Nestlé Acquires Premium Functional Water Brand Essentia
Nestlé has announced that it has acquired the premium functional water brand Essentia Water.
Headquartered in Bothell, Washington, Essentia pioneered ionized alkaline water more than twenty years ago and is the leading brand in that space in the US.
In 2020, the company generated sales worth $192 million.
The transaction is part of Nestlé's continued transformation of its global water business, announced in June 2020.
"With the addition of Essentia, we continue to transform and best position our water business for long-term profitable growth here in the US and globally," said Steve Presley, chairman and CEO of Nestlé USA.
'Immediate Strong Presence'
" We are excited to welcome the Essentia team to the Nestlé family as we expand our premium water portfolio. Essentia gives us an immediate strong presence in the high-growth, functional water segment and supports our efforts to capture opportunities with emerging consumer trends such as healthy hydration," Presley added.
The acquisition follows the company's decision to sell its US and Canadian regional spring water brands, purified water business, and beverage delivery service.
Nestlé is sharpening its portfolio to focus on international premium and mineral water brands and healthy hydration products, such as functional water, the company added.