Primo Water Corporation Announces Acquisition of Crystal Spring Water Company

Rhea-AI Summary

Primo Water Corporation (NYSE: PRMW) has acquired substantially all assets of Crystal Spring Water Company, enhancing its reach in the Northeast. This acquisition adds approximately 2,500 customers to Primo Water North America, consolidating its footprint in Rhode Island and Southeastern Massachusetts. Founded in 1907, Crystal Spring is known for its high-quality spring water and customer service. Primo, a leader in sustainable drinking water solutions, generates around $2.1 billion in annual revenue, promoting healthier lifestyles and reducing plastic pollution.

Positive

• Acquisition expands Primo's customer base by approximately 2,500 in the Northeast.
• Strengthens market presence in Rhode Island and Southeastern Massachusetts.
• Aligns with Primo's mission of providing high-quality spring water solutions.

Negative

• None.

TAMPA, Fla., Oct. 12, 2022 /PRNewswire/ - Primo Water Corporation (NYSE: PRMW) (TSX: PRMW) (the "Company" or "Primo"), a leading provider of sustainable drinking water solutions in North America and Europe, today announced that Primo Water North America ("PWNA"), a wholly-owned subsidiary of Primo, has acquired substantially all the assets of Crystal Spring Water Company, a bottled water company based in Rhode Island.

Crystal Spring Water Company manufactures and distributes spring water to customers in Rhode Island and Southeastern Massachusetts. The company was founded in 1907 in Middletown Rhode Island. The acquisition will add approximately 2,500 customers to PWNA, strengthening its footprint in the Northeast region.

"Crystal Spring Water Company offers high-quality spring water solutions and delivers superior customer service that aligns with our mission of inspiring healthier lives through water your way," said Tom Harrington, CEO of Primo. "We are excited to welcome these customers and associates to our Primo family."

For more information on the hydration solutions Primo offers, please visit www.water.com.

ABOUT PRIMO WATER CORPORATION

Primo Water Corporation is a leading pure-play water solutions provider in North America and Europe and generates approximately $2.1 billion in annual revenue. Primo operates largely under a recurring razor/razorblade revenue model. The razor in Primo's revenue model is its industry leading line-up of sleek and innovative water dispensers, which are sold through retailers and online at various price points. The dispensers help increase household penetration which drives recurring purchases of Primo's razorblade offering. Primo's razorblade offering is comprised of Water Direct, Water Exchange, and Water Refill. Through its Water Direct business, Primo delivers sustainable hydration solutions across its 21-country footprint direct to the customer's door, whether at home or to businesses. Through its Water Exchange and Water Refill businesses, Primo offers pre-filled and reusable containers at approximately 14,000 locations, water dispenser sales at approximately 9,000 locations and water refill units at approximately 24,000 locations, respectively. Primo also offers water filtration units across its 21-country footprint.

Primo's water solutions expand consumer access to purified, spring, and mineral water to promote a healthier, more sustainable lifestyle while simultaneously reducing plastic waste and pollution. Primo is committed to its water stewardship standards and is proud to partner with the International Bottled Water Association (IBWA) in North America as well as with Watercoolers Europe (WE), which ensure strict adherence to safety, quality, sanitation and regulatory standards for the benefit of consumer protection.

Primo is headquartered in Tampa, Florida (USA). For more information, visit www.primowatercorp.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/primo-water-corporation-announces-acquisition-of-crystal-spring-water-company-301643697.html

SOURCE Primo Water Corporation

FAQ

What is the value of the acquisition of Crystal Spring Water Company by PRMW?

The press release does not specify the transaction value of the acquisition.

How does the acquisition of Crystal Spring Water Company affect PRMW's market presence?

The acquisition adds approximately 2,500 customers, strengthening PRMW's footprint in the Northeast.

When was the acquisition of Crystal Spring Water Company announced?

The acquisition was announced on October 12, 2022.

Which company did PRMW acquire?

Primo Water Corporation acquired Crystal Spring Water Company, a bottled water company in Rhode Island.