Florida-based DS Services Corp., a division of Canadian company Cott Corp., has purchased Hot Springs-based Mountain Valley Spring Co. from Great Range Capital for $78.5 million in cash.
Mountain Valley Spring has been in operation since 1871 and sells bottled spring, sparkling and flavored water in distinctive green glass bottles. The company projects sales of $50 million for 2018, according to a Monday news release. In addition to the company's Hot Springs production facility, the cash sale includes four protected springs in the Ouachita Mountains.
"We have added not only a high growth premium water product but also an American brand that we can offer to consumers in iconic glass bottled packages," Dave Muscato, president of DS Services, said in a news release. DS Services has $1.1 billion in annual sales, according to the company website.
Cott booked $2.6 billion in revenue in 2017, according to its company report. It sells water, tea, coffee, extracts and offers filtration services in North America and Europe. The company has plans to continue to seek out acquisition targets in the water and coffee segments, according to the Monday news release.
In June, Mountain Valley purchased a property formerly known as Fountain Lake Resort, a popular recreational area north of Hot Springs from 1933 to 1949, for $1.4 million.