NEW YORK – One Rock Capital Partners in partnership with Metropoulos & Co. has entered into an agreement to acquire Nestle Waters North America (NWNA) for approximately $4.3 billion.
Brands included in the sale are Poland Spring, Deer Park, Ozarka, Ice Mountain, Zephyrhills, Arrowhead, Pure Life and Splash. The brands combined had sales of approximately $3.7 billion in 2019, according to Nestle.
The deal is expected to be completed in the spring and C. Dean Metropoulos will become the company’s chairman and interim chief executive officer. In October, Mr. Metropoulos resigned as chairman of the board of Hostess Brands, Inc., Kansas City.
“I am pleased to have the opportunity to lead NWNA as it enters the next phase of evolution,” Mr. Metropoulos said. “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.”
Last year Nestle announced it would conduct a strategic review of parts of the North American waters division and sharpen the focus of its global water portfolio. The company will retain ownership of the Perrier, S. Pellegrino and Acqua Panna water brands.
“We continue to transform our global waters business to best position it for long-term profitable growth,” said Mark Schneider, CEO of Nestle. “This sale enables us to create a more focused business around our international premium brands, local natural mineral waters and high-quality healthy hydration products. We will also boost our innovation and business development efforts to capture emerging consumer trends, such as functional water.”