The new owners of Nestle’s North American bottled water operations have changed the unit’s name to BlueTriton Brands.
Private equity groups One Rock Capital Partners and Metropoulos & Co, which bought Nestle Waters North America in February, said yesterday the name change reflects their commitment to keeping the unit independent and focused on sustainability. “We see significant opportunity to further the market leadership of BlueTriton and look forward to building on the strong foundation that exists in the business today,” the company’s added.
Nestle sold Nestle Waters North America, which includes the Poland Spring, Pure Life and Deer Park brands, in a US$4.3bn deal with One Rock Capital Partners and Metropoulos & Co. Under the terms of the agreement, Metropoulos & Co will control the bottled water unit, with founder Dean Metropoulos stepping in as interim CEO & chair.
Metropoulos was responsible for the sale of Pabst Blue Ribbon owner Pabst Brewing Co to Oasis Beverage in 2014 for a reported US$700m. He had bought PBC four years earlier for US$250m.
Nestle’s decision to divest Nestlé Waters North America formed part of a new focus on higher-end packaged water brands such as Nestle Pure Life, Perrier, San Pellegrino and Acqua Panna. Earlier this week, Nestle released a new caffeinated range for the San Pellegrino Essenza line.