Man Who Saved Pabst Comes to Rescue Nestle’s Ailing Water Brands
- Dean Metropoulos aids One Rock to buy Poland Spring, Deer Park
- Swiss food company divests U.S., Canada unit for $4.3 billion
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Nestle SA agreed to sell bottled-water brands in the U.S. and Canada to private-equity firm One Rock Capital Partners in a $4.3 billion deal that puts the future of the ailing business in the hands of the man who helped turn around Pabst Blue Ribbon and Hostess Twinkies.
Dean Metropoulos is joining up in One Rock’s purchase of the Nestle brands, which include Poland Spring, Pure Life and Deer Park. The billionaire investor is known for reviving worn-out products like Bumble Bee Tuna and Chef Boyardee.