You might also like
Primo Water Corporation (PRMB) is a leading branded beverage company focused on delivering healthy hydration solutions across North America. The company offers a diverse portfolio of products, including bottled water, water dispensers, and other non-alcoholic beverages, catering to various hydration needs through retail channels, direct-to-consumer delivery, and subscription services. PRMB emphasizes sustainability and innovation in its operations, aiming to inspire healthier lives and promote environmental stewardship.
- Retail Segment - Offers single-serve, case pack, occasion pack, and multi-serve bottled water products through traditional retail channels such as supermarkets, club stores, and foodservice locations.
- ReadyRefresh Segment - Provides subscription-based direct-to-consumer and office beverage delivery services, including large-format multi-serve bottles, dispensers, and third-party beverages.
- Water Direct/Water Exchange - Delivers bottled water directly to customers and facilitates exchange services for multi-serve bottles.
- Water Refill/Water Filtration - Operates self-service refill drinking water stations and offers filtration units for clean water solutions.
- Other Water - Includes premium spring, sparkling, flavored essence water, and mineral water products.
- Water Dispensers - Sells water dispensers for home and office use.
- Other - Covers miscellaneous products and corporate oversight functions.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Robbert Rietbroek ExecutiveBoard | Chief Executive Officer | Robbert Rietbroek serves as the CEO and a Director of Primo Brands Corporation since January 2024, bringing over 25 years of experience from Fortune 500 companies and holding senior roles at PepsiCo and Kimberly-Clark. | View Report → | |
David Hass Executive | Chief Financial Officer (CFO) | David Hass is the CFO of Primo Brands Corporation since November 2024. He previously served as CFO of Primo Water from January 2023 to November 2024 and as Chief Strategy Officer at Primo Water from 2020 to 2023. | ||
Hih Song Kim Executive | Chief Administrative Officer and Assistant Corporate Secretary | Chair of the International Bottled Water Association's board of directors | Hih Song Kim is the Chief Administrative Officer and Assistant Corporate Secretary at PRMB since November 2024. She previously served as Executive Vice President, Chief Legal Officer, and Corporate Secretary at BlueTriton from July 2021 to November 2024. | |
Jason Ausher Executive | Chief Accounting Officer | Jason Ausher is the Chief Accounting Officer at PRMB since November 2024. He previously served as Chief Accounting Officer for Primo Water from May 2015 to November 2024, along with other key financial leadership roles. | ||
Marni Morgan Poe Executive | General Counsel & Corporate Secretary | Marni Morgan Poe is the General Counsel & Corporate Secretary at Primo Brands Corporation, where she oversees legal matters and corporate governance. Previously, she held key legal roles at Primo Water Corporation. | ||
Robert Austin Executive | Chief Operating Officer (COO) | Robert Austin is the Chief Operating Officer (COO) at PRMB since November 2024. He previously held executive positions at BlueTriton, including COO from June 2023 to November 2024, President from 2022 to 2023, and Vice President of Field Operations from 2021 to 2022. | ||
Allison Spector Board | Member of the Board of Directors | Head of ESG at One Rock Capital Partners | Allison Spector is a board member at PRMB, serving since November 2024. She has an extensive background in ESG leadership, currently serving as Head of ESG at One Rock Capital Partners since 2021 and previously as Director of Responsible Investing at Nuveen from 2018 to 2021. | |
Billy D. Prim Board | Member of the Board of Directors | null | Billy D. Prim founded Legacy Primo in 2004 and served as its Executive Chairman from 2017 to 2020 before joining Primo Water’s board from 2020 to November 2024, demonstrating his extensive leadership and governance experience. He currently contributes his expertise at PRMB as a board member. | |
Britta Bomhard Board | Member of the Board of Directors | Co-Founder at Encourage-Ventures; Board Member at Agrolimen SA; Advisor at Village Capital | Britta Bomhard has been a board member at PRMB since November 2024. Previously, she served on the Primo Water board from November 2018 to November 2024 and held active roles such as Co-Founder at Encourage-Ventures, Board Member at Agrolimen SA, and Advisor at Village Capital. | |
C. Dean Metropoulos Board | Non-Executive Chairman of the Board | C. Dean Metropoulos is a seasoned executive currently serving as Non-Executive Chairman of the Board at Primo Brands Corporation (PRMB) since November 2024. He has held various leadership roles at other companies, including serving as Chairman at BlueTriton until November 2024. | ||
Eric J. Foss Board | Member of the Board of Directors | Chairman of the Board, Cineworld Group PLC; Board Member, Cigna Group; Selina Hospitality plc; Diversey Holdings, Ltd.; Pepsi Bottling Group, Inc.; UDR, Inc.; O-I Glass, Inc. | Eric J. Foss has served as a board member at PRMB since November 2024 and brings extensive leadership expertise from his global roles. He has held other significant positions such as Chairman of the Board, Cineworld Group PLC since 2023 and is a current Board Member at Cigna Group. | |
Jerry Fowden Board | Lead Independent Director | Jerry Fowden serves as the Lead Independent Director at PRMB, having joined the board in November 2024. | ||
Kimberly Reed Board | Member of the Board of Directors | Partner at One Rock | Kimberly Reed has served on the Board of Directors at PRMB since November 2024 , and previously served on BlueTriton’s board from March 2021 to November 2024. She has been a Partner at One Rock since 2010. | |
Kurtis Barker Board | Director | Operating Partner at One Rock | Kurtis Barker is a Director at Primo Brands Corporation (PRMB) with extensive experience in route-based business services. He has served as an Operating Partner at One Rock since 2011 and previously on BlueTriton’s board from March 2021 to November 2024. | |
Michael Cramer Board | Board of Directors Member and Chair of the Compensation Committee | Senior Fellow, Moody College of Communication, University of Texas at Austin | Michael Cramer is a member of the Board of Directors and Chair of the Compensation Committee at PRMB. He has extensive prior experience serving on the boards of BlueTriton, Gores Metropoulos, and held executive roles at Hostess Brands, and he continues to serve as a Senior Fellow at the University of Texas at Austin. | |
Steven P. Stanbrook Board | Member of the Board of Directors | Executive Advisory Partner at Wind Point Partners (since 2016); Director at Voyant Beauty LLC (since 2017); Board member of Group 1 Automotive, Inc. | Steven P. Stanbrook has served as a board member at PRMB since November 2024 ; he brings extensive expertise in corporate governance and international consumer packaged goods businesses. | |
Susan E. Cates Board | Board Member | Managing Partner at Leeds Illuminate ; Board of Advisors at Kenan-Flagler Business School | Susan E. Cates has been serving as a Board Member at Primo Brands Corporation since November 2024. Additionally, she is the Chair of the Audit Committee and qualifies as an audit committee financial expert. Previously, she served on the board of Primo Water Corporation from May 2020 to November 2024. | |
Tony W. Lee Board | Director | Managing Member of ORCP III DE TopCo GP, LLC; Authorized Person for Triton Water Parent Holdings, LP | Tony W. Lee serves as a Director at PRMB, having been appointed immediately prior to the consummation of the Transaction on November 7, 2024. He previously served as Secretary and Treasurer until his resignation on November 7, 2024 and is a member of the Compensation Committee. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Primo Water Corporation | 2024 | Acquired via an all‐stock merger that created Primo Brands Corporation, with former Primo shareholders receiving a 43% stake and the combined company focusing on a diversified, sustainably sourced beverage portfolio including iconic brands like Poland Spring and Pure Life. The transaction, completed on November 8, 2024, involved multiple merger steps, incurred integration expenses, and required regulatory and shareholder approvals. |
BlueTriton Brands | 2024 | Acquired through a multi-step merger process where BlueTriton Brands became a wholly-owned subsidiary of the new entity, NovoCo (later renamed Primo Brands Corporation). With an approximate fair value of $3,949.5 million and issuance of 160,395,822 shares at $24.21 each, the transaction was structured as a business combination under U.S. GAAP and strategically positioned to enhance the company’s presence in the North American beverage market. |
Recent press releases and 8-K filings for PRMB.
- Primo Brands announced a secondary offering of 45,000,000 shares of its Class A common stock at $29.50 per share by an affiliate of One Rock Capital Partners.
- The offering includes a planned repurchase of 4,000,000 shares by Primo Brands using cash on hand, executed simultaneously with the closing.
- Underwriters have a 30-day option to purchase up to 6,750,000 additional shares at the offering price.
- The offering is underwritten under a shelf registration statement and is expected to close on March 12, 2025, with multiple joint lead book-running managers including Morgan Stanley and BofA Securities.
- Primo Brands Corp finalized a settlement to exchange its outstanding existing senior notes for new secured and unsecured notes, resulting in significant cancellations and new issuances.
- The settlement covers multiple series, including New Secured Euro Notes, New Secured Dollar Notes, and New Unsecured Notes, with specified cash considerations and detailed redemption terms.
- The document presents unaudited pro forma condensed combined financial information for the year ended December 31, 2024, reflecting the impact of a major business combination between Primo Brands, Primo Water, and BlueTriton as if effective from January 1, 2024.
- It details key financial metrics including net sales, cost of sales, operating income, and loss per share, with specific transaction accounting adjustments made to align Primo Water’s financials with Primo Brands’ reporting policies.
- The pro forma disclosures are based on preliminary estimates and assumptions, and are provided for illustrative purposes only, signaling that actual results may differ materially.
- Primo Brands Corporation completed its private exchange offers for three series of outstanding senior notes, finalizing tender results for both early and late processes .
- The exchange involved swapping existing notes—including Primo 2028, 2029, and BlueTriton Notes—for new secured/unsecured senior notes plus cash .
- Early settlement was completed on February 12, 2025, with final settlement for late tender notes expected on February 28, 2025 .
- Following settlement, the aggregate principal amounts outstanding will be €8.123M for the 2028 Notes, $3.549M for the 2029 Notes, and $263K for the BlueTriton Notes .
- The offers expired with the final settlement process announced as of February 25, 2025 .
- Exchange Offer Amendment: The company amended its private offers to exchange outstanding senior notes—3.875% Senior Notes due 2028, 4.375% Senior Notes due 2029, and 6.250% Senior Notes due 2029—for new secured and unsecured notes plus cash.
- Revised Terms for Tender: Eligible holders tendering after February 7, 2025 will receive new notes at par value per $1,000 along with accrued interest adjustments, with a final settlement anticipated on February 28, 2025.
- Regulatory and Disclosure Details: The amended offer details, including consent solicitations under registration exemptions, were disclosed in an 8-K press release issued on February 21, 2025.
- Amended Offer Terms: The company has updated its separate private exchange offers for three series of outstanding senior notes, involving exchanges for new co-issued notes and cash components.
- Late Tender Eligibility: Eligible holders tendering their notes after February 7, 2025, until the expiration date will receive equal exchange consideration per €1,000 or $1,000 in outstanding principal, with adjustments for accrued and pre-issuance interest.
- Strong revenue performance: Q4 Combined Net Sales of $1.609 billion and full-year Combined Net Sales of $6.810 billion, driven by solid organic volume growth.
- Enhanced cost synergies: Estimated opportunity increased to $300M, with $200M expected in 2025.
- Updated 2025 guidance: Projecting 3%-5% Net Sales growth and Adjusted EBITDA of $1,600–$1,628M; full-year guidance also includes Adjusted Free Cash Flow.
- Quarterly dividend declared: $0.10 per share, reflecting financial strength and integration progress.
- The filing, dated February 7, 2025, serves as an 8-K report by Primo Brands Corp detailing material events and disclosures.
- It features the Fourth Amendment to the First Lien Credit Agreement, which provides for a refinancing term facility of approximately $3.1 billion to consolidate existing loans.
- The document also outlines key contractual provisions including restrictions on payments and detailed reporting obligations critical to the company’s financing strategy.
- Supplemental Indentures Executed: Primo Brands, its subsidiary, and trustees entered into supplemental indentures to eliminate restrictive covenants and release note guarantees on the 3.875% Senior Notes due 2028, 4.375% Senior Notes due 2029, and 6.250% Senior Notes due 2029.
- Strong Tender Participation: Early tender results showed participation rates of 97.61% for the 2028 Notes, 99.51% for the 2029 Notes, and 98.04% for the BlueTriton Notes, indicating robust investor response.
- Early Settlement and Exchange Offers: The company elected an early settlement for the exchange offers, with new note issuances coupled with a cash component, expected to be effective on February 12, 2025.
- Primo Brands Corporation announced early tender results for its exchange offers covering three senior note series – 2028, 2029 (Primo), and 2029 (BlueTriton) – with tender percentages of 97.61%, 99.51%, and 98.04% respectively.
- The offers involve exchanging outstanding notes for new secured and unsecured notes plus a cash component, along with soliciting consents for amendments to remove restrictive covenants and release guarantor obligations, with the early settlement expected on February 12, 2025.
- As part of the refinancing transactions, Primo Brands will use its cash on hand to repay and terminate existing revolving credit facilities and enter an amended credit agreement that provides for a new revolving facility of up to $750.0 million maturing in February 2030.