WINSTON-SALEM, N.C., Dec. 12, 2016 (GLOBE NEWSWIRE) -- Primo Water Corporation (Nasdaq:PRMW), the leading provider of multi-gallon purified bottled water, self-service refill water and water dispensers, announced that effective today it has completed the acquisition of Glacier Water Services, Inc., for approximately $273 million.
“The completion of this acquisition is an exciting step forward. We welcome the Glacier team to the Primo family as we unite two highly-complementary businesses to create significant benefits for our customers and retail partners,” said Billy D. Prim, Primo’s Chairman and Chief Executive Officer. “The opportunity to expand our portfolio of high-quality water and water dispenser offerings should better position us to diversify our sales channels, create operational synergies, and drive sales, cash flow and profit growth.”
The completion of this transaction adds a talented group of executives to Primo, with tenured backgrounds and proven track records. Effective today, and as previously announced, Brian McInerney, CEO of Glacier Water, and key management will operate the combined refill businesses, reflecting their commitment to the future success of the combined company. In addition, Charles Norris, Chairman of the Board of Directors of Glacier Water, will join Primo Water's Board, expanding the board from seven to eight members, effective today.
The total transaction consideration included approximately $50 million in cash, approximately $36 million in Primo common stock, the assumption or retirement of approximately $177 million of net indebtedness and preferred stock, and five-year warrants to purchase 2.0 million shares of Primo’s common stock at an exercise price of $11.88 per share. The assumed indebtedness includes Glacier's trust preferred securities due in 2028, which will remain outstanding. Primo financed the transaction with proceeds from a new $196 million senior credit facility consisting of a five-year revolver and term loan with minimal amortization requirements.
About Primo Water Corporation
Primo Water Corporation (Nasdaq:PRMW) is North America’s leading single source provider of multi-gallon purified bottled water, self-service refill water and water dispensers sold through major retailers throughout the United States and Canada. For more information and to learn more about Primo Water, please visit our website at www.primowater.com.
About Glacier Water Services, Inc.
Glacier is the leading provider of high-quality drinking water dispensed to consumers through self-service water machines located at supermarkets and other retail locations. For more information, visit www.glacierwater.com.
