamic recent growth and strong potential of the bottled water HOD sector.�
G�bor Patko, CEO of AP Aqua, said: �Euroventures� investment in our company is a major step in achieving our goal of becoming the market leader in large-format mineral water in Hungary. Employers� increased attention on improving working conditions for their employees creates a favourable environment for accelerated expansion. Improving economic conditions are also making the approximately 600 to 800 HUF/month/employee cost of our monti� service affordable to an increasing number of workplaces.�
Andr�s Patko, founder of AP Aqua and Chairman of the Board, said: �Teaming up with Euroventures provides us with the financial stability necessary to reach our ambitious medium/long term goals. We believe that a partnership between the fastest-growing HOD company, and the most experienced private equity firm in Hungary is bound to lead to great results.�