London (CNN Business)Nestlé (NSRGY) will sell its North American bottled water business, including Poland Spring, Deer Park, Ozarka and Arrowhead, in a $4.3 billion deal as it focuses on its premium brands.
The Swiss consumer goods giant said in a statement on Wednesday that it has agreed to sell the brands to private equity firm One Rock Capital Partners.One Rock is partnering with family-owned investment firm Metropoulous & Co. on the purchase, which also includes brands such as Ice Mountain and Pure Life, as well as ReadyRefresh, which delivers beverages to homes and offices. Nestlé premium brands Perrier, S.Pellegrino and Acqua Panna are not part of the deal.
“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,” said Nestlé CEO Mark Schneider. The company announced a review last June of its North American waters division, which had sales of $3.4 billion in 2019, in order to focus on faster growing parts of the bottled water business. It has committed to make its entire water portfolio carbon neutral by 2025 and is investing $2 billion in creating a market for recycled plastic.
Source: edition.cnn.com