Asahi Group Holdings announced this week the conditional purchase of Mountain H2O for an undisclosed price.

It comes soon after the acquisition of New Zealand’s Independent Liquor for $1.3 billion.

The sale is subject to Australian Competition and Consumer Commission approval.

Mountain H2O chief executive officer Steven Pitts said yesterday the deal was clinched after two months of negotiations.

Mr Pitts is also one of four directors of Mountain H2O with the others being Paul Joss, Gary West and Peter Tobin.

The company started in 2000 at Kancoona before moving nine years later into the former Macquarie Textiles building in South Albury owned by the Joss Group.

Mountain H2O had sales of $31.4 million for the year ending June 2011.

“If it goes through it will be great for the region,” Mr Pitts said.

“Having a multinational manufacturer in the area is great for the staff and great for the business.

“There is potential for additional volume into the business and job opportunities.”

Mr Pitts said he expected the sale to be finalised within eight weeks and the business would still operate as Mountain H2O.

“The staff and management structure will stay in place,” he said.

“My role as chief executive will stay the same and all the employees will retain their current status.”

Mountain H2O building will be retained by the Joss Group and leased to the beverage unit of Schweppes, which was acquired by Asahi in 2009.

In an aggressive expansion strategy, Asahi this year also signed two separate soft drink deals in Australia and New Zealand worth a total of $309 million.

Mr Pitts said Mountain H2O’s owners had no intentions of selling before being approached by Asahi.

“It was never the strategy for the business to be sold,” he said.

“But this was the best thing for the business and shareholders to sell.

“It is very exciting for me personally and the business opportunities it creates.”

Mr Pitts said there were no immediate expansion plans to cater for the likelihood of increased volume of water.

Mountain H20 owns a spring that provides a stable supply of high quality water.

It has a workforce of 34 employees and operates seven days a week.