Primo Water

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Primo Water Corporation
Public
Traded as
IndustryBusiness Services
Founded1952; 68 years ago (1952)
Headquarters
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: David T. Gibbons
President and CEO: Tom Harrington
CFO: Jay Wells
ProductsWater, coffee, tea, extracts, and filtration equipment
ServicesHome and office bottled water delivery, office coffee services, filtration services, and full service production and creation of hot beverage portfolios centered around coffee, tea and extract solutions
Revenue$2.3 Billion (2017)
$48.9 Million (2017)
($3.6) Million (2017)
Total assets$3.0 Billion (2017)
Total equity$879.6 Million (2017)
Number of employees
10,400
Websitehttps://primowatercorp.com/

Primo Water Corporation (formerly Cott Corporation) is an American-Canadian beverage and food service company based in Mississauga, Ontario. Cott's platform across North America and Europe is supported by sales and distribution facilities and fleets, as well as wholesalers and distributors, servicing residences, businesses, restaurant chains, hotels and motels, small and large retailers, and healthcare facilities. In bottled water, Cott offers brands including Sparkletts, Hinckley Springs, Kentwood Springs, Canadian Springs, Labrador, and Eden Springs. In-office coffee services, Cott offers products under brands including Keurig, Mars Alterra, Starbucks Coffee, Caribou Coffee, Peet's Coffee & Tea, Javarama, and Lavazza. In coffee roasting and tea blending, Cott sells the majority of its manufactured coffee and tea products under retailer or food service brands to customers who own the trademarks associated with those products.[2] In March 2020, Cott acquired Primo Water Corporation and changed its name to Primo Water Corporation and changed its ticker symbols to NYSEPRMW and TSXPRMW.[3]

History[edit]

Cott logo

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]

Cott lost the Wal-Mart soda pop exclusive contract in 2009. In July 2010, Cott announced its acquisition of Cliffstar Corporation, a US supplier of store-branded juice beverages.[7]

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 Refresco 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, GA, 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.[1] 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.

References[edit]

  1. ^ "Form 10-K". Sec.gov. 30 December 2017. Retrieved 2018-04-05.
  2. ^ "Form 10-K". Sec.gov. 30 December 2017. Retrieved 2018-04-05.
  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.
  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.