Tampa-based bottled-water company Primo Brands disclosed that one of its investors sold 20 million shares for $487.4 million in a secondary offering that closed Aug. 7.
The investor, an affiliate of private equity firm One Rock Capital Partners, kept the $487.4 million from the sale, which Morgan Stanley handled. Primo didn’t sell any shares of its own.
At the same time, Primo bought another 410,340 shares from the One Rock affiliate at the same $24.37-per-share price. Primo retired those shares, taking them out of circulation.
Together, the two transactions cut One Rock’s position by more than 20.4 million shares, leaving the private equity firm’s affiliates with roughly 95.8 million shares. One Rock entered 2026 with considerably more control over Primo: its affiliates held 32% of the company’s outstanding Class A shares as of Feb. 24, after already selling more than 50.6 million shares for $31.67 apiece in May 2025.
That large stake traces back to the November 2024 combination of Primo Water and BlueTriton Brands that created the current Primo Brands. BlueTriton’s former owner and affiliates emerged from the deal with roughly 57% of the combined company, compared with about 43% for former Primo Water shareholders.
The latest sale came two days after Primo reported $1.8 billion in second-quarter sales and raised its full-year sales-growth outlook for the second consecutive quarter. The company, whose portfolio includes Poland Spring, Pure Life, Saratoga, Mountain Valley and Zephyrhills, sells through more than 200,000 retail outlets while also delivering water directly to homes and businesses and operating bottle exchange and refill businesses.