WATERTOWN: Crystal Rock Holdings, Inc. [NYSE CRVP] is being acquired by Cott Corporation [NYSE:COT] for $35 million. Cott is based in Tampa, FL, and has a $2.4 billion market cap.
Cott says it is a “route based service company with a leading volume-based national presence in the North America and European home and office market with more than 2.3 million customers. The company features bottled water “custom” coffee roasting, blending of iced tea, and extract solutions for the U.S. foodservice industry
The acquisition is a 22.8% premium to Crystal Rock’s closing stock price on February 9, 2018, and a 21.7% premium to the company’s 30-day volume weighted average stock price.
Peter Baker, Chief Executive Officer of Crystal Rock, said, "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.”
The transaction is expected to close in March 2018, subject to the conditions to the tender offer and other customary closing conditions.
Mirus Securities, Inc. acted as financial advisor and Foley Hoag LLP as legal counsel to Crystal Rock in connection with the transaction