TAMPA, Fla., Jan. 5, 2022 /PRNewswire/ - Primo Water
Corporation (NYSE: PRMW) (TSX: PRMW) (the "Company" or "Primo"), a
leading provider of sustainable drinking water solutions
in North America and Europe, today announced that it
has acquired Sip-Well NV, the leading distributor of water
solutions in Belgium
("SipWell").
SipWell is uniquely positioned as the premium Belgium water solutions brand and offers
highly functional and attractive cooler models as well as a unique
bottle design to more than 20,000 customers. The
acquisition further strengthens Primo's presence in Western and
Central Europe, and SipWell is
well positioned for strong future growth driven by increased water
consumption through healthier lifestyles, improved environmental
awareness and the high-growth residential channel. Customers
will continue to receive products and services from the vertically
integrated distribution and production operations of SipWell, while
benefiting from being part of Primo's global
organization which shares a commitment to high-quality service
and a growing platform of products and services.
"SipWell offers high-quality water solutions and delivers
superior customer service that aligns with our mission of inspiring
healthier lives through better quality water," said Tom
Harrington, CEO of Primo Water Corporation. "The addition of
SipWell makes Primo the leading provider of sustainable drinking
solutions in Belgium, expanding
the Primo footprint and furthering our vision of providing
pure-play water solutions whenever, wherever and however our
customers want them."
SipWell has been operating in Belgium since 1993 and has a centrally
positioned water source and production site with significant
capacity to grow.
ABOUT PRIMO WATER CORPORATION
Primo Water Corporation is a leading pure-play water solutions
provider in North America and
Europe and generates approximately
$2.0 billion in annual revenue. Primo
operates largely under a recurring razor/razorblade revenue model.
The razor in Primo's revenue model is its 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 Primo's razorblade offering. Primo's
razorblade offering is comprised of Water Direct, Water Exchange,
and Water Refill. Through its market leading Water Direct business,
Primo delivers sustainable hydration solutions across its
22-country footprint direct to the customer's door, whether at home
or to commercial businesses. Through its market leading Water
Exchange and Water Refill businesses, Primo offers pre-filled and
reusable containers at over 13,000 locations and water refill units
at approximately 22,000 locations, respectively. Primo also offers
water filtration units across its 22-country footprint representing
a top five position.
Primo's 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. Primo is committed to its water stewardship standards
and is 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.
Primo is headquartered in Tampa,
Florida (USA). For more information, visit
www.primowatercorp.com.
Safe Harbor Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934 conveying
management's expectations as to the future based on plans,
estimates and projections at the time Primo makes the statements.
Forward-looking statements involve inherent risks and uncertainties
and Primo cautions you that several important factors could cause
actual results to differ materially from those contained in any
such forward-looking statement. The forward-looking statements
contained in this press release include, but are not limited to,
statements related to the acquisition of SipWell and related
matters. The forward-looking statements are based on assumptions
regarding management's current plans and estimates. Management
believes these assumptions to be reasonable, but there is no
assurance that they will prove to be accurate.
Factors that could cause actual results to differ materially
from those described in this press release include, among others:
risks relating to any unforeseen changes to or effects on
liabilities, future capital expenditures, revenues, expenses,
earnings, synergies, indebtedness, financial condition, losses and
future prospects; the effect of economic, competitive, legal,
governmental and technological factors on Primo's business; and the
impact of national, regional and global events on our business,
including the recent COVID-19 outbreak.
The foregoing list of factors is not exhaustive. Readers are
cautioned not to place undue reliance on any forward-looking
statements, which speak only as of the date hereof. Readers are
urged to carefully review and consider the various disclosures,
including but not limited to risk factors contained in Primo's
Annual Report on Form 10-K and its quarterly reports on Form 10-Q,
as well as other filings with the securities commissions. Primo
does not undertake to update or revise any of these statements
considering new information or future events, except as expressly
required by applicable law.
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SOURCE Primo Water Corporation