Trinity Springs stock offered
National distributor gains
Ketchum-based water company
By MATT FURBER
Express Staff Writer
Now a subsidiary of the Nebraska-based
distributing company, AMCON, Ketchum-based Trinity Springs Ltd. has finalized
the sale of its assets to its new parent company.
AMCON is now the owner of Trinity brands,
real estate, water rights and equipment.
Headquarters for the subsidiary will
remain in Ketchum.
In order to facilitate the purchase of
Trinity Springs, AMCON last month made a private offering of 100,000 shares of
stock at $25 per share. The Series A Convertible Preferred Stock is convertible
by the holders of AMCON common stock at a conversion price of $30.31 per share.
"We are extremely pleased to complete the
acquisition of the Trinity Springs brand and all related assets. Trinity Springs
is truly a unique water," said William F.Wright, chairman and CEO of AMCON. "We
believe that this special water is well positioned to continue to fuel the
growth of our beverage segment. We expect that all employees and management of
Trinity Springs will continue with the new subsidiary."
Under the new ownership the company will
still retain local leadership. Last month as details of the sale were being
confirmed, Trinity Springs Board of Directors promoted two executives within the
company. Dean Barney was named CEO, and Andrew S. Mitchell was named president.
Barney and Mitchell were formerly CFO and national sales director, respectively.
Former Trinity Springs President and CEO, Ron Lloyd subsequently announced his
Barney, 57, has been working with Trinity
Springs since August 2003 to establish managerial, administrative and financial
procedures for the company, said company spokeswoman Sharon Egan. He has a
30-year background in managing businesses in a variety of industries, including
construction and telecommunications, with four years as CEO for the successful
Northwest cable company, Rock Associates. Prior to joining Trinity Springs,
Barney was the CFO for a number of Northwest arts and humanities nonprofit
organizations. Barney resides in both Seattle, Wash., with his wife and two
children, and in Ketchum.
Mitchell, 38, has been leading the sales
efforts at Trinity Springs for the past year and a half, establishing new
channels of distribution and creating a national sales team. Under his
leadership company sales have exceeded expectations, growing 40 percent over
last year, Egan said. The industry average growth rate is 20 percent. Mitchell
has 15 years of beverage marketing experience, formerly leading teams at
Ravenswood Winery and Pete’s Brewing Company. He and his wife currently live in
Both men are committed to continuing the
company’s current success rate, moving the company forward to sustainability,
and delivering on their commitment to shareholders, Egan said.
"We are having our most successful year,"
Barney said. "We will focus on empowering our team so they can continue to do
their jobs well in bottling and marketing Trinity."
Trinity Springs bottles water from one of
the world’s deepest spring sources in Paradise, west of Ketchum near
Featherville. The Trinity Springs source is the only source in the United States
to receive the elite seal of natural purity, Certified Source, from the leading
global organic certifier, Quality Assurance International.