Sources said Billi’s owner, UK-Based Waterlogic Group Holdings, and adviser Miles Advisory had whittled the list of suitors down to two names on Wednesday evening. A decision is expected imminently.
Billi pulls in about $60 million revenue a year, putting it in the No.2 spot in Australia behind Zip Industries. Advent’s since sold Culligan to another private investment group, BDT Capital, which signed a deal to merge it with Billi’s owner Waterlogic at the end of last year.It was three to four times bigger than Billi, but if Billi were to get a similar multiple, it would imply a $250 million to $300 million price tag for the No.2 player.