COTT SUCCESSFULLY COMPLETES CASH TENDER OFFER FOR CRYSTAL ROCK HOLDINGS, INC.
March 23, 2018 – Mirus Securities announced that it advised Crystal Rock Holdings, Inc. (NYSE MKT:CRVP) in the acquisition by Cott Corporation (NYSE:COT; TSX:BCB) of all outstanding shares of Crystal Rock for $0.97 per share in cash. Mirus served as the exclusive financial advisor to Crystal Rock in the transaction, which values the company at approximately $35 million.
Crystal Rock is a 100 year old direct-to-consumer home and office water, coffee, filtration and office supply service delivery business. The company bottles and distributes Crystal Rock® Waters purified water, Vermont Pure® natural spring water, Cool Beans® coffee, and other break room items to the commercial office and residential customers throughout New York and New England. For over 100 years, the company has provided quality and high value service through its route distribution system that delivers water primarily in 3- to 5-gallon reusable, recyclable bottles, and coffee in fractional packs or pods.
Cott is a route-based service company with a leading volume-based national presence in the North America and European home and office bottled water delivery industry and a leader in custom coffee roasting, blending of iced tea, and extract solutions for the U.S. foodservice industry. Cott’s platform reaches over 2.4 million customers or delivery points across North America and Europe supported by strategically located sales and distribution facilities and fleets, as well as wholesalers and distributors.
“The shareholders of Crystal Rock will be benefiting from the premium paid over the recent trading price of the shares. In addition to this, given the shared corporate culture of the two companies, our customers will continue to receive best in class service in the Northeast market,” stated Peter Baker, Chief Executive Officer of Crystal Rock.
Cott’s Chief Executive Officer Jerry Fowden commented, “The Crystal Rock acquisition is another positive step in our stated strategy to pursue acquisitions in the higher margin home and office water delivery and coffee services categories, where we believe our platform, operating strength and synergies can be leveraged.” Tom Harrington, Chief Executive Officer of DS Services, a wholly-owned subsidiary of Cott, commented, “We are very excited about strengthening our business in the New York and New England high density markets and firmly believe that our proven track record of integrating companies onto our platform will result in improved performance within our operations in the Northeastern United States.”Back to Transactions