Nestlé S.A. has reached an agreement to sell its regional spring water brands, purified water business, and beverage delivery service in the U.S. and Canada to One Rock Capital Partners, in partnership with Metropoulous & Co., for $4.3 billion. However, premium brands, including Perrier, S.Pellegrino, and Acqua Panna, are not part of the deal.
The agreement follows Nestlé's announcement last year that it would conduct a strategic review of parts of the North American waters division and sharpen the focus of its global water portfolio.
"We continue to transform our global waters business to best position it for long-term profitable growth,” said Mark Schneider, Nestlé CEO, in a statement. “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."
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Image: Nestlé S.A.