An affiliate of One Rock Capital Partners (One Rock), in partnership with Metropoulos & Co, is to acquire Nestlé Waters North America (NWNA), a provider of bottled water in North America, from Nestlé.
Subject to customary closing conditions, the transaction is expected to be completed in the Spring, at which time Dean Metropoulos will become the Company’s Chairman and interim Chief Executive Officer.
Nestlé Waters North America consists of the United States and Canada operations of Nestlé Waters, the world’s largest bottled water company. Its extensive portfolio of highly recognisable, responsibly sourced regional spring and national purified water brands includes Poland Spring Brand 100% Natural Spring Water, Deer Park Brand 100% Natural Spring Water, Ozarka Brand 100% Natural Spring Water, Ice Mountain Brand 100% Natural Spring Water, Zephyrhills Brand 100% Natural Spring Water, and Arrowhead Brand Mountain Spring Water as well as Pure Life and Splash, making it one of the leading beverage companies in North America.
Headquartered in Stamford, Connecticut with approximately 7,000 employees in the US and more than 230 in Canada, NWNA has 27 production facilities across North America and operates the direct-to-consumer and office beverage delivery service ReadyRefresh.
Tony W Lee, Managing Partner of One Rock, says: “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.”
One Rock Managing Partner R Scott Spielvogel says: “One Rock brings to bear extensive corporate carve out and operational capabilities that we believe will be instrumental to NWNA’s ongoing success as a standalone company. We look forward to working closely with our Operating Partners to accelerate the growth of NWNA’s extraordinary set of attractive brands, while continuing to create value in the communities in which the Company operates.”
Dean Metropoulos, founder of his family-owned investment firm, is an industry veteran with a successful 40-year track record of transforming scores of companies and reinvigorating numerous food and beverage brands, including Hostess Brands and Pabst Brewing Company.
“I am pleased to have the opportunity to lead NWNA as it enters the next phase of evolution,” says Metropoulos. “This is an important inflection point for the business as it transitions to an independent company, and I look forward to collaborating with One Rock and NWNA’s management team to deliver unparalleled value to our customers.”
One Rock Partner Kimberly D Reed says: “We are thrilled to partner with Dean, a highly accomplished investor and operator with proven success reimagining brands and businesses around the world, to lead NWNA. As a private company, the business is expected to have greater resources and flexibility to drive continued growth, strengthen its existing operations, and execute on its mission to deliver healthy hydration to consumers.”