In the Keeley Funds' Small-Mid Cap Value Fund 2nd-Quarter Commentary 2024 Q2, Primo Water Corporation (PRMW, Financial) was recognized for its strategic focus on pure-play water solutions. The company reported better-than-expected earnings and increased its guidance for the year, driven by consistent execution and a strategic focus on its core water solutions business. Primo Water also announced plans to merge with Blue Triton, a move expected to enhance its market position.
"Primo has been on a longstanding journey to improve its business, including exiting carbonated soft drinks, divesting coffee and tea businesses and most recently, selling most of its international businesses. In the second quarter, Primo shares rallied as the company reported better-than-expected earnings and increased its guidance for the year. In addition, throughout 2024, investors became more drawn to the pure-play nature of Primo — both product-wise and geography-wise — and to the company’s increasingly consistent execution of late. Late in the second quarter, Primo announced that it plans to merge with private equity-owned Blue Triton, which is a route-based bottled water business that at one time had been owned by Nestle." — Keeley Funds, Small-Mid Cap Value Fund, Q2 2024 Fund Letter
Read full letter at gurufocus Keeley Funds' Small-Mid Cap Value Fund 2nd-Quarter Commentary 2024 Q2 page.
