Scott Spielvogel is a co-founder and Managing Partner of One Rock Capital, a private equity firm managing $5 billion that specializes in ugly, hairy, messy situations.

BlueTriton Brands is the business that formerly comprised Nestle Water North America, which collectively have the top market share in North American bottled water. Its brands include Poland Spring, Deer Park, Arrowhead, Pure Life, Origin, and a host of other specialty brands. One Rock carved out the business from Nestle in 2021.

Our conversation covers a history of bottled water, attractiveness and risks of the opportunity, and a deal process that started with the banker telling One Rock they were too small to participate. We turn to deal pricing, operational efficiencies upon ownership, reinvigorating brands, new initiatives, and early performance.