BlueTriton Brands, Scott Spielvogel (One Rock Capital), S.2, EP.02

Scott Spielvogel is a co-founder and Managing Partner of One Rock Capital, a private equity firm managing $5 billion that specializes in ugly, hairy, messy situations.
BlueTriton Brands is the business that formerly comprised Nestle Water North America, which collectively have the top market share in North American bottled water. Its brands include Poland Spring, Deer Park, Arrowhead, Pure Life, Origin, and a host of other specialty brands. One Rock carved out the business from Nestle in 2021.
Our conversation covers a history of bottled water, attractiveness and risks of the opportunity, and a deal process that started with the banker telling One Rock they were too small to participate. We turn to deal pricing, operational efficiencies upon ownership, reinvigorating brands, new initiatives, and early performance.
Show Notes
06:15 One Rock business
09:02 Bottled water business
12:06 Branding a commodity
12:45 Characteristics of a One Rock deal
14:55 Challenges within Nestle carve out
16:28 Poland Spring’s attractiveness
19:19 Investment risks and market threats
30:03 Closing deals over the holidays
31:00 Terms of the transaction
31:59 Finalizing in a compressed time period
34:17 Negotiating the sale price
35:08 Rebuilding the management team
36:43 First year initiatives
44:05 Facing challenges
46:39 Competing as a small firm
48:48 Closing questions
Subscribe to the mailing list: capitalallocat...
Access Transcript with Premium Membership: capitalallocat...
Subscribe on Apple Podcast: podcasts.apple...
Follow Ted on Twitter: / tseides
Follow Ted on LinkedIn: / tedseides
Original Publish Date: 3/01/2023