Swiss food and beverage giant Nestle SA announced Tuesday its agreement to sell Nestlé Waters North America to One Rock Capital Partners LLC in partnership with Metropoulos & Co. for $4.3 billion.
The divesting businesses include its regional spring water brands, purified water business and beverage delivery service in the U.S. and Canada, which had sales of around 3.4 billion Swiss francs in 2019.
The sale includes Poland Spring, Deer Park, Ozarka, Ice Mountain, and Zephyrhills brands of 100% Natural Spring Water, Arrowhead Brand Mountain Spring Water, and Pure Life and Splash.
It also comprises the U.S. direct-to-consumer and office beverage delivery service.
Meanwhile, Nestle's international premium brands including Perrier, S.Pellegrino and Acqua Panna are not a part of the deal.
The transaction is expected to close following the completion of customary closing conditions.
In its statement, One Rock Capital said it expects to close the deal in the Spring, at which time Dean Metropoulos, founder of Metropoulos, will become the acquired company's Chairman and interim Chief Executive Officer.
Nestle last year had announced its decision to explore strategic options, including a potential sale, for the majority of the Nestlé Waters business in North America, excluding its International brands.
Mark Schneider, Nestlé CEO, said, "We continue to transform our global waters business to best position it for long-term profitable growth. 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."
Stamford, Connecticut-based Nestlé Waters North America employs around 7,000 associates in the U.S. and more than 230 in Canada.
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