Nestlé to sell Nestlé Waters North America for $4.3bn to One Rock and Metropoulos
Nestlé has signed a deal worth $4.3 billion to offload Nestlé Waters North America brands to One Rock Capital Partners in partnership with Metropoulos & Co.
The sale includes the Swiss food and beverage giant’s regional spring water brands, purified water business, and beverage delivery service in the US and Canada.
The Nestlé Waters North America brands had sales of nearly CHF 3.4 billion ($3.79 billion) in 2019.
The brands include Poland Spring Brand 100% Natural Spring Water, Deer Park Brand 100% Natural Spring Water, Ice Mountain Brand 100% Natural Spring Water, Ozarka Brand 100% Natural Spring Water, Arrowhead Brand Mountain Spring Water, Zephyrhills Brand 100% Natural Spring Water, Pure Life, and Splash.
Also included in the deal is ReadyRefresh, which is a direct-to-consumer and office beverage delivery service in the US.
The transaction follows Nestlé’s announcement in 2020 that it would undertake a strategic review of parts of the North American waters business and sharpen its focus on its global water portfolio.
Mark Schneider – Nestlé CEO said: “We continue to transform our global waters business to best position it for long-term profitable growth. This sale enables us to create a more focused business around our international premium brands, local natural mineral waters and high-quality healthy hydration products.
“We will also boost our innovation and business development efforts to capture emerging consumer trends, such as functional water.”
Based in Stamford, Connecticut, Nestlé Waters North America has nearly 7,000 employees in the US and over 230 employees in Canada.
Nestlé Waters North America has 27 production facilities across North America.
Tony W. Lee – Managing Partner of One Rock Capital Partners said: “Nestlé Waters North America’s iconic brands have earned the trust and preference of consumers everywhere due to an uncompromising commitment to quality. We are excited to further this commitment and build upon the market leadership of the business alongside the Company’s talented management team.”