Nestlé has agreed to sell its Canadian Pure Life bottled water business to private bottled water company Ice River Springs for an undisclosed sum.
The deal includes two factories located in Puslinch, Ontario and Hope, British Columbia, along with a well in Erin, Ontario.
The agreement closely follows Nestlé’s announcement last month to explore the sale of ‘the majority’ of its Nestlé Waters North America unit, including its regional spring water brands, the Nestlé Pure Life brand and the ReadyRefresh beverage delivery service.
Nestlé stressed that its recent transaction is now independent of the North American strategic review, which remains ongoing.
“In late 2019, we began the exploration of a potential sale of our Nestlé Pure Life business in Canada, as we had determined that we are best positioned to focus on our iconic international brands of San Pellegrino, Perrier and Acqua Panna,” said Jeff Hamilton, president and CEO of Nestlé Canada.
Earlier this month, Nestlé’s Sanpellegrino Group water subsidiary offloaded the Nestlé Vera bottled water brand to Aqua Vera Spa, a new company established by the owners of PET container manufacturers Sicon.
Founded in 1995, Ice River Springs is a Canadian family-owned, private label bottled water producer for retailers and manufacturer of the Ice River Green brand.
According to the official press release, the acquisition enables Ice River Springs to expand its offering in Canada beyond private label.
“This is a significant step in our strategic sustainability journey and with the addition of this iconic brand, their skilled and dedicated people across the country and the resources of this business, we will continue our commitment to sustainable bottled water, the circular economy and to hydrating Canadians,” said Sandy Gott, executive VP and co-owner of Ice River Springs.
The transaction is subject to regulatory review and is expected to close in Q3 2020. Until completion of the review process, Nestlé Canada will continue to run its Pure Life business.
By: Emma Upshallon
Source: Food Bev Media
After eight years with Nestlé, François-Xavier Roger, executive vice president and chief financial officer (CFO), has decided to leave the company to pursue new professional challenges, making way for finance boss Anna Manz. Meanwhile, Unilever announced that Graeme Pitkethly, CFO, will retire by the end of May 2024, and the hunt is on for his successor.
International spirits company Bacardi Limited has announced the appointment of Alicia Enciso to its board of directors. Enciso joins with more than 30 years of experience with multinational Fortune 100 Companies in the food and beverage sector with roles as general manager, president, chief marketing officer and e-business officer.
According to Innova Market Insights, when it comes to beverages, consumers are willing to pay more for what they value most, despite rising inflation. Additionally, consumers want brands that respond to their core values and have the benefits they seek, such as sustainability and functional ingredients.