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Eneco Refresh (ASX:ERG) announces acquisition of JB’s Purified Drinking Water
  • Drinking water company Refresh Waters, a subsidiary of Eneco Refresh (ERG), has announced the acquisition of JB's Purified Drinking Water
  • This purchase will be paid for in cash resources and no conditions need to be met
  • Once this acquisition is completed, Refresh will integrate JB's business into its Melbourne factory
  • This acquisition will increase Refresh's customer base in Melbourne, as well as its revenue and profit
  • Eneco Refresh has ended the day in the grey and shares have been trading for 6.1 cents each since May 21

Refresh Waters, subsidiary of Eneco Refresh (ERG), has announced the acquisition of JB's Purified Drinking Water.

This purchase will be paid for in cash resources and no conditions need to be met.

JB's began in Melbourne in October 1998 by John Bell. It delivers 15-litre containers of pure water and what made it interesting to Refresh is that its customers are in the same area as Refresh's.

"After running this business for more than 21 years, I was looking to retire. I wanted to have a good company continue the business. I am glad to hand the baton over to Refresh," John stated.

Refresh's first factory started in Perth in August 1997 and it now has seven bottled water factories spanning throughout Australia.

These locations include Kalgoorlie, Perth, Brisbane, Darwin, Sydney, Melbourne, and Toowoomba.

Besides the Neverfail water brand, which is owned by Coco-Cola Amatil, Refresh is the only company in the home and office delivery sector that has multiple locations.

Once this acquisition is completed, Refresh will integrate JB's business into its Melbourne factory.

This acquisition will increase Refresh's customer base in Melbourne, as well as its revenue and profit.

"Eneco is always looking for opportunities to accelerate growth and increase shareholder value. We will continue to search for opportunities like this," Eneco Chairman Henry Heng said.

Eneco Refresh has ended the day in the grey and shares have been trading for 6.1 cents each since May 21. The company has a market cap of $16.61 million.


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