CADILLAC â Nestle Waters North America, the controversial water-bottling company, is under new ownership.
One Rock Capital Partners, LLC and Metropoulos and Co. announced on March 31 that the partnership had completed purchasing Nestle Waters North America. The companies had announced the arrangement in February; Nestle had announced in summer 2020 that the company intended to divest of its regional water brands, which include the Ice Mountain brand with facilities in Osceola and Mecosta counties.
Nestle had no comment beyond a press release from One Rock and Metropoulos and Co. that announced the dealâs completion.
But Michigan Citizens for Water Conservation, the organization thatâs been disputing Nestleâs attempts to increase water withdrawal in Osceola County, did have something to say.
The sale of the Poland Spring water business is official, as of Thursday, but whether there will be any changes in Maine is not yet clear.
Nestle SA, which sold Poland Spring to private equity interests, had a one-line press release Thursday saying the deal had closed but offered no other information.
The deal, which was first announced in February, included regional spring water brands, including Maine-based Poland Spring, to a pair of private equity firms for $4.3 billion.
The buyers are an affiliate of One Rock Capital Partners LLC, a New York-based investment firm focused on high-potential middle market businesses, and Metropoulos & Co., a family-owned backer of several food and beverage brands including Hostess Brands, Utz snacks, Pabst Brewing Co. beer and Ghirardelli Chocolates. Dean Metropoulos serves as CEO of the company.
Dealmaker One Rock Capital raises biggest ever flagship fund at $2bn hard cap Thursday, March 11, 2021
Laxman Pai, Opalesque Asia:
One Rock Capital Partners, the middle-market buyout shop, held a final close of its third middle-market buyout fund, One Rock Capital Partners III, at its $2 billion hard cap.
The firm, which focuses on manufacturing, chemicals, and auto-retail companies, exceeded its $1.5 billion target with commitments from institutional investors including pensions, insurers, and health organizations.
The latest fund, the largest fund to date, is more than twice the size of its predecessor, the $964 million One Rock Capital Partners II, said a press release from the New York-based private equity firm.
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NEW YORK, March 10, 2021 /PRNewswire/ One Rock Capital Partners, LLC ( One Rock ) today announced that it has successfully closed its third flagship private equity fund at its hard cap, with total capital commitments of $2.0 billion. One Rock Capital Partners III, LP ( Fund III ) marks One Rock s largest fund to date, having surpassed its target of $1.5 billion.
Formed in 2010 by Tony W. Lee and R. Scott Spielvogel, One Rock is a leading private equity firm with offices in New York and Los Angeles. The firm s experienced senior investment professional team collaborates with a deep bench of skilled Operating Partners to catalyze growth and operational improvement at select high-potential businesses. One Rock pursues control investments in companies across a variety of sectors, including manufacturing, chemicals, business services, and auto retail. The firm has developed particular expertise in complex transactions including corporate carve-o