Danone and Harrogate Water announced they have entered into a share purchase agreement under which Danone will — through a UK subsidiary –acquire a majority stake in family-owned Harrogate Water.
The current shareholders of Harrogate Water, the Cain family, will remain as minority shareholders and “continue to contribute to the growth of the company.”
Harrogate Water CEO James Cain will join the management team of Danone Waters UK and continue to lead the Harrogate Water business.
Danone is home to brands including evian and Volvic.
James Pearson, managing director, Danone Waters UK & Ireland, said: “I am thrilled to welcome Harrogate Water to the Danone family.
“This move will expand our offering in the UK and help to meet growing demand in sparkling water and on-the-go consumption.
“Danone’s heritage and strength lies in doing business in a responsible way: one that recognises the importance of sustainable growth alongside a commitment to protect our planet, promote health and value the people within our company and those we partner with.
“We’ve been impressed with Harrogate Water’s commitment to these same values, including a shared ambition to become BCorp certified and to protecting our unique water sources, and we are excited to support the next step of their journey, inspiring more people towards healthier hydration.”
Harrogate Water CEO James Cain said: “We are delighted to have found the right partner to take Harrogate Water forward on its journey, while respecting and celebrating our history and heritage.
“Danone and Harrogate Water have a shared ethos and approach to community and sustainability.
“As a family-business, we are all about our people; our colleagues, partners and customers.
“Together with the team at Danone we are confident we will continue this success, with a considered, like-minded approach.
“This is a great investment for the town of Harrogate and the Yorkshire region.
“We are incredibly proud to become part of the Danone family, and are excited about the benefits this will bring to Harrogate as we continue to produce one of the world’s finest natural source waters from the original British spa town, for everyone to enjoy.”
The completion of the transaction is subject to regulatory approval.