Nestlé Canada plans to sell its Nestlé Pure Life bottled flat water business to Ice River Springs. The deal is expected to close in Q3 2020.
The sale includes two factories located in Puslinch, Ont. and Hope, B.C., along with a well in Erin, Ont.
"In late 2019, we began the exploration of a potential sale of our Nestlé Pure Life business in Canada, as we had determined that we are best positioned to focus on our iconic international brands of San Pellegrino, Perrier and Acqua Panna," says Jeff Hamilton, president and CEO of Nestlé Canada Inc. "We are pleased that Ice River Springs, a local Canadian company with a focus on sustainability, has agreed to purchase this business."
Nestlé Canada says the transaction is a purely Canadian sale and the Canadian Nestlé Pure Life business is now independent of the North American strategic review that was announced a few weeks ago.
Ice River Springs is a Canadian family-owned, private label bottled water producer for retailers and manufacturer of the Ice River Green brand of bottled water. The company runs a plastics recycling operation, BMP Recycling, that takes bottles and plastic food packaging collected by municipalities and produces food grade recycled PET plastic.
Sandy Gott, executive vice president and co-owner of Ice River Springs, says the acquisition fulfills the company's plan to expand its offerings in Canada beyond private label.
The sale is contingent on completion of a regulatory review process.