Primo Water, BlueTriton Brands set to merge 

USA – Primo Water Corp and BlueTriton Brands have announced their entry into a definitive agreement to merge, creating a leading North American pure-play healthy hydration company.  

According to company statement, the all-stock transaction was unanimously approved by the Boards of Directors of both companies. 

Under the terms of the agreement, Primo Water shareholders and holders of incentive equity will own 43 percent of the fully diluted shares of the combined company, referred to as “NewCo,” while BlueTriton shareholders will own 57 percent.  

Prior to the closing of the deal, Primo Water plans to pay a special dividend of up to US$133 million, equivalent to US$0.82 per share, to its shareholders. 

The new company will have dual headquarters in Tampa, Florida, and Stamford, Connecticut

Following the completion of the merger, Robbert Rietbroek, the current CEO of Primo Water, will serve as Chief Executive Officer of NewCo, while David Hass, CFO of Primo Water, will assume the role of Chief Financial Officer. 

The combined company is projected to have a net revenue of US$6.5 billion and adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) of US$1.5 billion, including US$200 million in estimated cost synergies, for the twelve-month period ending March 31, 2024.  

The merger will bring together popular bottled water brands such as Primo Water, Crystal Springs, Mountain Valley, Arrowhead, and Poland Spring. 

Robbert Rietbroek expressed enthusiasm about the merger, stating, “We are excited to combine Primo Water with BlueTriton to create a leading North American pure-play healthy hydration company.  

The transaction is expected to deliver significant value to our shareholders along with the opportunity to participate in the long-term upside potential of the combined company, which will build upon and complement our existing healthy hydration platform.” 

Joey Bergstein, CEO of BlueTriton, added, “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 merged company is expected to continue being listed on the New York Stock Exchange, pending approval. The specific closing date and transaction value were not disclosed. 

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