Bluewater Bio completes Scottish tech acquisition
Published 22nd September 2011
Bluewater Bio has continued its technology roll-up by purchasing the assets of Scottish filtration company FilterClear from Souter Investment and Scottish Enterprise for a seven-figure sterling sum.
FilterClear’s flagship Spruce Filter multimedia filtration product will complement Bluewater’s existing HYBACS wastewater treatment technology by adding a tertiary treatment element. It also has applications in desalination pre-treatment (with an existing large-scale reference at KAUST in Saudi Arabia) and colour removal from drinking water.
“The fact that the core technology was an essential bolt-on to our secondary wastewater treatment was the initial rationale for the acquisition. As a platform for water reuse, it’s a critical component,” explained Bluewater’s CEO Daniel Ishag.
The deal was done as an all-paper transaction, with Bluewater buying out FilterClear’s existing shareholders in exchange for new Bluewater shares. The new share price of 22p compares favourably to the company’s last round of equity financing, done in 2009 at 15.5p.