Primo Brands shares rise after sponsor's $1.5 bln stake sale

Primo Brands

09/05/2025 15:08

Corrects 4th bullet to reflect company to repurchase shares from selling shareholders, not the underwriters

    **  Shares of bottled water firm Primo Brands PRMB.N up 1.9% early Fri to $32.95 after secondary offering

    ** Poland Spring owner late Thurs said two holders affiliated with One Rock Capital Partners selling 47.5 mln shares

      ** Offering priced at $32.20, thefly.com reports, which is a razor thin discount to stock's last close of $32.32

      **
    In addition, co said it would repurchase $100 mln worth of shares (roughly 3 mln shares) from One Rock in private transaction

    ** Investment manager One Rock's stake reduced from 44.3% to 31.2%, or ~116.3 mln shares, per the SEC prospectus filing

    ** PRMB has ~380.1 mln shares outstanding for about $13 bln market cap

    ** BofA and Morgan Stanley are underwriters for the public offering

    ** Primo formed in Nov after Primo Water and BlueTriton Brands completed merger

    ** One Rock had owned all of common stock of privately-held BlueTrition, formerly known as Nestle Waters North America.
    Nestle NESN.S in 2021 sold some its water brands to One Rock

    ** With move on Fri, PRMB shares up 7% YTD

    ** All 8 analysts covering PRMB are bullish and median PT is $43

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))