Ice River Springs Water Co., a Feversham, Ontario, Canada-based provider of spring and purified, private label bottled water has received a $15.0m investment from Key Principal Partners Corp.
The new capital will support a capital expenditure program and facility expansion that will allow the company to produce recycled PET resin. The rPET pellets will be made entirely from post-consumer materials, which Ice River will then use in the production of its own water bottles.
As stated by Sandy Gott, Executive Vice President and co-founder of Ice River Springs, “once the project is complete, we will no longer be dependent on petroleum-based virgin PET resin, which will significantly reduce Ice River’s carbon footprint and provide consumers with a more environmentally friendly bottled water option”.
With seven manufacturing plants located throughout Canada and the United States, the company currently provides spring and purified bottled water to both national and regionally-focused grocery retailers, drug stores, mass merchandisers, food service partners and dollar stores.