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Industry NewsConsolidation in bottled water market as Blue Triton, Primo Water agree on...

Consolidation in bottled water market as Blue Triton, Primo Water agree on merger

Blue Triton and Primo Water have agreed to merger and have their multiple brands of water under one business unit.

Privately held BlueTriton is a former subsidiary of food giant Nestle that operated as Nestle Waters North America between 2002 and 2021, until it was acquired by an affiliate of One Rock Capital Partners in partnership with Metropoulos & Co.

BlueTriton houses a number of popular water brands including Ice Mounta in, Poland Spring and Pure Life. Primo Water is behind the Fiji bottled water brand.

The combined company is expected to generate a combined net revenue and adjusted earnings before interest, taxes, depreciation and amortization of $6.5 billion and $1.5 billion, respectively, for the 12-month period ended March 31, 2024. This figure includes an estimated $200 million in cost synergies.

The new company will be headed up by Dean Metropoulos, current chairman of BlueTriton, who will serve as non-executive chairman.

Primo chief executive Robbert Rietbroek will take the helm as CEO and David Hass, the current chief financial officer of Primo, will serve as CFO. BlueTriton’s Rob Austin, will continue as COO of the larger entity, the companies said. The two companies will be dual-headquartered in Tampa, Fla., and Stamford, Conn.

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