Consolidated Water acquires 100% ownership of Aerex

Consolidated Water, through its wholly-owned subsidiary Consolidated Water US, has acquired the remaining 49% stake in Aerex Industries for $8.5m.

With the completion of the recent acquisition, Consolidated Water has 100% ownership of Florida-based Aerex.

Consolidated Water had earlier acquired 51% interest of Aerex in an all-cash transaction of $7.7m in February 2016.

Aerex manufactures water treatment-related systems and products. It offers services such as design, engineering, management, operating and other services to industrial, municipal and commercial water production.

Following the completion of the deal, Aerex president Donnick has resigned from his post, however, he will continue to work in a consulting capacity.

Consolidated Water has further announced that Jason Carlson has been promoted from Vice President to President of Aerex.

Consolidated Water CEO Rick McTaggart said: “Tom has been an excellent business partner since we invested in Aerex nearly four years ago, and we’re glad we can continue to benefit from his vast industry experience as a consultant to the company.

“Jason has been an outstanding member of Aerex’s team for more than 11 years, and we are confident he will continue to excel in his new position as President.”

“Since our initial acquisition of 51% of Aerex in February 2016, we have strengthened Aerex’s capabilities and resources and expanded its product offerings, which has resulted in improving results.”

Headquartered at George Town in the Cayman Islands, Consolidated Water operates advanced water supply and treatment plants and water distribution systems.