Mountain Valley Spring Water Co. has been sold this week to a Florida water and bottling company.
DS Services has acquired the Hot Springs company for $78.5 million. DS Services, a subsidiary of Cott Corporation, provides bottled water products as well as coffee products. The company is based in Lakeland, Fla.
The sale will transfer ownership of Mountain Valley Spring Water Co. from Great Range Capital (GRC), a Kansas City-based private equity firm, that has owned the company since March 2014.
According to a press release, GRC Managing Partner Paul Maxwell outlined GRC’s strategy for Mountain Valley Spring Water Co. and the changes that have taken place over the past four years. Maxwell says Mountain Valley has made strides in retail and has increased its home and office delivery.
“While the company had started to penetrate retail distribution prior to GRC’s ownership, we partnered with former Nestle Water and industry water executives, Jim Waldeck and Rick Tanner, to elevate the brand and gain traction in the growing bottled water industry. The company’s story was already in place, and it was waiting to be told. Investments were made in revamping the brand and packaging, upgrading equipment and accelerating into retail while continuing to grow home and office delivery,” he says.
Mountain Valley Spring Co. was founded in 1871 by Peter and John Greene after the two men purchased Lockett Springs. According to the GRC press release, Mountain Valley Spring Water Co. is the “longest continuously operated bottled water company in the U.S.”
Image courtesy of Mountain Valley Spring Water Co.