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Cott to rebrand following latest acquisition, acquires North Carolina company

Thursday, January 16, 2020  
Posted by: Dustin Taylor

Cott to rebrand following latest acquisition, acquires North Carolina company

Jan 14, 2020, 12:18pm EST

Cott Corp. announced Monday it will acquire North Carolina-based Primo Water Corp., in a deal that will see Cott rebrand to better reflect its new focus.

Following the acquisition, which values Primo at $775 million, Tampa-based Cott (NYSE: COT) will rebrand to Primo Water Corp. to be more in line with its new focus to become a pure-play water company, according to a release. As part of this transition, Cott sold its soft drink division to Refresco in 2018 for $1.25 billion and last week it announced it was planning to sell its S&D Coffee and Tea business.

Cott is one of the Tampa Bay area's largest public companies, according to Tampa Bay Business Journal research, with $2.37 billion in 2018 revenue.

"As we turn to our new business model, we are taking the opportunity to rebrand our company as Primo Water Corporation to reflect the leading position we have in the growing and attractive water market with the opportunity to be revalued in line with our water peers," Tom Harrington, Cott’s CEO, said in a statement. "As Primo and Cott have been strategic partners for six years, we expect a smooth transition and integration."

A Cott subsidiary will merge with Primo (NASDAQ: PRMW) and become a wholly-owned subsidiary of Cott. Upon completion of the acquisition, Primo shares will cease to be traded on the Nasdaq. Billy D. Prim and Susan E. Cates, current members of Primo’s board of directors, will join Cott’s board.

The transaction is expected to close in March, subject to customary closing conditions. The Cott and Primo boards of directors have unanimously approved the deal.

This is the latest transaction for Cott, which also acquired a Hungarian firm last week.


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