Primo Water and BlueTriton Brands to Merge

The companies look to ‘create a leading North American pure-play healthy hydration company.’

June 20, 2024

Primo Water Corporation and an affiliate of BlueTriton Brands Inc. announced that the two companies will merge in an all-stock transaction to “create a leading North American pure-play healthy hydration company.”

"The combination of BlueTriton and Primo Water enables our iconic, trusted brands, many with over 100 years of rich heritage, to further expand distribution and reach a broader base of customers with healthy hydration solutions,” said Joey Bergstein, chief executive officer of BlueTriton. “With greater presence, we also believe that we will have greater ability to positively impact our communities, invest in water stewardship, and bring circular packaging and refillable options to more people in more places.”

The new, combined company, NewCo, will “have significant financial and operating presence with combined net revenue and adjusted EBITDA1, inclusive of $200 million in estimated cost synergies, of $6.5 billion and $1.5 billion, respectively, for the twelve-month period ended March 31, 2024,” the companies stated.

NewCo is expected to be dual headquartered in Tampa, Florida, and Stamford, Connecticut.

Dean Metropoulos, the current chairman of the Board of BlueTriton, will serve as non-executive chairman of the board of the combined company. Upon close, Robbert Rietbroek, the current chief executive officer of Primo Water, will serve as NewCo’s CEO; David Hass, the current chief financial officer of Primo Water, will serve as CFO; and Rob Austin, the current chief operating officer of BlueTriton, will serve as COO.

Primo Water's brands include Primo Water, Mountain Valley, Crystal Springs, Sparkletts and Alhambra, among others. BlueTriton water brands include Poland Spring, Deer Park, Ozarka, Ice Mountain, Zephyrhills, Arrowhead, Saratoga and Pure Life.