Primo Brands dips as sponsor to carve stake

Shares of bottled water firm Primo Brands PRMB.N down 1.5% post-market to $31.84 after secondary offering announced

Poland Spring owner says 47.5 mln shares to be sold by two holders affiliated with One Rock Capital Partners

Also, co to repurchase $100 mln worth of shares from underwriters BofA and Morgan Stanley

Alternative investment manager One Rock owns ~124 mln shares, roughly 33% stake, per LSEG data

PRMB has ~380.1 mln shares outstanding for ~$12.3 bln market cap

Co formed in Nov after Primo Water and BlueTriton Brands completed merger

One Rock had owned all of common stock of privately-held BlueTrition, formerly known as Nestle Waters North America. In 2021, Nestle NESN.S sold some its water brands to One Rock

PRMB shares on Thurs closed down 1.6% at $32.32, trimming YTD gain to 5%