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Sparkling Spring Water Holdings has entered into a definitive agreement for the sale of all of its outstanding stock to Groupe Danone, the largest home and office bottled water company in the world. The sale, which is subject to customary conditions, is expected to close in the next couple of months upon receipt of regulatory approvals.
G. John Krediet, Chairman of the Company stated, "Groupe Danone's obvious long term commitment to the bottled water category and its employees makes us very comfortable that the combined organization will be an excellent platform for the personal and professional development of all employees involved in this transaction. It was a privilege to work with Groupe Danone's highly professional team who initiated and made this transaction happen."
Stewart Allen, vice chairman of Sparkling Springs, added "We all look forward to working with Groupe Danone to accomplish Sparkling Springs stated goal; 'To become the preeminent home and office bottled water company in the world.'"
The Board of Directors expressly wishes to thank all of the employees of Sparkling Springs who made the Company the success that it is. In this transaction Sparkling Springs benefited from the professional advice of JP Morgan.