Primo Water

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Primo Water Corporation
TypePublic
IndustryBusiness Services
Founded1952; 69 years ago (1952)
Headquarters
Tampa, Florida
,
United States
Number of locations
Over 50 manufacturing sites and over 370 branch distribution and warehouse facilities throughout the United States, Canada, Europe and Israel.[1]
Area served
Worldwide
Key people
Chairman: Jerry Fowden
President and CEO: Tom Harrington
CFO: Jay Wells
ProductsWater, water dispensers, self-service water refill machines, filtration equipment, and single-use premium water.
ServicesHome and office bottled water delivery, pre-filled multi-gallon bottled water and self-service water refill available at retail locations, and filtration services.
RevenueIncrease US$1.953 Billion (Fiscal Year Ended January 2, 2021)[2]
Decrease –US$0.052 Billion (Fiscal Year Ended January 2, 2021)[2]
Decrease –US$0.131 Billion (Fiscal Year Ended January 2, 2021)[2]
Total assetsIncrease US$3.604 Billion (Fiscal Year Ended January 2, 2021)[2]
Total equityIncrease US$1.346 Billion (Fiscal Year Ended January 2, 2021)[2]
Number of employees
10,400
Websitehttps://primowatercorp.com/

Primo Water Corporation (formerly Cott Corporation) is an American-Canadian water company offering multi-gallon bottled water, water dispensers, self-service refill water machines, and water filtration appliances. The company is headquartered in Tampa, Florida, and services residential and commercial customers across the United States, Canada, Europe, and Israel.

Primo's bottled water brands include Primo, Alhambra, Crystal Rock, Crystal Springs, Mountain Valley, Deep Rock, Sparkletts, Hinckley Springs, Kentwood Springs, Mount Olympus, Nursery Water, Sierra Springs, Canadian Springs, Decantae, Labrador Source and Eden Springs.

In March 2020, Quebec-based Cott acquired Florida-based Primo Water Corporation and changed its name to Primo Water Corporation and changed its ticker symbols to NYSE: PRMW and TSX: PRMW.[3]

History[]

1923-2013: Founding and Early History[]

Cott Beverage Corporation was founded in 1923 by Solomon Cott, a Polish immigrant, with his sons Harry, Barney, Jack and Albert in Port Chester, New York. Harry Pencer, a clothier from Montreal, Quebec, began to import Cott sodas into Quebec in 1952. In 1955, Pencer acquired the Canadian rights to the Cott label and established Cott Beverages (Canada) Ltd., to bottle the Cott line of sodas. From 1976 to 1991, Cott expanded its distribution throughout Canada and back into the U.S. and into Europe.[4] In 1969, the name was changed to Cott Beverages Ltd., and in 1991 to Cott Corporation.[5] In October 2000, Concord Beverages, with its Vintage brand seltzer water, was acquired from Honickman Group.[6]

In July 2010, Cott announced its acquisition of Cliffstar Corporation, a US supplier of store-supplied and made juice beverages.[7]

2014-Present: Acquisitions and Divestitures[]

Beginning in 2014, Cott expanded via acquisitions predominately in the bottled water industry and exited the carbonated beverages business. In May 2014, Cott completed the acquisition of Aimia Foods (Holdings) Limited, a privately held producer and distributor of hot chocolate, coffee and powdered beverages primarily through food service, vending and retail channels, and a producer of hot and cold cereal products on a contract manufacturing basis located in Merseyside, United Kingdom.[8] In November 2014, Cott announced it had agreed to a deal to acquire U.S. direct-to-consumer bottled water and coffee distributor DSS Group Inc. for aggregate consideration of $1.25 billion.[9] In December 2014, Cott completed the acquisition of DSS Group, Inc. a bottled water and coffee direct-to-consumer home and office delivery services provider in the United States. The aggregate consideration was approximately $1.25 billion.[10]

In January 2016, Cott completed the acquisition of Aquaterra, a Canadian bottled water and coffee direct-to-consumer home and office delivery services provider. The initial purchase price paid by Cott was approximately C$62 million.[11]

In June 2016, Cott announced it had agreed to a deal to acquire Eden Springs, Europe's largest home and office water delivery business as well as a top five position in filtration and office coffee services with presence in 17 European countries and Israel.[12] In August 2016, Cott completed the acquisition of Eden Springs, a European provider direct-to-consumer services provider specializing in home and office delivery water, office coffee services and filtration solutions.[13] The initial purchase price paid by Cott was approximately €470 million.[14]

In August 2016, Cott completed the acquisition of S&D Coffee and Tea, a privately held premium coffee roaster and provider of customized coffee, tea and extract solutions to the food service, convenience, hospitality and office segments located in Concord, North Carolina United States. The initial purchase price paid by Cott was approximately $355 million.[15]

In July 2017, Cott announced that it had entered into an agreement to sell its carbonated soft drinks and juice bottling businesses to for US$1.25 billion.[16] The transaction included the Cott North America, Cott U.K. and Cott Mexico business units (excluding the RCI International division and its associated manufacturing facility located in Columbus, Georgia, as well as the Aimia Foods Division located in the United Kingdom). The transaction closed on January 30, 2018.[17]

In 2017, Cott acquired Decantae Mineral Water Ltd, located in North Wales. In October 2018, Cott announced the acquisition of Mountain Valley Spring Company from Great Range Capital for $78.5 million.[18] through its subsidiary DS Services.

In February 2019, Cott announced the sale of the soft drink concentrate production facility and RCI International division to Refresco for US$50 million.[19]

In January 2020, Cott announced that it had entered into an agreement to sell its S&D Coffee and Tea business to Westrock Coffee Company, LLC for US$405 million.[20] In January 2020, Cott announced that it had entered into an agreement to acquire Primo Water Corporation in a transaction valued at approximately US$775 million.[21] The transaction was completed on March 2, 2020, and included rebranding of the corporate name to Primo Water Corporation and changing ticker symbols to NYSE:PRMW and TSX:PRMW.[22]

References[]

  1. ^ "Form 10-K". Sec.gov. 30 December 2017. Retrieved 2018-04-05.
  2. ^ a b c d e "Primo Water Corporation 2021 Annual Report" (PDF). primowatercorp.com. 2 January 2021. Retrieved 2 September 2021.
  3. ^ "Press Release". 2 March 2020. Retrieved 3 March 2020.
  4. ^ History of Cott Corporation – FundingUniverse. Fundinguniverse.com. Retrieved on July 24, 2012.
  5. ^ Cott Corporation (March 7, 2001). "FORM 10-K" (filing for the SEC). Retrieved September 16, 2011.
  6. ^ Cott Corporation Has Acquired Honickman Group's Concord Beverage To Strengthen U.S. Presence; Earnings, Excluding One-Time Gain, Triple In The 7th Profitable Quarter. Findarticles.com. Retrieved on July 24, 2012.
  7. ^ Friend, David (July 8, 2010). "Analyst applauds Cott's acquisition". The Star. Toronto.
  8. ^ "Cott Announces U.K. Business Unit's Acquisition of Aimia Foods" (Press release). Marketwired. 30 May 2014.
  9. ^ "Canada's Cott Corp to buy U.S.-based water, coffee distributor" (Press release). Reuters. 6 November 2014. Archived from the original on 19 October 2015. Retrieved 30 June 2017.
  10. ^ "Cott Announces Closing of DS Services Acquisition" (Press release). Marketwired. 12 December 2014. Archived from the original on 2015-07-03. Retrieved 2019-09-14.
  11. ^ "Cott Announces Closing of Aquaterra Acquisition" (Press release). Marketwired. 5 January 2016. Archived from the original on 2016-03-07. Retrieved 2019-09-14.
  12. ^ "Cott Announces Plans to Expand Its Home and Office Bottled Water Delivery and Office Coffee Services Platform Through The Acquisition of Eden Springs in Europe" (Press release). Marketwired. 7 June 2016.
  13. ^ "Eden Springs to be acquired by Cott Corporation for €470 ($525) million". Florida Trend. 2016-05-08. Retrieved 2018-12-04.
  14. ^ "Cott Announces Closing of Eden Springs Acquisition" (Press release). Marketwired. 2 August 2016. Archived from the original on 2016-08-11. Retrieved 2019-09-14.
  15. ^ "Cott Announces Closing of S&D Acquisition and Date for Modeling Conference Call" (Press release). Marketwired. 11 August 2016. Archived from the original on 2018-04-06. Retrieved 2019-09-14.
  16. ^ Griffin, Justine (July 25, 2017). "Cott Corp. sells beverage manufacturing business for $1.25 billion". Tampa Bay Times. Retrieved November 21, 2019.
  17. ^ Arthur, Rachel (January 31, 2019). "Refresco completes acquisition of Cott's bottling activities". Beverage Daily. Retrieved November 21, 2019.
  18. ^ Schultz, Clark (2018-10-15). "Cott acquires Mountain Valley Spring Company". Seeking Alpha. Retrieved 2019-07-15.
  19. ^ Corporation, Cott. "Cott Announces the Sale of its Soft Drink Concentrate Production Business and RCI International Division to Refresco in an All-Cash Transaction". www.prnewswire.com. Retrieved 2021-01-14.
  20. ^ Corporation, Cott. "Cott Announces Agreement to Sell S&D Coffee & Tea to Westrock Coffee in an All-Cash Transaction". www.prnewswire.com. Retrieved 2021-01-14.
  21. ^ Corporation, Primo Water (2020-01-13). "Cott Announces the Acquisition of Primo Water Corporation and Continues its Transition Into a Pure-Play Water Solutions Provider". GlobeNewswire News Room. Retrieved 2021-01-14.
  22. ^ Corporation, Cott. "Cott Announces Completion of Acquisition of Primo Water Corporation and With Closing the Sale of S&D Coffee and Tea to Westrock Coffee on February 28th Transitions Into a Pure-Play Water Solutions Provider". www.prnewswire.com. Retrieved 2021-01-14.
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