Water from a rock

17 February 2021 By Dasha Afanasieva Follow @dasha_reuters

The $325 bln group is selling U.S. brands like Poland Spring to One Rock Capital and Metropoulos for $4.3 bln. The buyers get the assets on the cheap, at just 1 times 2019 sales. But the disposal helps Nestlé CEO Mark Schneider’s green goals and protects his premium valuation.

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Swiss food giant Nestlé on Feb. 17 said it had agreed the sale of its regional spring water brands, purified water business and beverage delivery service in the United States and Canada to private equity fund One Rock Capital in partnership with Metropoulos & Co for $4.3 billion.

The brands, which include Poland Spring and Deer Park, had revenue of 3.4 billion Swiss francs ($3.8 billion) in 2019.

Nestlé reiterated its commitment to make its entire water portfolio carbon neutral by 2025. In 2020, Nestlé announced renewed sustainability commitments which build on existing efforts to enhance water stewardship and tackle plastic waste.

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