By Colin Kellaher
Primo Brands' biggest shareholder, One Rock Capital Partners, is selling 45 million shares in a secondary offering, ceding its controlling stake in the water company.
Private-equity firm One Rock, which currently owns about 57.5% of Primo, would see its stake fall to about 46% after the offering, or nearly 44.5% if the underwriters exercise a 30-day option to buy up to an additional 6.75 million shares.
Primo on Monday said it plans to buy back 4 million of the shares being sold, adding that it will fund the repurchase with cash on hand.
One Rock, which acquired its Primo stake through last year's merger of its portfolio company BlueTriton Brands with Primo Water, will remain Primo's largest shareholder but will no longer control the company.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
March 10, 2025 07:38 ET (11:38 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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