Company: PRMB
Filing Date: 2025-01-24
Form Type: S-1
Source: 0001193125-25-012325
Chunk: 88

Company: Primo Brands Corp
Filing Date: 2025-01-24
Form: S-1
Chunk 88
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 ReadyRefresh business, and believes the acceleration of e-commerce to be an important contributor to BlueTriton’s growth strategy.                                       |

Consolidation in the Retail Industry BlueTriton’s industry has been affected by the trend toward consolidation in the retail channel. Many of BlueTriton’s retail customers have consolidated in recent years, and this consolidation trend may continue. As a 56

result, BlueTriton’s retail customers may seek lower pricing and demand increased marketing or promotional expenditures from the company. Large retailers are also increasingly using their
distribution networks and economies of scale to introduce and develop private-label brands, such as those carried by supermarket chains, convenience store chains, drug store chains, mass merchants, and club warehouses. See “Risk
Factors—Risks Related to our Customers, Suppliers, and Associates—Changes in the retail landscape, such as continued or increased development and use of private-label brands, may negatively affect our results of operations and financial
condition.”

Macroeconomic Conditions and Inflationary Environment

General macroeconomic conditions, including inflation, supply chain disruptions, and labor supply and transportation capacity, have affected
BlueTriton’s operating and product costs. However, BlueTriton has demonstrated its ability to navigate adverse macroeconomic conditions and an inflationary environment throughout fiscal years 2022, 2023 and thus far through 2024. During these
periods, BlueTriton has instituted proactive initiatives to moderate the effects of rising inflation and commodity costs while gaining scale, including price increases with its Retail customers during 2022, which has helped drive profit growth.
BlueTriton’s initiatives have also created efficiencies in its in-bound logistics and other supply chain costs that have helped offset the inflation BlueTriton experienced related to packaging,
transportation, and labor cost.

Factors Affecting Comparability of Financial Information

The Nestlé Acquisition

On
February 3, 2021, Triton Water Parent, Inc. and its wholly-owned subsidiary, Triton Water Holdings, Inc., were incorporated by affiliates of One Rock for purposes of completing the Nestlé Acquisition. On February 16, 2021,
BlueTriton entered into that certain Stock and Asset Purchase Agreement by and between Triton Water Holdings, Inc. and Nestlé S.A., pursuant to which all of the equity interests of Nestlé Waters North America Holdings, Inc. were
acquired along with the acquisition of certain assets and assumption of certain liabilities of Nestlé Canada Inc. from Nestlé S.A