Hiru Corporation acquires Californian water bottling company
Hiru Corporation has announced the purchase of a full-scale water bottling company in Roseville, California.
The value of the bottling plant is around $7 million, and the deal included both cash and equity.
The facility offers 133,000 square feet of floor space, four automated bottling lines and the capacity to produce all sizes of water bottles, which will support the company in fulfilling its invoices from Alkaline 88 and other clients.
Hiru president and CEO, Kathryn Gavin, said: “The acquisition of the Roseville water bottling plant will allow us to expand our relationship with Alkaline 88 and our other major national and regional clients. It will also let us significantly surpass our previous projected top-line revenue for 2023, which was $30 million.”
Gavin continued: “We are currently working to make sure all four automated bottling lines are fully operational as soon as possible. This new location is very versatile as it will allow us to produce any size water bottle to meet all of our current client needs. Closing this acquisition was a priority for Hiru as soon as we discovered it was available. It is exactly what we needed to move to the next level and to continue the exponential growth we have experienced since inception.”