KKR acquires majority stake in Refresco

Private equity firm KKR said it has signed a definitive agreement to acquire a majority stake in independent beverage contract manufacturers Refresco.

Refresco’s existing investors, PAI Partners and British Columbia Investment Management Corporation (BCI), will maintain a significant minority position as part of the deal, the firms added, though the terms of the transaction were not disclosed.

Founded in 1999, Refresco is a global independent beverage solutions provider for retailers and branded beverage companies with pan-regional coverage in Europe and North America through its network of bottling, warehousing, logistics and other operational assets.

KKR said it will support Refresco as it expands its global and strategically located footprint to better serve existing and new customers through a range of formats and channels.

“We are very pleased to welcome KKR, one of the world’s most prominent investment firms, as our new majority owner. We are proud that PAI and BCI will continue as shareholders, which is a testament to our successful value creation,” said Hans Roelofs, chief executive of Refresco.

“To support further growth, we have explored the various alternatives available to us and believe that the investment by KKR is an incredibly positive development for the Company. Like our existing shareholders, KKR is supportive of our strategy and will bring operational expertise, access to capital and a well-established network to support us in our growth, innovation and M&A strategy.”

James Cunningham, partner at KKR, commented: “Refresco has established itself as an industry leader supporting the global beverage industry with a blue-chip global customer base, an experienced and highly regarded management team, and an impressive network of assets that provides compelling value to customers.

The company also has a strong commitment to sustainability, which is an important differentiator for its customers. We look forward to leveraging our operational expertise from across the KKR platform to support the Company’s continued growth and further advance the sustainability of its value chain.”