Business of Food & Beverage

BlueTriton (Formerly Nestle Waters) To Merge With Primo Office Waters

June 18, 2024

Small-bottle waters merge with big bottle company, creating a $6.5 billion ‘hydration’ provider.

BlueTriton Brands, the company formed after the 2021 acquisition of Nestle’s former North American water business, is merging with Primo Water Corp., a supplier of “large format” water systems (think office “water coolers”), creating a $6.5 billion “North American pure-play healthy hydration company … with diversified offerings across products, formats, channels and consumer occasions.”

In an all-stock transaction unanimously approved by their respective boards of directors, BlueTriton shareholders are expected to own 57% of the merged company, for the time being called NewCo., with Primo Water shareholders and holders of incentive equity holding the other 43%.

BlueTriton appears to be entirely held by venture capitalists, but Primo has at least some shares listed publicly. The combined company plans to be listed on the New York Stock Exchange. The transaction is expected to close in the first half of 2025.

NewCo is expected to be dual headquartered in Tampa, Fla., home of Primo, and Stamford, Conn., which BlueTriton calls home. Dean Metropoulos – serial savior of several food & beverage companies and the current chairman of BlueTriton – will serve as non-executive chairman of the combined company. Robbert Rietbroek, the current CEO of Primo Water, will serve as CEO, Primo’s David Hass will continue as CFO and Rob Austin, the current chief operating officer of BlueTriton, will stay COO.

Primo's brands include Primo Water, Mountain Valley, Crystal Springs, Sparkletts and Alhambra. The company’s net revenue from continuing operations grew from $1.4 billion in 2021 to $1.8 billion during the 12 months ended March 31, 2024, a compounded annual growth rate of 11%. Adjusted EBITDA grew from $304 million to $399 million over that same period, a compounded annual growth rate of 13%.

BlueTriton owns such former Nestle brands as Poland Spring, Deer Park, Ozarka, Ice Mountain, Zephyrhills, Arrowhead, Saratoga and Pure Life. Through its ReadyRefresh business in the U.S., BlueTriton also serves the home and office beverage delivery segment. The Nestle brands were acquired in February 2021 by an affiliate of One Rock Capital Partners in partnership with Metropoulos & Co.

Since the acquisition, BlueTriton's net revenue grew from $3.9 billion in 2021 to $4.7 billion during the 12-month period ended March 31, 2024, a compounded annual growth rate of 9%. Adjusted EBITDA grew from $531 million to $857 million over that same period, a compounded annual growth rate of 24%.

About the Author

Dave Fusaro | Editor in Chief

Dave Fusaro has served as editor in chief of Food Processing magazine since 2003. Dave has 30 years experience in food & beverage industry journalism and has won several national ASBPE writing awards for his Food Processing stories. Dave has been interviewed on CNN, quoted in national newspapers and he authored a 200-page market research report on the milk industry. Formerly an award-winning newspaper reporter who specialized in business writing, he holds a BA in journalism from Marquette University. Prior to joining Food Processing, Dave was Editor-In-Chief of Dairy Foods and was Managing Editor of Prepared Foods.