Cott has entered into a definitive agreement pursuant to which Cott will acquire Primo Water for $14 per share, a transaction that values Primo at approximately $775 million. The acquisition has been unanimously approved by both the Cott and Primo boards of directors. Primo is a provider of water dispensers, purified bottled water, and self-service refill drinking water in the United States and Canada.
The combination of Cott and Primo, along with the recent announcement of Cott’s evaluation of certain strategic alternatives for its S&D Coffee and Tea business, including a sale of S&D, will transition Cott into a pure-play water company. Cott acquired the 92-year-old coffee and tea company for approximately $355 million in August 2016.
“I am excited, as the acquisition of Primo and planned sale of S&D will result in a pure-play water company that increases top-line growth and margins and drives long-term value creation for our shareholders. As we turn to our new business model, we are taking the opportunity to rebrand our company as Primo Water Corp. to reflect the leading position we have in the growing and attractive water market with the opportunity to be revalued in line with our water peers,” said Tom Harrington, Cott’s CEO, in a company press release. “As Primo and Cott have been strategic partners for six years, we expect a smooth transition and integration.”
The transaction is expected to close in March 2020, subject to the conditions to the exchange offer and other customary closing conditions.
The latest research from Mintel shows that after several years of growth, the foodservice industry is expected to decline by up to 30% from 2019 to 2020, following nationwide dine-in bans/restrictions, restaurant closures, job losses, and lowered consumer confidence.
The latest research from Mintel shows that after several years of growth, the foodservice industry is expected to decline by up to 30% from 2019 to 2020, following nationwide dine-in bans/restrictions, restaurant closures, job losses, and lowered consumer confidence.
According to Innova Market Insights’ COVID-19 Consumer Survey (conducted in March 2020), in China, India, and Indonesia, personal concerns center on health, personal income, and the availability of healthcare and products to buy.
According to Innova Market Insights’ COVID-19 Consumer Survey (conducted in March 2020), in China, India, and Indonesia, personal concerns center on health, personal income, and the availability of healthcare and products to buy.
COVID case surges across the United States and the subsequent rollbacks in re-opening plans have stalled the U.S. restaurant industry’s recovery, reported The NPD Group.
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