Nestlé said the acquisition would strengthen its water division’s position in the UK. One of Princes Gate’s founders, David Jones, will keep a minority stake in the company.
Commenting on the purchase, Nestlé Waters UK managing director Michel Beneventi said: “In the UK, consumers are increasingly choosing healthier hydration options and consequently the demand for high-quality spring and mineral water continues to go up.
‘Reinforces our position’
“This acquisition reinforces our position in the UK and will allow us to effectively respond to customer demands and consumer expectations.”
Brothers David and Glyn Jones, founders of Princes Gate, said Nestlé was the perfect company to help supercharge their business.
“With the growth opportunities that lie ahead, we believe we have found the best partner in Nestlé Waters to help propel the business forwards for the future,” they said.
Founded in 1991 on family land in the hamlet of Princes Gate in Pembrokeshire, Princes Gate Spring Water supplies branded bottled water to retail and out-of-home channels, as well as own-label.
Reportedly the eighth-largest manufacturer of bottled water in the UK, its plant is 100% self-sufficient, thanks to renewable energy produced by an onsite wind turbine.
Nestlé’s purchase followed a number of acquisitions by food firms last month.
Last week snack manufacturer Tayto announced its acquisition of Northern Ireland-based popcorn company Pop Notch for an undisclosed sum – including its trademark, brand name and machinery – its second popcorn company.
Meanwhile, on 30 May, KP Snacks agreed to acquire premium crisp brand Tyrrells from US confectionery giant The Hershey Company for an undisclosed sum. The move came less than a year after owner Amplify Snacks Brands’ sale to the chocolate-maker.