Company Overview of Quench USA, Inc.
Quench USA, Inc. provides water filtration systems and ice dispensers to businesses across North America. The company offers countertop, free-standing, and under-counter water dispensers and ice machines; water coolers, food service solutions, and specialty water filtration products; and filtration, purification, and sanitization technologies. It serves Fortune 500 companies in higher education, healthcare, hospitality, manufacturing/warehouse and distribution, professional services, food service, retail, and government industries, as well as gyms, spas, and salons. The company was incorporated in 2008 and is based in King of Prussia, Pennsylvania. It has sales and service operations across ...
780 5th Avenue
King of Prussia, PA 19406
Founded in 2008
Key Executives for Quench USA, Inc.
Chief Information Officer & VP
Senior Vice President of Service
Compensation as of Fiscal Year 2017.
Quench USA, Inc. Key Developments
AquaVenture Holdings Limited, AquaVenture Holdings Peru S.A.C. and Quench USA, Inc. Enters into First Amendment to the Existing Senior Secured Credit Agreement Dated August 4, 2017
Nov 21 17
On November 17, 2017, AquaVenture Holdings Limited, AquaVenture Holdings Peru S.A.C. and Quench USA, Inc., (collectively the ‘Borrowers’) entered into a first amendment to the existing $150.0 million senior secured credit agreement dated August 4, 2017 (as amended to date, the ‘amended credit agreement’), with Deutsche Bank AG, London Branch as arranger and lender (the ‘Lender’) and Wells Fargo Bank, N.A., as administrative agent for the Lender (the ‘Administrative Agent’). Pursuant to the amended credit agreement, the borrowers converted the interest rate applicable to 50% of the outstanding principal balance, or $75.0 million, from a variable interest rate of LIBOR plus 6.00% with a LIBOR floor of 1% to a fixed rate of 8.167%. The remaining 50% of the outstanding principal balance, of $75.0 million, will continue to bear interest at LIBOR plus 6.00% with a LIBOR floor of 1%. All other material terms under the amended credit agreement, including those for the amortization of the principal balance, the timing of interest only payments and the maturity date remained unchanged. The foregoing summary of the terms of the amended credit agreement does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the amended credit agreement.
Quench Mulls Acquisitions
Nov 9 17
Anthony A. Ibarguen, President, Director and Chief Executive Officer of Quench USA, Inc. said, "As previously discussed, on August 2, we completed the acquisition of Quench Canada, a Toronto-based point-of-use, or POU, operator that expanded our geographic footprint into Canada. And on September 8, we acquired substantially all of the assets and certain liabilities of Wellsys for a total cash purchase price of $6.9 million. This strategic acquisition enables us to participate more broadly in the growing POU market through the Wellsys indirect channel, including potential additional international expansion, without diminishing our focus on growing the Quench direct business in North America. In addition, it enables Quench to develop relationships with Wellsys dealers that we believe could ultimately lead to potential acquisitions as they look to exit their business."
Quench Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2017
Aug 9 17
Quench reported earnings results for the second quarter and six months ended June 30, 2017. The company has posted revenues of $15.1 million increased 2.7% from $14.7 million in the prior year period. The increase in revenues included an increase in rental revenues of $1.0 million due to net additional units placed under new leases, including a small contribution from the PWI acquisition. Net loss was $2.6 million for the second quarter of 2017 compared to a net loss of $2.2 million in the prior year period. EBITDA of $4.1 million for the second quarter of 2017 increased 17.4% from $3.5 million in the prior year period.
For the six months ended June 30, 2017, the company reported total revenues of $29.9 million, a $1.5 million or 5.5%, increase compared to the prior year period revenues of $28.3 million. Net loss was $5.2 million, compared to a net loss of $5.1 million in the prior year period. Adjusted EBITDA was $7.9 million for the six months ended June 30, 2017, a 43.3% increase from Adjusted EBITDA of $5.5 million for the six months ended June 30, 2016.
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