PRIMO WATER CORPORATION ANNOUNCES ACQUISITION OF HIGHLAND MOUNTAIN WATER

Rhea-AI Summary

On July 18, 2022, Primo Water Corporation (NYSE: PRMW) announced the acquisition of Highland Mountain Water in Atlanta, Georgia. This strategic move enhances Primo's distribution of its Mountain Valley® premium water brand, adding over 2,500 customers and a service area covering 4 million residents. CEO Tom Harrington emphasized the alignment of this acquisition with the company's mission to provide sustainable hydration solutions. With approximately $2.1 billion in annual revenue, Primo continues to focus on expanding market reach and improving customer service.

Positive

• Acquisition enhances distribution of Mountain Valley® brand.
• Increases customer base by over 2,500.
• Expands service area to over 4 million residents.

Negative

• None.

TAMPA, Fla. , July 18, 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 Highland Mountain Water, located in Atlanta, Georgia. Highland Mountain Water is a leading independent distributor of Primo's Mountain Valley^® premium water brand.

"With more than 2,500 customers and a service area that includes a population of more than 4 million residents, Highland Mountain Water will fit seamlessly into the Primo family and align with our mission of inspiring healthier lives through better quality water," said Tom Harrington, CEO of Primo Water Corporation. 

"This acquisition fits within our existing footprint, expands distribution of our Mountain Valley^® premium water brand and furthers our vision of providing water solutions whenever, wherever and however our customers want them. Customers should expect the same great level of service they've been accustomed to, and we are excited to welcome these customers and associates to our Primo family," said Mr. Harrington.

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 over 13,000 locations and water refill units at approximately 22,000 locations, respectively. Primo also offers water filtration units across its 21-country footprint representing a top-five position.

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 ensures 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.

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SOURCE Primo Water Corporation

FAQ

What is the purpose of Primo Water's acquisition of Highland Mountain Water?

The acquisition aims to enhance the distribution of Primo's Mountain Valley® premium water brand and expand its customer base.

When was the acquisition of Highland Mountain Water announced?

The acquisition was announced on July 18, 2022.

How many customers does Highland Mountain Water bring to Primo Water?

Highland Mountain Water adds over 2,500 customers to Primo Water's portfolio.

What is the market reach of Highland Mountain Water after the acquisition?

Highland Mountain Water services a population of over 4 million residents.

What are the financial implications of the acquisition for Primo Water?

The acquisition is expected to bolster Primo's existing revenue model and expand its overall market presence.