Company Overview

Since our inception, Primo has delivered.
Each year, we reach more than 2.5 million customers across North America and Europe.

By the Numbers

$2.0+ BILLION ANNUAL SALES

21
countries

2.5+ MILLION CUSTOMERS

900+ Million Gallons of Water Delivered Annually

Primo Water Corporation is a leading pure-play water solutions provider in North America, Europe and Israel and generates approximately $2.1 billion in annual revenue. Primo operates largerly under a recurring razor/razorblade revenue model. The razor in our revenue model is our industry leading line-up of sleek and innovative water dispensers, which are sold through major retailers and online at various price points or leased to customers. The dispensers help increase household penetration which drives recurring purchases of our razorblade offering. Our razorblade offering is comprised of Water Direct, Water Exchange, and Water Refill.

Through our market leading Water Direct business, we deliver sustainable hydration solutions across our 21-country footprint direct to the customer's door, whether at home or to commercial businesses. Through our market leading Water Exchange and Water Refill businesses, we offer pre-filled and reusable containers at over 13,000 locations and water refill units at approximately 22,000 locations, respectively. We also offer water filtration units across our 21-country footprint representing a top five position.

Our water solutions expand consumer access to purified, spring and mineral water to promote a healthier, more sustainable lifestyle while simultaneously reducing plastic waste and pollution. We are committed to our water stewardship standards and are proud to partner with the International Bottled Water Association (IBWA) in North America as well as with Watercoolers Europe (WE), which ensure strict adherence to safety, quality, sanitation and regulatory standards for the benefit of consumer protection.

Over the last five+ years, we have completely transformed our business into a pure play water solutions company with a significantly improved business profile with products and services in higher margin, growing categories, meaningfully lower customer concentration, consolidation opportunities at highly synergistic values as well as strong compound free cash flow generation.

In 2014, we acquired DS Services, the market leader in the growing U.S. home and office water delivery segment, as well as a top five position in U.S. office coffee services and a growing water filtration business.

After integrating the DS Services business, and in order to continue to execute our strategy, we acquired Aquaterra in January of 2016 (the leading home and office water delivery business in Canada) creating the largest North American home and office water delivery platform.

In June of 2016, we announced our move into European home and office water delivery with the acquisition of Eden Springs, Europe’s largest home and office water delivery business as well as a top five position in filtration and office coffee services, and in August of 2016, we announced the acquisition of S&D Coffee & Tea, a leading U.S. based manufacturer, distributor and service provider of custom coffee roasting, tea blending and liquid extract production.

In July of 2017, we announced that we had entered into a definitive agreement to sell our traditional beverage manufacturing business (“Cott Beverages”) to Refresco (Euronext: RFRG) for USD $1.25 billion. The transaction included the Cott North America, U.K., and Mexico businesses (excluding the RCI International division and its associated concentrate facility as well as the Aimia Foods division). The transaction closed on January 30, 2018.

In February 2019, we closed on the sale of our soft drink concentrate production facility and RCI International division (“Cott Beverages LLC”) to Refresco for USD $50 million. After completing this transaction, we have effectively divested of all the carbonated soft drinks business lines under our former traditional business.

In January of 2020, we announced that we had entered into a definitive agreement to acquire Primo Water Corporation (Nasdaq: PRMW), a leading provider of water dispensers, purified bottled water, and self-service refill drinking water in the U.S. and Canada, and we also announced that we had entered into a definitive agreement to sell S&D Coffee and Tea (“S&D”) to Westrock Coffee Company, LLC. The combination of the sale of S&D, along with the acquisition of Primo Water Corporation, positions our company to be a pure-play water solutions provider. As we transitioned to a pure-play water business model, we rebranded our corporate name to Primo Water Corporation to reflect the leading position we have in the growing and attractive water market.

With our significantly improved business profile, operations in growing categories, lower customer concentration, and reduced leverage and exposure to mature categories, we believe that these actions will allow us to generate mid single digit topline growth, margin expansion and strong free cash flow generation with financial metrics in line with our water peers. This is driven by growth of our pure-play water solutions businesses, the capture of additional synergies across our platforms, and incremental growth from small overlapping tuck-in acquisitions.

Our Vision

Be the leading provider of good-for-you beverages wherever our customers live and work around the world.

Mission

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Organic Growth from “Better-for-You” product offerings (positioned in growing categories of water and water filtration solutions)

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Focused innovation within product development, route logistics and technology creating further growth, cross-sell and customer service opportunities

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Margin Expansion driven by scaled platforms with increased customer and route density

sustainability

Focus on sustainability to drive efficiencies, inspire innovation, and build a platform for long-term growth and assured supply

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Consolidation / customer list opportunities at highly synergistic values

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Strong compound free cash flow generation

Values

  • Excel – Exceed the expectations of customers, teammates, communities and shareholders.
  • Act – Be accountable for our decisions, actions and results and behave safely in all we do.
  • Respect – Ensure honesty and fairness in all we do. Always do the right thing.
  • Innovate – Lead our industry with quality product and service solutions for consumers.
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