Global food giant Nestle said Wednesday that it has completed the $4.3 billion sale of its bottled-water brands in North America to a pair of private-equity firms.
One Rock Capital Partners, in partnership with Metropoulos & Co., assumed ownership of brands including Poland Spring, Deer Park, Arrowhead, Ozarka, Zephyrhills and Pure Life.
Dean Metropoulos, who led turnarounds at Hostess Brands and Pabst Brewing Co., will serve as chairman and interim CEO of the new company.
The new company hopes to reinvigorate bottled water sales in the U.S., where sales growth has slowed even though the sector has seen growth every year since the 2009 recession.
Nestle’s North American water business had 27 production facilities and more than 7,000 employees.
The Swiss-based company said it intends to sharpen its focus on its international premium water brands, including Perrier, S. Pellegrino and Acqua Panna, which were not included in the deal.