Water Giant With $7 Billion in Revenue Draws $7.5 Million Investment, and Shares Are Surging This Year

On February 17, 2026, Solas Capital Management disclosed a new position in Primo Brands Corporation (NYSE:PRMB), acquiring 460,619 shares in the fourth quarter.

What happened

Solas Capital Management disclosed in a Securities and Exchange Commission (SEC) filing dated February 17, 2026, that it acquired 460,619 shares of Primo Brands Corporation in the fourth quarter. The fund’s quarter-end position in PRMB was valued at $7.53 million, marking the establishment of this new stake.

What else to know

• This was a new position for Solas Capital Management, LLC; PRMB represented 4.27% of 13F reportable AUM after the trade.
• Top holdings after the filing:
  • NASDAQ: FENC: $19.72 million (11.2% of AUM)
  • NASDAQ: EPSN: $16.45 million (9.3% of AUM)
  • NYSE: SNDA: $14.86 million (8.4% of AUM)
  • NASDAQ: ACOG: $12.79 million (7.3% of AUM)
  • NYSE: MOH: $11.86 million (6.7% of AUM)
• As of Friday, shares of PRMB were priced at $20.76, down 33.5% over the past year and well underperforming the S&P 500’s roughly 20% gain in the same period.

Company overview

Company snapshot

• Primo Brands Corporation offers bottled water, purified and spring water, sparkling and flavored water, mineral water, water dispensers, filtration equipment, and coffee under multiple regional and international brands.
• The firm operates a direct-to-consumer and business delivery model, generating revenue primarily through recurring water sales, equipment rentals, and related services in North America and Europe.
• It serves residential consumers, small and medium-sized businesses, as well as regional and national corporate clients and retailers.

Primo Brands Corporation is a leading provider of bottled water and water filtration solutions, with a diversified product portfolio and a broad geographic footprint. The company leverages a network of established brands and direct distribution to drive recurring revenue streams. Its focus on both consumer and commercial markets positions it to capture demand for safe, high-quality hydration solutions.

What this transaction means for investors

Primo Brands has been reshaping itself recently, and the latest earnings suggest the integration strategy is starting to pay off. Net sales jumped 29% to about $6.7 billion in 2025, while adjusted EBITDA climbed to roughly $1.45 billion as margins improved and scale efficiencies began to show. Fourth-quarter sales alone reached about $1.55 billion, rising more than 11% year over year, alongside a sharp increase in adjusted earnings.

The stock has responded accordingly, rising roughly 27% over the past year with much of the momentum coming after the earnings report highlighted stronger operating trends. That makes this move from Solas pretty notable because that gain has been captured since it made its hefty investment. Within the broader portfolio, the position stands out as a consumer staples play among a collection of healthcare and biotech holdings that dominate top positions. Ultimately, for long-term investors, the real question is whether Primo’s national distribution network and recurring delivery model can continue translating scale into durable profitability as demand for bottled and purified water keeps expanding.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Primo Brands. The Motley Fool has a disclosure policy.