VEVEY, Switzerland — Nestle S.A. completed its sale of most of Nestle Waters North America’s business to One Rock Capital Partners LLC in partnership with Metropoulos & Co.
Dean Metropoulos, an industry veteran with more than 40 years of experience operating and investing in food and beverage brands, has been appointed chairman and interim CEO of the company.
Nestle Waters North America consists of the former U.S. and Canadian operations of Nestle Waters and offers an extensive portfolio of bottled water brands including Poland Spring, Splash and Pure Life, along with the ReadyRefresh water and beverage delivery service.
Nestle S.A.’s international premium brands, including Perrier, S.Pellegrino and Acqua Panna, were not part of the deal. The company, Vevey, Switzerland, said in June it was considering selling most of its NWNA business to focus on its international brands that have been timeless performers in the waters portfolio.
One Rock, New York, makes controlling investments in companies with potential for growth and operational improvement. It works collaboratively with its operating partners to develop a comprehensive business plan focused on growing the enterprise and its profitability to enhance long-term value, according to the company.
Metropoulos & Co. leverages extensive industry knowledge, operational expertise and flexible capital to revive and reimagine brands and businesses in the food and beverage, consumer products and other diversified sectors, the Greenwich, Conn.-based company said.