Primo Water Ranks As One of North Carolina's Fastest-Growing Companies

Primo Water was honored recently as the Triad's fastest-growing privately held company.

Winston-Salem based Primo topped the Business Journal of the Greater Triad's Fast 50 list, a ranking of private companies based on revenue growth between 2006 and 2008.

Despite the recession, Primo Water's business continued to grow as consumer backlash against single-serve bottled water increased. In growing numbers, consumers who are concerned about the environment and their health are switching from bottled water to coolers for their homes. These convenient dispensers house reusable 3- and 5-gallon bottles that are recycled at the end of life cycle, unlike most single-serve water bottles.

Primo Water understands the behavioral trends driving sales of bottled water. Most consumers want a convenient source for cold, delicious water, which they can't get from a tap. Primo dispensers offer a Zero Waste alternative to single-serve bottles, while at the same time delivering convenient access to pure, healthy and delicious cold or hot water at the push of a button.

A Primo Water dispenser also makes sense for budget-minded consumers. Owning a cooler saves homeowners an average of $200 a year versus renting.

This shift in consumer sentiment and buying habits presents a tremendous market opportunity for Primo and its retail customers going forward. Only a small percentage of households currently own their own water coolers, but that number is growing significantly each year.

Primo Water has redefined the water dispenser and elevated it to a must-have item for every home with the introduction of stylish bottom-loading coolers. Its innovative in-store exchange program allows consumers to exchange their empty 3-gallon and 5-gallon water bottles for full ones at grocery and home improvement stores nationwide.

Primo Water, founded in 2004, first became eligible for the Fast 50 list last year. Primo ranked third then and rose to the top position this year, ahead of such growth companies as Samet Corp., New Breed Logistics, ArcaTech Systems and Varrow Inc.

Accounting firm Smith Leonard of High Point ranked the Fast 50 companies using a formula that factors in both dollar and percentage growth from 2006 to 2008. The formula is weighted to sustained growth and is equitable to companies of all sizes.