Refresco to be Sold For €1.6 Billion

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Refresco to be Sold For €1.6 Billion

Refresco to be Sold For €1.6 Billion
October 26
09:36 2017

Still in the process of integrating its recent €1.1 billion acquisition of the bottling activities of Cott Corporation of Canada, the executive board of Refresco Group, the Netherlands-based leading independent producer of soft drinks and fruit juices for retailers and A-brands, has recommended that shareholders accept a €1.623 billion offer from a consortium of PAI Partners and British Columbia Investment Management Corporation (bcIMC).

The acquisition of Cotts’ bottling business has made Refresco the world’s largest independent bottler with leadership positions across Europe and North America through the addition of 19 production sites in the US, four in Canada, one in Mexico and five in the UK to Refresco’s business. The consortium fully supports Refresco’s buy-and-build strategy going forward, including the completion of the Cott acquisition.

Hans Roelofs, chief executive of Refresco, comments: “This Offer represents a fair value for our shareholders and is yet another milestone for the company. The consortium fully supports our strategy and with its track record, financial strength and understanding of our business, they can support the company whilst we accelerate our growth plan going forward.”

He continues: “Obtaining a public listing in 2015 was a well-considered decision and it has brought the company many opportunities. However, we have also grown and prospered under private equity ownership. Our ownership structure is never a goal in itself. Rather, our focus remains on being in an environment that allows us to continue executing our proven strategy of buy-and-build.”

Hans Roelofs, chief executive of Refresco.

Indeed, PAI first approached Refresco prior to its public listing in 2015.

Hans Roelofs elaborates: “Our focus of growing alongside our customers in the markets where we currently operate and expanding geographically remains unchanged. I look forward to this new phase of private ownership, and for all our employees and customers to capitalize on the opportunities ahead of us.”

Frédéric Stévenin, managing partner at PAI, says: “Refresco is a high-quality business and an attractive consolidation platform in the beverage industry which we intend to fully support using PAI’s wealth of experience in the European food and beverage industry. We share the Refresco management team’s overall vision for the group and we are excited by the opportunity to work with them and the team at bcIMC to realise its potential.”

Jim Pittman, senior vice president, Private Equity at bcIMC, says: “BcIMC has followed Refresco with interest for several years. We feel its scale, global presence, and track record of growth are a good fit for our clients’ portfolios. We are keen to work with PAI, a long-term strategic partner, to support Refresco and management in the execution of its strategic plans over the coming years.”

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