PAI Weighs Options for $6bn Bottler Refresco

Aug 20, 2021 | News

PAI Partners is considering options for Refresco, including a possible initial public offering that could value the bottling business at about $6bn.

The French buyout firm has been holding preliminary discussions with potential advisers as it studies a U.S. listing of Refresco, the people said, asking not to be identified discussing confidential information. It could start formal preparations in the next few months, the people said.

Rotterdam-based Refresco is the largest independent bottler operating in Europe and North America, according to its website. It helps brands produce everything from ready-to-drink teas and coffees to juices, energy drinks and beer.

 

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The company has been on an acquisition spree recently, agreeing to buy German mineral water company Hansa-Heemann in July and three of Coca-Cola Co.’s U.S. production facilities in August. Refresco reported a 15% rise in adjusted earnings before interest, taxes, depreciation and amortization to $186m for the second quarter.

Refresco may also attract interest from blank-check companies or other private equity firms, the people said. Deliberations are at an early stage, and there’s no certainty they will lead to a transaction, the people said. A representative for PAI declined to comment.

PAI, which bought into Refresco in 2018 at a valuation of $3.97bn, is an experienced investor in the food and beverage space. Earlier this month, it agreed to buy PepsiCo Inc.’s juice brands, including Tropicana and Naked, for about $3.3bn.

Source: Yahoo News

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