Nestle SA has agreed to sell its Nestle Waters North America brands to One Rock Capital Partners LLC in partnership with Metropoulos & Co. for $4.3 billion.
The divestment will see the world’s biggest packaged-food company selling its regional spring water brands, purified water business and beverage delivery service in the U.S. and Canada, Nestle said Tuesday.
Nestle’s international premium brands including Perrier, S.Pellegrino and Acqua Panna aren’t part of the deal.
The deal is expected to be completed after customary closing conditions, it said.
The sale includes brands such as Poland Spring and Ice Mountain. Sales in 2019 of these brands in the U.S. and Canada were around 3.4 billion Swiss franc ($3.81 billion).
The agreement follows Nestle’s announcement last year that it would conduct a strategic review of parts of the North American waters division and sharpen the focus of its global water portfolio.
“This sale enables us to create a more focused business around our international premium brands, local natural mineral waters and high-quality healthy hydration products,” Mark Schneider, Nestle’s chief executive, said.
The company also reiterated its commitment to make its entire water portfolio carbon neutral by 2025.
Write to P.R. Venkat at [email protected]