Mountain Valley firm sold for $78.5M cash
Florida-based DS Services Corp., a division of Canadian company Cott Corp., has purchased Hot Springs-based Mountain Valley Spring Co. from Great Range Capital for $78.5 million in cash.
Mountain Valley Spring has been in operation since 1871 and sells bottled spring, sparkling and flavored water in distinctive green glass bottles. The company projects sales of $50 million for 2018, according to a Monday news release. In addition to the company's Hot Springs production facility, the cash sale includes four protected springs in the Ouachita Mountains.
"We have added not only a high growth premium water product but also an American brand that we can offer to consumers in iconic glass bottled packages," Dave Muscato, president of DS Services, said in a news release. DS Services has $1.1 billion in annual sales, according to the company website.
Cott booked $2.6 billion in revenue in 2017, according to its company report. It sells water, tea, coffee, extracts and offers filtration services in North America and Europe. The company has plans to continue to seek out acquisition targets in the water and coffee segments, according to the Monday news release.
In June, Mountain Valley purchased a property formerly known as Fountain Lake Resort, a popular recreational area north of Hot Springs from 1933 to 1949, for $1.4 million.
-- John Magsam
J.B. Hunt's earnings hit $131.1M in 3Q
J.B. Hunt Transport Services Inc. on Monday reported a third-quarter profit of $131.1 million, up from $100.4 million a year ago.
On a per-share basis, the Lowell-based company reported a profit of $1.19 compared with 91 cents a year ago. Earnings adjusted for non-recurring costs came to $1.47 per share.
The results surpassed Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $1.40 per share.
The trucking and logistics company posted revenue of $2.21 billion in the period, also exceeding forecasts. Seven analysts surveyed by Zacks expected revenue of $2.2 billion. Third-quarter 2017 revenue was $1.8 billion.
Shares rose $2.24, or 2 percent, to close Monday at $111.53. The shares have risen 7 percent in the past 12 months. The report was released after markets closed.
-- The Associated Press
State index off 0.73 to end day at 427.20
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, dropped 0.73 to 427.20 Monday.
"U.S. stocks closed slightly lower on Monday as technology stocks were pressured once again over worries regarding interest rates and corporate earnings," said Chris Harkins, managing director with Raymond James & Associates in Little Rock.
Total volume for the index was 18.1 million shares.
The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.
Business on 10/16/2018