Sanpellegrino Group, a Nestle subsidiary, has announced the sale of Nestle Vera water brand to Acqua Vera Spa for an undisclosed sum.
Founded in 1979 and acquired by Nestle in 2005, Acqua Vera holds approximately 6% of the Italian bottled water share market, registering an annual turnover of €80 million last year, according to sources.
In addition to the Nestle Vera brand, the deal includes the bottling facilities in Santo Stefano Quisquina, Sicily and Castrocielo, Frosinone.
According to Sanpellegrino Group, the sale of the brand will allow the company to concentrate on the development of premium water brands both in Italy and internationally.
Fabrizio Quagliuolo, CEO and founder of Sicon said: “Our thirty-year experience in the world of PET bottles, preforms and bottling finds its natural evolution in the direct commitment in the production and distribution in the mineral water sector. A historic brand like Acqua Vera is the best way for us to take this step”.