Quench, an outside Philadelphia-based large independent provider of filtered drinking water and ice dispensers in North America, secured $38.5m in equity and debt financing.
New investor T. Rowe Price joined existing investors Element Partners, Virgin Green Fund, Douglas Brown, ORIX Ventures, Advent-Morro Equity Partners, Potomac Energy Fund and The Pohlad Companies.
The company intends to use the funds to invest in organic sales and strategic acquisitions over the coming year.
Led by CEO Tony Ibarguen, Quench is a clean-technology company that rents and services “bottle-less” water filtration systems (also known as point-of-use water coolers) and ice dispensers for businesses and institutions across North America. Quench systems, which purify tap water, has an installed base of over 27,000 customers across 49 states, Mexico, Canada and the Caribbean.
FinSMEs
14/01/2014