Private equity is still thirsting for bottled water, three years after One Rock Partners and Metropoulos & Co. carved Poland Springs and other brands out of Nestlé for $4.3 billion.
The latest: The former Nestlé unit, now called BlueTriton, has agreed to a reverse merger with Primo Water, whose brands include Mountain Valley and Crystal Springs.
By the numbers: Primo Water had a $3.6 billion market cap prior to the deal announcement, having nearly doubled in value over the past year.
- The combined company is estimated to generate $6.5 billion in revenue and $1.5 billion in adjusted EBITDA.
Deal details: Its shareholders will hold 43% of the combined company, plus get a $0.82 per share dividend. BlueTriton backers will hold the remaining 57% position.
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