Avandis acquired by Refresco
Context
Refresco has completed the acquisition of Avandis, a Dutch manufacturer of alcoholic beverages, from Lucas Bols and De Kuyper Royal Distillers, two leading players in the spirits and cocktail industry. The transaction was finalized in January 2023, following the signing of the initial agreement in October 2022 and the receipt of regulatory approvals. Avandis is a contract manufacturer specializing in the production of alcoholic beverages, headquartered in Zoetermeer, Netherlands. The company provides manufacturing solutions for spirits and cocktail brands, with a strong expertise in complex products and private-label productions. It operates an integrated industrial site within a European network of beverage production facilities. This acquisition enables Refresco to expand its presence in the alcoholic beverages segment, complementing its historical activities in non-alcoholic beverages. It also strengthens Refresco's multi-category industrial platform model and is in line with its "Buy & Build" external growth strategy, aimed at consolidating subcontracted production capabilities in the global beverage industry.
Avandis, which reported an EBITDA margin of [members only] in 2023, is valued in this transaction at an EV/EBITDA multiple of [members only], to compare with the average observed in the AgriFood sector (12.2x in 2023).
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Target
Avandis is a Dutch manufacturer of alcoholic beverages specializing in private label production for major spirits industry players. Headquartered in Zoetermeer, Netherlands, the company provides production solutions for a range of alcoholic beverage categories, including spirits, liqueurs, and ready-to-drink cocktails. Avandis operates as an integrated B2B industrial partner, serving prominent international brands such as Lucas Bols and De Kuyper, as well as other clients in the alcoholic beverages sector. Its business model is built on strong expertise in outsourced production, combined with flexible industrial capabilities that enable the management of large volumes and complex formulations. The company operates a production site certified to international quality and food safety standards, making it a key partner for brands seeking to outsource all or part of their production. Avandis is positioned in the industrial subcontracting market for alcoholic beverages, benefiting from a strategic role in the spirits value chain in Europe. Its positioning is driven by a growing trend of production outsourcing by major brands, which are seeking to optimize their costs, industrial flexibility, and product innovation capabilities.
Ent. Value
€10–30M
Equity Value
[members only]
Multiples
EV / Revenue
[members only]
EV / EBITDA
[members only]
EV / EBIT
[members only]
Historical Financials (EUR)
Other operations with Refresco
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 02/2026 | REFRESCO | SUNOPTA | UNITED STATES | Soft Drinks |
| 07/2025 | REFRESCO | TELEMARK KILDEVANN | NORWAY | Soft Drinks |
| 11/2024 | REFRESCO | FRÍAS NUTRICIÓN | SPAIN | Soft Drinks |
| 02/2022 | KKR | REFRESCO | NETHERLANDS | Beverages |
| 10/2017 | PAI PARTNERS | REFRESCO | NETHERLANDS | Beverages |
| 03/2016 | REFRESCO | DIS | NETHERLANDS | Beverages |
Similar deals in Food Processing
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 02/2023 | LUCAS BOLS COMPANY | FLUÈRE | NETHERLANDS | Wines & Spirits |
| 02/2023 | ROUTIN | CAPPUCCINE | UNITED STATES | Soft Drinks |
| 01/2023 | BROWN-FORMAN CORPORATION | DIPLOMÁTICO RUM | VENEZUELA | Wines & Spirits |
| 01/2023 | NEWPRINCES GROUP | EM FOODS | FRANCE | Food Products |
| 01/2023 | IRCA / ADVENT INTERNATIONAL | KERRY SWEET INGREDIENTS | IRELAND | Ingredients |
| 12/2022 | ITALIAN WINE BRANDS | BARBANERA VINI | ITALY | Wines & Spirits |
| 10/2022 | CAMPARI GROUP | WILDERNESS TRAIL DISTILLERY | UNITED STATES | Wines & Spirits |
| 10/2022 | ORKLA | DENALI INGREDIENTS | UNITED STATES | Ingredients |
| 09/2022 | JDE PEETS | LES 2 MARMOTTES | FRANCE | Coffee & Tea |
| 07/2022 | CHEVRILLON | ARCADO | FRANCE | Meat & Cured Meat |
REFERENCES
Valuation range: EV €10–30M
Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Avandis by Refresco are reserved for mynth community members. Register for free to unlock full data.
Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Press release: view release
Acquirer: refresco
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