Primo Brands faces risk to integrate the two businesses including merging systems, production and distribution that could lead to operational disruptions or challenges realizing synergies. The company's credit profile is also restricted by majority private equity ownership, which Moody's views as a governance risk that creates event risk to facilitate the exit of the private equity firms, as well as a dividend that reduces free cash flow. Primo Brands announced plans today to repurchase 4 million shares (approximately $125 million based share price close as of Mar 7, 2025) of Primo Brands out of 46 million shares currently being sold by the equity sponsor, One Rock Capital Partners (WA: CPAP ) LLC, which the company plans to fund with cash.