Multinational food and drinks giant Nestle has reached an agreement to sell its Nestle Water North America business to One Rock Capital Partners in partnership with Metropoulos & Co. for $4.3 billion.
The sale includes brands such as Poland Spring, Deer Park, Ozarka, Ice Mountains, Zephyrhills, Arrowhead and Spring. International premium brands including Perrier, S.Pellegrino, and Acqua Panna are not part of the deal.
The movement is part of Nestle’s strategic transformation of its North America water business division, which it announced last year.
“We continue to transform our global waters business to best position it for long-term profitable growth”, said Nestle CEO Mark Schneider. “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”.
Source: Food Business News