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BluMetric Announces Acquisition of U.S.-Based Gemini Water to Expand CleanTech Portfolio and Geographic Footprint
Ottawa, Ontario--(Newsfile Corp. - September 24, 2024) - BluMetric Environmental Inc. (TSXV: BLM...
About this update from Blumetric Environmental Inc.
[{"type":"text","content":"BluMetric Announces Acquisition of U.S.-Based Gemini Water to Expand CleanTech Portfolio and Geographic FootprintOttawa, Ontario--(Newsfile Corp. - September 24, 2024) - BluMetric Environmental Inc. (TSXV: BLM) (\"BluMetric\" or \"the Company\"), a full-service environmental consulting and engineering cleantech firm, announced its acquisition of U.S.-based Gemini Water, LLC (\"Gemini Water\"), marking the Company's cleantech water portfolio expansion and entry into the Caribbean and U.S. water markets (the \"Acquisition\").Under the terms of the membership interest purchase agreement executed September 23, 2024, BluMetric acquired 100% of the membership interest in Gemini Water from GSWS Holdco Inc. (the \"Vendor\") in exchange for a purchase price of US$5.05 million (the \"Purchase Price\"). At closing, the Company paid out from its working capital and operating line, an initial amount of US$3.0 million (CA$4.1 million) and issued 2,352,500 Common Shares in the Capital of the Company to the Vendor (the \"Closing Equity Consideration\"). The remaining balance of US$1.05 million will be paid through an earn-out over the next three years in equal amounts which are contingent on revenue growth, gross margin, and EBITDA generation targets. The Vendor is also entitled to additional earn out of US$50,000 on each US$1.0 million annual revenue growth in excess of US$7.0 million annual revenue for up to US$3.0 million.Founded in 2015 in Gainesville, Florida, Gemini Water designs, builds, installs, and commissions large-scale desalination and wastewater treatment systems using membrane-based technologies. Gemini Water systems have 7 million gallons per day (GPD) of potable and wastewater treatment capacity across 22 locations in the Caribbean and Texas.\"Today we progress our long-term growth strategy by expanding our cleantech product line and geographic footprint into the U.S. and Caribbean markets,\" said Scott MacFabe, CEO of BluMetric. \"This acquisition improves our market accessibility by covering a combined population almost ten times the size of Canada's in regions that are significantly more water stressed. Gemini Water has developed an impressive solution for managing water shortages within complementary customer verticals from private developments, and government infrastructure to the leisure market supporting resorts and inte...