• Nestle just finalized its $4.3 billion sale of water brands including Poland Spring and Pure Life.
  • It’s part of CPG companies and investors moving toward pricey premium waters and away from mass-market ones.
  • Brands like Flow and Essentia are getting attention for the “functional” attributes, like collagen.

The bottled water business is still a wellspring for beverage investors and companies. But increasingly, they’re focusing on options with added nutrients (and higher price points) and shedding cheaper mass-market brands.

On Wednesday, Nestle completed the $4.3 billion sale of many of its bottled water brands in North America to two private equity firms: One Rock Capital Partners and Metropoulos & Co. The sale includes a number of uncarbonated, unenhanced water brands, including Poland Spring, Deer Park, Pure Life, and Arrowhead.

The sale is a big move for Nestle, which ranks among the world’s largest producers of bottled water. But the Swiss consumer goods giant is anything but done with water.

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