• RSM, the world 6th largest consulting and auditing network, carried out financial and tax due diligence for Primo Water Europe, a leading provider of sustainable drinking water solutions, during the acquisitions of Eureau Sources and Defeaus, French companies specializing in the marketing and packaging of spring water.
  • Thanks to this operation, RSM's Corporate Finance division strengthens its position with listed international companies during their strategic acquisitions in Europe.

Primo Water Corporation, a leading provider of sustainable drinking water solutions in North America and Europe, announced that Primo Water Europe has acquired Eureau Sources and Defeaus, two French companies specializing in the marketing and packaging of spring water.

  • Eureau Sources, founded in 1996, specializes in packaging spring water in 5-gallon returnable bottles for refrigerated water coolers. In 2016, the company became the French leader in bottling water in carafes. Eureau Sources draws water from four sources in the Cantal, Indre et Loire, Oise, and Vaucluse regions to effectively cover the entire French territory.
  • Defeaus was founded in 1996 and has been marketing HERMES spring water since 2015. Located in Hautes-de-France, in the heart of the Oise, the water is bottled on-premise and distributed mainly in the Ile de France region to commercial and residential customers.

This acquisition reinforces Primo Water Corporation’s strategy to offer sustainable water solutions to customers across its footprint.

RSM Team

The RSM team involved was made up of:

  • Financial due diligence: Eric Fougedoire, Maxime Pothron, Hugo Menkhoff, Loic Van Cauwelaert.
  • Tax due diligence: Vital Saint-Marc, Leila Meach.


About Primo Water Corporation

Primo Water Corporation is a leading pure-play water solutions provider in North America and Europe and generates approximately $2.1 billion in annual revenue. Primo operates largely under a recurring razor/razorblade revenue model. Primo's razorblade offering is comprised of Water Direct, Water Exchange, and Water Refill.

Primo's water solutions expand consumer access to purified, spring, and mineral water to promote a healthier, more sustainable lifestyle while simultaneously reducing plastic waste and pollution. Primo is committed to its water stewardship standards and is proud to partner with the International Bottled Water Association (IBWA) in North America as well as with Watercoolers Europe (WE), which ensure strict adherence to safety, quality, sanitation and regulatory standards for the benefit of consumer protection.

About RSM

RSM is the world's 6th largest audit, consulting and accounting network, present in over 120 countries. It currently has more than 53,000 employees and partners.

In France, RSM, a major player in auditing, consulting and accounting, is present in the main regional economic centers, with offices in Paris, Lyon-Chambéry-Grenoble, Montpellier-Nîmes, Nantes-Laval, Strasbourg-Colmar, Aix-en-Provence, La Réunion and Mayotte. RSM now has more than 1,200 professionals throughout the country. It intends to continue its regional development. The group has structured its multidisciplinary offer around 5 business lines: Audit, Expertise, Consulting, HR-Social / Payroll, Legal & Tax.

RSM – Corporate Finance

The Corporate Finance practice of RSM assists companies and their managers, investment funds, as well as investors and shareholders, in France and abroad, in order to secure and optimize their financial decisions. It has 20 professionals in Paris and in the regions, including 3 partners. RSM Corporate Finance provides transaction services, valuation and complex financial modeling, capital transactions and restructuring.