US: Bridger Management buys Cott Corp stake
Bridger Management has purchased 6.4m shares in Cott Corp
US hedge fund firm Bridger Management has purchased a 6.8% stake in private-label soft drinks specialist Cott Corp.
Bridger owner Roberto Mignone announced the deal in a filing to the Securities and Exchange Commission on Monday (7 March). The company bought 6.4m shares. No financial details of the purchase were disclosed.
This is the second hedge fund to invest in Cott in the past few months. Back in December, David Gallo's Valinor Management reportedly purchased a stake in the company and recently increased its stake.
Earlier this month, Cott credited sales of the Cliffstar brand with driving a 12.9% lift in sales for 2010, reaching US$1.80bn. Net profits, however, slid by 32.9% year-on-year to $54.7m, as the acquisition of Cliffstar in August 2010 dragged on the bottom line.
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