Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229 -91111. Fax: +32 229 -64301. E -mail: COMP -MERGER -REGISTRY@ec.europa.eu . 
  EUROPEAN COMMISSION  
Brussels, 14.7.2021  
C(2021 ) 5362 final   
PUBLIC VERSION  
BDT Capital Partners, LLC  
401 North Michigan Av enue , 
Suite 3100  
IL 60611  Chicago  
United States  of America  
Subject : Case M.10351 – BDT Capital Partners/Culligan Group  
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No 139/20041 and Ar ticle 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 22 June 2021 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which the 
undertakings BDT Capital Partners, LLC (“BDT”, United States),  acquire s within the 
meaning of Article 3(1)(b) of the Merger Regulation sole control over the whole of the 
undertaking Culligan Group, which is currently solely controlled by Advent 
International Corporation (“Advent”,  United States) and currently operates via AI 
Aqua (Luxembourg) S.a.r.l. and its various subsidiaries by way of purchase of shares .3 
2. The business activities of the undertakings concerned are:  
 for BDT: BDT is a merchant bank specialised in investments in fa mily-owned 
and founder -led businesses. BDT currently has 18 controlled portfolio companies 
active globally,  
 for Culligan Group : Culligan is an international provider of water treatment 
solutions, engaged in the business of developing and distributing water  treatment 
products for homes, businesses and industrial facilities as well as portable, “on -
the-go”, solutions. It specialises in the provision of a wide variety of water 
treatment products, including softening and filtration systems, water coolers, 
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009,  the Treaty on 
the Functioning of the European Union ( ‘TFEU ’) has introduced certain changes, such as the 
replacement of ‘Community ’ by ‘Union ’ and ‘common market ’ by ‘internal market ’. The terminology 
of the TFEU will be  used throughout this decision.  
2  OJ L 1, 3.1.1994, p.  3 (the ‘EEA Agreement ’). 
3  Publication in the Official Journal of the European Union No C 226, 6.7.2021 , p. 8. 

 
2 rever se osmosis systems, desalination, membrane solutions and deionisers. In 
addition, it offers in -home water testing, design and installation services, on -site 
water analysis and commercial equipment and services . 
3. After examination of the notification, the European Commission has concluded that 
the notified operation falls within the scope of the Merger  Regulation  and of 
paragraph 5(b) of the Commission Notice on a simplified procedure for treatment of 
certain concentrations under Council Regulation (EC) No 139/2004 .4 
4. For the reasons set out in the Notice on a simplified procedure, the European 
Commission has decided not to oppose the notified operation and to declare it 
compatible with the internal market and with the EEA Agreement. This decision is 
adopted in application of Article 6(1)(b) of the Merger  Regulation  and Article 57 of 
the EEA Agreement . 
For the Commission  
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
 
                                                 
4  OJ C 366, 14.12.2013, p. 5 .