Primo Water enters into agreement to sell significant portion of its international businesses for $575M

Nov. 9, 2023
The agreement is the first step in exiting all of its international businesses to focus on North America market where Primo Water has leadership, scale and customer opportunity.

Primo Water Corporation, a leading provider of sustainable drinking water solutions in North America and Europe, announced it has entered into a definitive agreement whereby Culligan International will acquire a significant portion of Primo Water's International businesses in an all-cash transaction valued at up to $575 million. The transaction excludes the Aimia Foods, United Kingdom, Portugal, and Israel businesses but each of these will be sold across 2024.

Tom Harrington, chief executive officer, Primo Water said in the announcement: "We are pleased to have reached an agreement that we believe unlocks significant value for Primo Water shareowners. The Transaction was the result of a proactive board-led process that resulted in an agreement that offers an attractive premium valuation for a significant portion of our international businesses and simplifies and focuses Primo Water on our core North American water business. Looking ahead, we will be laser-focused on growing the North American business, increasing our profitability and margins, enhancing our balance sheet strength, and returning capital to shareowners."

According to the announcement, the simplified, proforma Primo Water will have:

  • Greater focus on its pure-play North American water business where it enjoys national and local scale and is one of the leading players.
  • An improved financial profile, accelerating the achievement of several previously announced 2024 targets, including improvements in adjusted gross margins, adjusted EBITDA and adjusted EBITDA margins, as well as adjusted free cash flow conversion.
  • The financial flexibility to pursue organic growth, reduce leverage, return capital, accelerate accretive tuck-in acquisitions and engage in strategic opportunities complementary and adjacent to its core North American water business.
  • A diversified business mix across water dispensers, water direct, water exchange, water refill, and water filtration, as well as a balanced mix of residential and commercial customers.


Primo Water
Primo Water Corporation Primo Water Corporation Announces Acquis

Primo Water Corporation acquires additional Mountain Valley spring site

Feb. 10, 2023
Primo Water Corporation announced it has acquired an additional spring water source adjacent to its current Mountain Valley spring in Garland County, Arkansas.
Primo Water
Primo Water Logo

Primo Water Corporation announces acquisition of Highland Mountain Water

July 19, 2022
Located in Atlanta, Georgia, Highland Mountain Water is a leading independent distributor of Primo's Mountain Valley premium water brand.
Primo Water Corp.
Primo Water Top Bottle Cooler
Water equipment, coolers, filters, accessories, etc.

Primo begins delivering new alkaline water brand to offices

Feb. 23, 2022
Primo Water Corp. announced it started delivering a new alkaline water brand last month. Primo Plus alkaline water is available in 3-gal. bottles for office or home delivery, ...