M&A · Industrials · Bottled & Canned Soft Drinks & Carbonated Waters
Amalgamation Sub to acquire Primo Water Corp
Announced Jun 18, 2024 · Closed Nov 12, 2024
Deal value—
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock
Transaction
- Acquirer
- Amalgamation Sub
- Target
- Primo Water Corp (PRMW)
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- —
- Status
- Closed Nov 12, 2024
Deal protections
- Break fee (target pays)
- $105M
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Not disclosed
- To the target
- BMO Capital Markets
- BMO Capital Markets fee
- $6.5M
Sector context · Industrials
- Comparable deals
- 81 in the prior 24 months
- Premium
- Sector median 39.0%
- EV / Adj. EBITDA
- Sector median 9.6x
- Break fee
- Sector median 2.7%
Timeline
- AnnouncedJun 18, 2024
- Proxy filedAug 8, 2024
- Definitive proxyOct 7, 2024
- Shareholder voteNov 4, 2024
- ClosedNov 12, 2024
Valuation · fairness opinions
Trading comparables$20.45$25.85
Trading comparables$18.95$24.60
Precedent transactions$20.60$25.70
Discounted cash flow$20.15$26.25
Discounted cash flow$29.70$37.80
Implied value per Primo Water Corp share by analysis, from BMO Capital Markets.