On June 17 Primo Water Coproration of Tampa, Florida and Stamford-based BlueTriton Brands, Inc announced their intention to carry out a merger that would create “a leading North American pure-play healthy hydration company.”
The all-stock transaction was unanimously approved by the boards of both companies, and will see the companies combine to become “NewCo.”
Primo Water will pay $133 million special dividend, about $0.82 per share to shareholders
BureTriton’s brands include Poland Spring, Deer Park, Ozarka, Pure Life, Saratoga several other brands and a number of home and office water cooler distribution companies. NewCo will carry both BlueTriton’s brands and those from Primo Water, including Mountain Valley, Crystal Springs, and Alhambra.
Their press release indicates an expected $6.5 billion in net revenue for the 12 month period ending March 31,2024 and an expected run-rate cost synergy of $200 million.
“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. 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. Thanks to the hard work and dedication of our team, our business has experienced strong momentum leading us to this exciting combination and a bright future with many opportunities for continued growth. I look forward to working together with the Primo Water team to make this Transaction a success for all of our stakeholders,” Joey Bergstein, Chief Executive Officer of BlueTriton, said.
The complete press release is available at this address: https://primowatercorp.com/investors/press-releases/news-details/?news_id=b92ff6c1-a2ff-4e6b-89f3-28191b65d790
