Jan 06, 2010

ClearLight Acquires PHSI

Acquisition to expand distribution of PHSI POU water coolers into regions of U.S. not currently serviced

ClearLight Partners, LLC, and Pure Health Solutions, Inc. (PHSI) have entered into a definitive agreement that calls for ClearLight to acquire a majority interest in PHSI in a stock purchase transaction. Specific terms of the transaction, which closed Dec. 30, 2009, were not disclosed.

PHSI, doing business as Pure Water Technology, is a manufacturer and marketer of point-of-use (POU) water purification coolers. The company's products are distributed to commercial customers throughout the U.S. via a network of more than 100 independent dealers, as well as through direct sales to national accounts such as Walmart, Nike and Delta Airlines.

"We have searched for investments in the water industry and were attracted to PHSI for several reasons,” said Patrick Haiz, a partner at ClearLight. "PHSI point-of-use water coolers offer customers a less expensive, safer and environmentally preferable alternative to conventional bottled water or bottled water coolers. The outlook for this industry is decidedly positive and PHSI represents one of the largest and most successful platforms in the sector.”

PHSI was founded by Craig Story and John Windju in 1996 and is headquartered in Sandpoint, Idaho, with production facilities in Seoul, South Korea.

"We welcome ClearLight's investment,” Story said. “We look forward to working with the ClearLight team in the coming years to assist in bringing our company to the next level and take full advantage of outstanding opportunities that exist for expanding our business."

According to ClearLight, PHSI will grow by providing increased support to the company's existing dealers as well as expanding distribution of PHSI POU water coolers into regions of the U.S. that are not presently serviced.

"PHSI's dealers are an invaluable asset and we intend to support them to the fullest,” Haiz said.