Ice River Springs is a private label bottled water producer. Credit: Steve Johnson on Unsplash.

Private label bottled water producer Ice River Springs has reached an agreement to acquire Nestlé’s Pure Life bottled water business.

The agreement to purchase the unit has been entered with Nestlé Canada.

Ice River Springs manufactures the Ice River Green bottled water brand.

The acquisition is said to be in line with Ice River Springs’ strategic plan to expand its offering in Canada beyond a private label.

Nestlé Canada president and CEO Jeff Hamilton said: “In late 2019, we began the exploration of a potential sale of our Nestlé Pure Life business in Canada, as we had determined that we are best positioned to focus on our iconic international brands of San Pellegrino, Perrier and Acqua Panna.

“We are pleased that Ice River Springs, a local Canadian company with a focus on sustainability, has agreed to purchase this business.”

According to the agreement, Ice River Springs will acquire two factories in Puslinch, Ontario, and Hope, British Columbia, as well as a well in Erin, Ontario.

Financial details of the deal have not been disclosed by either company.

Ice River Springs co-owner and executive vice-president Sandy Gott said: “This is a significant step in our strategic sustainability journey and with the addition of this iconic brand, their skilled and dedicated people across the country and the resources of this business, we will continue our commitment to sustainable bottled water, the circular economy and to hydrating Canadians.”

Completion of the deal is subject to the regulatory review process. It is expected to close in the third quarter of this year.

Until deal is complete, Nestlé Pure Life will continue to be part of Nestlé Canada.