Foods and drinks processing corporation Nestle SA (SWX: NESN) announced that it will be selling Pure Life plus some other struggling water brands based in north America for $4.3 billion to two private equity firms.
The two private equity firms purchasing the brands are Metropoulos & Co and One Rock Capital Partners. Among the struggling water brands include; Splash, Ozarka, Poland Spring, Zephyrhills, Deer Park, Ice Mountain and United States based beverage delivery service ReadyRefresh.
Nestle said Acqua Panna and S.Pellegrino won’t be part of the sale agreement, the company said these two significantly contributed to the company’s water business growth recovery in North America.
According to Nestle’s Chief executive Mark Schneider the sale will give them a much needed opportunity to focus on improving the quality of their international products as well as domestic products.
“This sale enables us to create a more focused business around our international premium brands, local natural mineral waters and high-quality healthy hydration products,” said Schneider.