Primo Brands announces secondary offering of 45M shares by One Rock affiliate

Primo Brands (PRMB) Corporation announced that one of its stockholders, an affiliate of One Rock Capital Partners, intends to offer for sale in an underwritten secondary offering 45,000,000 shares of the company’s Class A common stock, par value 1c per share, pursuant to the company’s shelf registration statement on Form S-1 filed with the Securities and Exchange Commission. The Selling Stockholder will receive all of the net proceeds from this offering. No shares are being sold by the company. The Selling Stockholder expects to grant the underwriters a 30-day option to purchase up to 6,750,000 additional shares of Class A Common Stock. Morgan Stanley and BofA Securities are acting as joint lead book-running managers for the offering. J.P. Morgan, RBC Capital Markets and Barclays are acting as joint book-running managers for the offering. BMO Capital Markets, Deutsche Bank Securities, Jefferies, Goldman Sachs & Co. LLC, Mizuho, TD Cowen, Truist Securities and William Blair are acting as joint bookrunners for the offering. Drexel Hamilton, LLC and Loop Capital Markets are acting as co-managers for the offering. Subject to the completion of the Offering, the company intends to repurchase from the underwriters 4,000,000 shares of the Class A Common Stock being sold in the offering at a price per share equal to the price per share paid by the underwriters to the Selling Stockholder in the offering. The company intends to fund the share repurchase with cash on hand.