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Primo Water Corporation (NASDAQ: PRMW) is a leading provider of sustainable drinking water solutions in North America and Europe. Founded in 2004 by Billy Prim, the company was modeled after his previous success with Blue Rhino, the market leader in propane grill cylinder exchange. Primo Water offers a range of products including water dispensers, bulk purified bottled water, self-service refill water, and exchange water services. The company is recognized for its innovative and stylish water dispensers, available for both home and office use, which help reduce environmental waste.
Primo Water's operations are largely concentrated in North America, following a strategic divestment of a significant portion of its international business. The firm typically initiates customer relationships through the sale of water dispensers and generates recurring revenue via their Water Direct and Water Exchange services. Two-thirds of the total sales come from these recurring revenue streams, involving the delivery of large-format water bottles to residential and commercial customers.
In a recent development, Primo Water announced an agreement whereby Culligan International will acquire a significant portion of its international businesses in an all-cash transaction valued at up to $575 million. This transaction, expected to close by the end of 2023, will allow Primo Water to focus on its core North American business, enhance profitability, and return capital to shareholders.
Primo Water is committed to sustainability and environmental responsibility. The company partners with organizations like the International Bottled Water Association (IBWA) and Watercoolers Europe (WE) to ensure adherence to high safety, quality, and regulatory standards. Primo Water’s mission is to expand consumer access to purified, spring, and mineral water, promoting a healthier and more sustainable lifestyle while reducing plastic waste.
The company generated approximately $2.2 billion in annual revenue in 2022 and operates under a recurring revenue model in the large format water category (defined as three gallons or greater). Its products are sold through approximately 10,900 retail locations and online. Primo Water’s water solutions include Water Direct, Water Exchange, and Water Refill, with over 23,500 self-service refill drinking water stations across North America.
Primo Water is headquartered in Tampa, Florida. For more information, visit their website at www.primowatercorp.com.
Primo Water (NYSE: PRMW) (TSX: PRMW), a leading provider of sustainable drinking water solutions in North America, has announced the release date for its second quarter 2024 financial results. The company will publish its results for the quarter ended June 29, 2024, before markets open on Thursday, August 8, 2024. Following the release, Primo Water will host a conference call and simultaneous webcast at 10:00 a.m. Eastern Time on the same day.
Due to the pending merger with BlueTriton, the Q&A session will be moderated by the Investor Relations team. Participants are encouraged to submit questions in advance to investorrelations@primowater.com. The most relevant questions will be addressed during the call. A replay of the webcast will be available on the company's investor relations website after the event.
Primo Water and BlueTriton Brands have agreed to merge, forming a leading North American healthy hydration company. This all-stock transaction, unanimously approved by both companies' Boards of Directors, is expected to generate $200 million in cost synergies. The combined entity will achieve estimated net revenue and adjusted EBITDA of $6.5 billion and $1.5 billion, respectively, for the twelve months ending March 31, 2024.
Primo Water shareholders will hold 43% of the new company, while BlueTriton shareholders will own 57%. A special dividend of $0.82 per share, totaling up to $133 million, will be distributed to Primo Water shareholders before the transaction closes, anticipated in the first half of 2025. The new company will have dual headquarters in Tampa, Florida, and Stamford, Connecticut, with Robbert Rietbroek as CEO, Dean Metropoulos as Non-Executive Chairman, and David Hass as CFO.
The merger aims to enhance brand portfolios, diversify product offerings, and expand distribution capabilities. Financial advisors for the transaction include Bank of America Securities for Primo Water and Morgan Stanley for BlueTriton.
Primo Water announced its Q1 2024 results, surpassing revenue and EBITDA guidance. Revenue increased to $452 million, up by 9.6%, with organic growth at 8.3%. Gross margin rose to 64.4%, net income to $19 million, and Adjusted EBITDA to $94 million. Full-year revenue, EBITDA, and free cash flow outlooks were raised. Shareholders can expect a dividend of US$0.09 per share. The company also repurchased shares worth $9 million.
Primo Water announced the results of the voting for directors at its annual and special meeting of shareowners. All the nominees listed in the proxy statement were elected as directors of the company. The detailed voting results show high percentages of votes 'For' each nominee, indicating shareholder confidence in the current board members.
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