Norwest Equity Partners Leads Investment in Deep Rock Water Company; Leading Bottled Water Supplier Well-Poised for Future Growth.MINNEAPOLIS -- Norwest Equity Partners ("NEP NEP: see New Economic Policy. ") and M2P M2P MPEG-2 Program Stream Format File Capital ("M2P") announced today the acquisition of Deep Rock Water Company ("Deep Rock"), a leading provider of bottled water for the home and office delivery and retail markets. The acquisition closed September 21, 2004. Headquartered in Denver, CO, Deep Rock has production facilities in Denver and Grand Junction Grand Junction, city (1990 pop. 29,034), seat of Mesa co., W Colo., at the junction of the Gunnison and Colorado rivers; inc. 1891. The shipping and processing center of a large ranch and irrigated farm region, it also serves the area's uranium, oil shale, gas, and , CO, Minneapolis, MN and Omaha, NE, and customer sales and service centers in Colorado Springs Colorado Springs, city (1990 pop. 281,140), seat of El Paso co., central Colo., on Monument and Fountain creeks, at the foot of Pikes Peak; inc. 1886. It is a year-round resort and a booming military, technological, and commercial city. , Fort Lupton, and Avon, CO. Deep Rock's Glenwood Inglewood brand was founded in Minneapolis in 1884 while the Deep Rock brand was founded in Denver in 1896. Both have become strong regional brands. The company's products are distributed in 12 states and range in package sizes from single serve to five-gallon bottles for home or office water coolers. Water types bottled by the companies include natural artesian Ar`te´sian a. 1. Of or pertaining to Artois (anciently called Artesium), in France. Artesian wells wells made by boring into the earth till the instrument reaches water, which, from internal pressure, flows spontaneously like a water, natural spring water, drinking water drinking water supply of water available to animals for drinking supplied via nipples, in troughs, dams, ponds and larger natural water sources; an insufficient supply leads to dehydration; it can be the source of infection, e.g. leptospirosis, salmonellosis, or of poisoning, e.g. purified by reverse osmosis reverse osmosis n. The movement of a solvent in the opposite direction from osmosis in such a manner that the solvent moves from a solution of greater concentration through a membrane to a solution of lesser concentration. , and distilled water Noun 1. distilled water - water that has been purified by distillation H2O, water - binary compound that occurs at room temperature as a clear colorless odorless tasteless liquid; freezes into ice below 0 degrees centigrade and boils above 100 degrees centigrade; . The company also leases, sells and services sophisticated water filtration and reverse osmosis technology for improving the taste and quality of consumer tap water in the home and office. "Deep Rock has tremendous people and a strong competitive position in all of our markets," said Douglas Oberhamer, president of Deep Rock. "We are excited to partner with Norwest Equity Partners and M2P Capital, who will give us the support and resources to continue to grow our business and provide top quality service and products to our customers." Bottled water is the fastest-growing segment of the beverage industry and now ranks as the second-largest commercial beverage category in the United States on a volume basis. U.S. residents now drink more bottled water annually than any beverage other than carbonated soft drinks. It has surpassed beverages such as beer, coffee and milk to become one of America's favorite drinks. "We see Deep Rock as a great opportunity to capitalize on the strong growth trends in the water industry," stated John Thomson, NEP partner and Deep Rock board member. "The Company has a recognized brand name in its markets, and its leading market share positions the Company for continued growth." The growth rate can be attributed to consumer's desire to stay properly hydrated hy·drat·ed adj. Chemically combined with water, especially existing in the form of a hydrate. Adj. 1. hydrated - containing combined water (especially water of crystallization as in a hydrate) hydrous , and to the great taste, convenience and calorie-free benefits of bottled water as both a tap water replacement and alternative beverage option. "The importance of hydration hydration /hy·dra·tion/ (hi-dra´shun) the absorption of or combination with water. hy·dra·tion n. 1. The addition of water to a chemical molecule without hydrolysis. 2. to today's health conscious consumers, coupled with concern for the quality and security of municipal water supplies has made bottled water the fastest growing beverage category," stated Dirk Tyler, M2P Principal and Deep Rock board member. "We look forward to working with Deep Rock and Glenwood Inglewood to take the Company to the next level of profitable growth." ABOUT NEP Norwest Equity Partners provides middle market companies with the capital they need to reach their goals using extensive resources, carefully tailored transactions, meaningful partnerships, and continuing success. Since its founding in 1961, NEP has earned a reputation as one of the premier private equity investment firms. Currently, NEP has in excess of $3 billion in capital under management. Offices are located in Minneapolis and Los Angeles. www.nep.com ABOUT M2P CAPITAL M2P Capital is a private equity firm that partners with management teams to invest in mid-size company buyouts, industry consolidations and recapitalizations. M2P invests in a broad range of sectors including manufacturing, distribution and business services. Its Principals, Abbott Lawrence, Bob Manning and Dirk Tyler have successfully completed investments in a wide range of industries representing over $3 billion in value. www.m2capital.com |
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