16 Oct GRC Announces Sale of Mountain Valley Spring Water Co.
Cott Corporation acquires The Mountain Valley Spring Water Co. for $78.5 million in cash.
Great Range Capital (GRC), a Kansas City-based private equity firm, announces today that DS Services, a Cott Corporation (NYSE:COT; TSX:BCB) subsidiary, acquired The Mountain Valley Spring Water Co., the longest continuously operated bottled water company in the U.S., for $78.5 million in cash.
Bottled water consumption increased more than 2,700 percent in the past four decades, and an industry milestone was reached in 2017 when bottled water (39.3 gallons per capita) outsold carbonated soft drinks (38.5 gallons per capita) for the first time. The Mountain Valley Spring Water Co., which joined GRC’s portfolio in March 2014, is well positioned in the bottled water category due to its longevity in the industry, brand and packaging and low environmental footprint. The water earned “Best Tasting Water in the World” recognition twice at Berkeley Springs International Water Tasting.
“While the company had started to penetrate retail distribution prior to GRC’s ownership, we partnered with former Nestle Water and industry water executives, Jim Waldeck and Rick Tanner, to elevate the brand and gain traction in the growing bottled water industry. The company’s story was already in place, and it was waiting to be told. Investments were made in revamping the brand and packaging, upgrading equipment and accelerating into retail while continuing to grow home and office delivery,” states Paul Maxwell, managing partner, Great Range Capital.
About The Mountain Valley Spring Water Co.
The Mountain Valley Spring Water Co. is the original American natural spring water. Headquartered in Hot Springs, Ark., the iconic brand has been serving consumers since 1871. The brand’s spring and sparkling waters are still bottled today from the abundant natural artesian spring source originating from deep within the valley’s granite-based geologic formation, giving it its unique mineral content and taste profile. The water is delivered to homes and offices across the country. The brand can also be found in fine retailers, natural grocery and traditional supermarkets.
About Cott Corporation
Cott is a route-based service company with a leading volume-based national presence in the North America and European home and office bottled water delivery industry and a leader in custom coffee roasting, blending of iced tea, and extract solutions for the U.S. foodservice industry. Our platform reaches over 2.4 million customers or delivery points across North America and Europe supported by strategically located sales and distribution facilities and fleets, as well as wholesalers and distributors. This enables us to efficiently service residences, businesses, restaurant chains, hotels and motels, small and large retailers, and healthcare facilities.
About Great Range Capital
Great Range Capital, a private equity firm based in greater Kansas City, primarily targets controlling equity investments in Midwestern companies with revenues ranging from $20 to $150 million. Learn more about Great Range Capital at www.greatrangecapital.com.