STAMFORD, CT – The company formerly known as Nestlé Waters North America announced on April 6 that it has begun operating under a new corporate name, BlueTriton Brands. This announcement follows the completion of its acquisition by One Rock Capital Partners, LLC, in partnership with Metropoulos & Co., from Nestlé S.A., on March 31.
Triton is a god of the sea in classical Greek mythology. Combined with the color blue, representing water, the new name reflects the Company's role as a guardian of sustainable resources and a provider of fresh water. Moreover, BlueTriton signifies the Company's continued commitment as an independent business to sustainability and high-quality products and services.
"I am very excited to join with my One Rock partners and lead this company as we begin a new chapter together as BlueTriton, building on the rich heritage of our historic, iconic, and beloved brands," said Dean Metropoulos, Chairman and Interim Chief Executive Officer of BlueTriton Brands. "We have all become increasingly aware of how critical our products and their rapidly evolving innovations are to human wellness and our communities. Our unique U.S. and Canadian platforms provide us opportunities to touch every consumer, in all facets of their lives, and we look forward to strengthening our bonds with consumers and communities by leading with innovation and relevance."
Tony W. Lee, Managing Partner of One Rock, commented, "The Company has an established reputation as a top provider of water and hydration that is favored by consumers across North America. We see significant opportunity to further the market leadership of BlueTriton and look forward to building on the strong foundation that exists in the business today."
Greek-American Metropoulos, founder of his family-owned investment firm, has 40 years of experience operating and investing in successful food and beverage brands, and added that "we proudly recognize that communities of today and generations to come depend on the Company to be a good neighbor, responsible corporate citizen, and faithful steward of our environment. We will continue to support the Company's commitment to being at the forefront of sustainable water management, advancing recycling and waste reduction, working toward carbon-neutral operations, and investing in, and partnering with, local communities to support a better world."
BlueTriton consists of the former United States and Canadian operations of Nestlé Waters and offers an extensive portfolio of highly recognizable, responsibly sourced, and sustainably packaged regional spring water and national purified water brands including Poland Spring Brand 100% Natural Spring Water, Deer Park Brand 100% Natural Spring Water, Ozarka Brand 100% Natural Spring Water, Ice Mountain Brand 100% Natural Spring Water, Zephyrhills Brand 100% Natural Spring Water, Arrowhead Brand Mountain Spring Water, Pure Life and Splash. Continuing a longstanding commitment to environmental leadership, the Company has 27 production facilities across North America, 16 of which are Alliance for Water Stewardship (AWS) certified across 15 sites, with five of the certified facilities being AWS Platinum, the highest-level certification. The Company also operates the direct-to-consumer and office beverage delivery service ReadyRefresh, a certified Carbon Neutral business.
In the coming months, the Company will unveil additional branding changes including a new corporate logo, website, and social channels. Until that time, additional updates and information can continue to be found at https://www.nestle-watersna.com/.
Based in Stamford, Connecticut with approximately 7,000 associates in the United States and more than 230 in Canada, BlueTriton Brands manages natural resources for long-term sustainability, and conserves more than 20,000 acres of natural watershed area. It currently sources water for six regional spring water brands from 42 active springs throughout the United States and Canada. BlueTriton Brands is also committed to creating shared value and being a good neighbor in the more than 120 communities where it operates in the United States and Canada.
Metropoulos was also in the news on April 7 as the “lodging startup Sonder, which decks out apartments and hotel rooms as hip short-term rentals, is in talks to merge with blank-check company Gores Metropoulos II Inc., according to people familiar with the matter,” Bloomberg reported.
“A transaction between Sonder and the Gores special purpose acquisition company, or SPAC, is set to value the combined entity at more than $2.5 billion, said one of the people, who asked not to be identified because the matter is private,” Bloomberg reported, noting that “terms haven’t been finalized,” and “representatives for Sonder and Gores declined to comment.”
“Last year, Sonder reached a valuation of $1.3 billion after a funding round,” Bloomberg reported, adding that “the company has raised more than $560 million to date and is backed by investors including Fidelity Investments, WestCap, Inovia Capital, Valor Equity Parters, Greenoaks Capital, Greylock Partners and Spark Capital.”
“Gores Metropoulos II, led by chairman Dean Metropoulos and Chief Executive Officer Alec Gores, raised $450 million in a January initial public offering [IPO],” Bloomberg reported.
“San Francisco-based Sonder first refurbishes short-term rentals and lists them on its website, as well as with Airbnb Inc. and Expedia Group Inc.’s Vrbo,” Bloomberg reported, noting that “Sonder, which has taken over other buildings including old hat factories and police stables, has also expanded in recent years to work with hotels.”
The hospitality industry has struggled during the pandemic, and “Sonder laid off a third of its staff last year, and is facing lawsuits from two Manhattan landlords for failing to pay rent or for backing out of a lease,” Commercial Observer reported on April 8, adding that however, “Sonder reached unicorn status in July after it closed a $210 million funding round. Also, it announced plans last month to reopen the Flatiron Hotel, which it first leased in 2019.”
“If the deal goes through, Sonder will join a growing number of real estate companies going public in recent months by merging with a SPAC, which carries far less scrutiny than the traditional IPO process,” Commercial Observer reported.