I would have failed every design class I took in college if I submitted that. Why such wide kerning? Why lower case but upper G? Why so round? Why so completely unreadable at a distance because of micro serifs? There isn't one good design element in this.
Ya, I wanted to use a bland spy but there aren't any-- I was going to use the Spy vs Spy guys because they are the most generic-looking, but ultimately I kept Powers because while he is stylish and fun, he is also really immature and the logo looks immature to me.
I think they want people to focus on the "agua" and the j and r are just little accents on it like its word art rather than a logo. Like, I literally picture the marketing weirdos at the meeting going off like this.
The "a" is the worst part for me. You can't see those little stubbs at a distance. So it reads JoGuor at a distance. They didn't just fail to create a good logo, they failed to preserve the name. One bit of advice I always give is "imagine this logo on the back of a golf card or a Pride brochure. If the logo isn't crisp and readable in black and white in a 1/2 inch square then it sucks." This design fails that test. Not just because of the messed up "a" but the wide spacing makes those unreadable "a"s even smaller than if the letters weren't so widely spaced.