Primo Brands is the leading branded bottled water company in North America, formed in November 2024 through the merger of BlueTriton Brands (formerly Nestlé Waters North America) and Primo Water. The company sells bottled water and hydration products across every U.S. state and Canada through a portfolio spanning all price points: premium brands Saratoga Springs and The Mountain Valley, regional spring water brands including Poland Spring, Deer Park, Arrowhead, and Zephyrhills, and purified water brands Primo Water and Sparkletts. Primo Brands reaches consumers through four channels: retail (over 200,000 outlets), direct home and office delivery of large-format 3- and 5-gallon bottles to over 3 million customers, an exchange program at ~26,500 retail locations, and self-service refill stations at over 23,500 locations. The company is vertically integrated, owning over 80 spring sources, 50+ production facilities, and a fleet of ~4,800 delivery vehicles. Direct delivery operates on a subscription-like model, and the company also sells and rents water dispensers that drive recurring large-format water purchases. Key growth priorities include scaling premium brands Saratoga and Mountain Valley (which grew ~44% in 2025 and remain supply-constrained), recovering the direct delivery business after post-merger integration disruptions, and capturing the targeted $300M in merger synergies by end of 2026.