Primo Water Corporation Announces Acquisition of Substantially All of the Assets of Mountain Glacier Located in Texas and Tennessee, Adding Over 2,500 Customers

Rhea-AI Summary

Primo Water Corporation (NYSE: PRMW) announced the acquisition of Mountain Glacier LLC's assets, enhancing its water services in Texas and Tennessee. This acquisition expands Primo's customer base by over 2,500 and includes Mountain Glacier's filtration business, a focus for future growth. Customers in Nashville will receive Crystal Spring® and in Harlingen will enjoy Sparkletts®, both aligned with Primo’s brand. With annual revenues around $2.1 billion, Primo aims to improve customer service and product offerings in the hydration market.

Positive

• Acquisition adds over 2,500 customers in Texas and Tennessee.
• Expansion of filtration business aligns with future growth strategies.
• Enhanced product offerings in the Nashville and Harlingen markets.

Negative

• None.

TAMPA, Fla., Aug. 10, 2020 /PRNewswire/ - Primo Water Corporation (NYSE: PRMW) (TSX: PRMW) (the "Company" or "Primo"), a leading provider of water direct to consumers and water filtration services in North America and Europe as well as a leading provider of water dispensers, purified bottled water, and self-service refill drinking water in the U.S. and Canada, today announced that Primo Water North America, a wholly-owned subsidiary of Primo, has acquired substantially all of the assets of Mountain Glacier LLC ("Mountain Glacier") located in Texas and Tennessee.  

Mountain Glacier is a family owned business headquartered in Evansville, IN that has been serving both Residential and Commercial customers since its founding in 2006. In recent years, the business has expanded to other regions including additional areas in Indiana, Nashville, Tennessee as well as Harlingen, Texas.

Customers of Mountain Glacier in Nashville, TN will now enjoy Crystal Spring® while those in Harlingen, TX will enjoy Sparkletts®, the respective Primo Water North America brands in each region. Both will have the ability to select additional products for their orders, including premium water products such as Mountain Valley Spring® and sparkling water beverages from Sparkling Ice® where available.

"Mountain Glacier has built a reputation for providing refreshing spring water and quality customer service for its more than 2,500 customers in Tennessee and Texas," said Dave Muscato, President of Primo Water North America. "It is because of this shared vision for sustainable hydration and premier service that we are excited to add Mountain Glacier's Nashville and Harlingen routes to our national Primo brand. Mountain Glacier also possesses a small but growing filtration business – a key area of focus for future growth for Primo. We look forward to welcoming these customers to the Primo family."

Jay Peterson, President of Mountain Glacier, added, "Primo Water North America's technology, people and expanded product offerings are a natural fit for our Tennessee and Texas customers.  We are confident these markets are in capable hands and are excited to see them grow under Primo Water North America's leadership."

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

ABOUT PRIMO WATER CORPORATION

Primo Water Corporation is a leading pure-play water solutions provider in North America, Europe and Israel 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 major retailers and online at various price points or leased to customers. 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 commercial 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 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.

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SOURCE Primo Water Corporation

FAQ

What is the impact of Primo Water's acquisition of Mountain Glacier on PRMW stock?

The acquisition is expected to enhance PRMW's market presence by adding over 2,500 customers, potentially driving revenue growth.

What brands will Mountain Glacier customers receive after the acquisition?

Customers in Nashville will receive Crystal Spring® and in Harlingen, Sparkletts® products.

How does the acquisition of Mountain Glacier fit into Primo Water's growth strategy?

The acquisition supports Primo Water's focus on expanding its filtration services and enhancing its customer base.

When was the acquisition of Mountain Glacier by Primo Water announced?

The acquisition was announced on August 10, 2020.

Where is Mountain Glacier located?

Mountain Glacier operates primarily in Texas and Tennessee.