Primo Water Corp., based in Tampa, a multibillion-dollar water distributor, is set to merge with BlueTriton Brands, formerly Nestlé’s North American water distribution arm.
This all-stock merger will create a robust U.S. entity generating $6.5 billion in annual revenue, boasting a diverse portfolio of renowned bottled water brands. BlueTriton Brands, previously under Nestlé Waters North America until its 2021 acquisition by One Rock Capital Partners and Dean Metropoulos’s investment firm, manages a range of well-known brands including Deer Park, Poland Spring, Pure Life, Zephyrhills, and Ozarka.
Following the merger, Primo Water CEO Robbert Rietbroek and CFO David Hass will retain their roles within the new company. Dean Metropoulos, Chairman of BlueTriton, will transition to a non-executive chairman position, while Rob Austin will continue as COO. Metropoulos described the merger as a significant milestone for the U.S. beverage industry.
Upon completion, Primo and BlueTriton shareholders will own 43% and 57% of the combined entity, which will remain publicly traded on the New York Stock Exchange. The new company will maintain dual headquarters in Tampa and Stamford, Connecticut.
According to BlueTriton CEO Joey Bergstein, the merger will leverage the strengths of both entities, allowing their iconic brands, some with over a century of heritage, to expand distribution and reach a wider customer base.
In a strategic move announced in November, Primo revealed plans to divest its European operations in a $575 million deal, focusing on consolidating its presence in the U.S. market.
Before the merger, Primo was ranked as Tampa’s ninth-largest public company, achieving $2.2 billion in revenue, with operations spanning 21 countries and employing 6,400 people.
BlueTriton, with approximately 7,000 employees and $4.7 billion in annual revenue, is committed to environmental stewardship, conserving 20,000 acres of natural watershed across North America and sourcing water from 42 active springs in the U.S. and Canada.
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