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Refresco Completes Acquisition of Whitlock Packaging

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Refresco Completes Acquisition of Whitlock Packaging

Refresco Completes Acquisition of Whitlock Packaging
September 12
12:02 2016

Refresco Group, the leading European bottler of soft drinks and fruit juices for A-brands and retailers, has successfully completed the acquisition of Whitlock Packaging, a large scale US bottler. The acquisition of Whitlock enables Refresco to create a new growth platform in North America with return and synergy potential, similar to Europe.

The purchase price is US$129 million (Eur117 million), on a debt and cash free basis. This represents an EV/adjusted EBITDA multiple of 7.3x and is in line with the average multiple paid by Refresco. The acquisition is expected to be earnings accretive in the first full year of consolidation. Refresco financed the transaction via the existing syndicated term loan facility.

Operating production facilties in the Benelux, France, Germany, Spain, Italy, the UK, Poland and Finland, Refresco realised full year volumes and revenue of about 6.1 billion litres and Eur2.0 billion, respectively in 2015. Refresco offers an extensive range of product and packaging combinations from 100% fruit juices to carbonated soft drinks and mineral waters in carton, PET, Aseptic PET, cans and glass. Refresco is headquartered in Rotterdam, the Netherlands and has about 4,500 employees.

Whitlock Packaging was founded in 1980 and is headquartered in Tulsa, Oklahoma. It operates three production facilities across three states – Oklahoma, Florida and New Jersey. Whitlock Packaging is a leading contract manufacturer of liquid refreshment beverages including fruit drinks, juices, isotonic beverages (sports drinks), iced teas, energy drinks and other product types. Currently Whitlock Packaging produces approximately 900 million liters per year and has about 550 employees.

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