REFRESCO acquired by KKR
Context
KKR acquired a majority stake in Refresco from PAI Partners and British Columbia Investment Management Corporation (BCI). This transaction marks the exit of PAI and BCI after a highly successful four-year holding period, during which the group's enterprise value nearly doubled. Under PAI's ownership, Refresco completed significant acquisitions, including Cott's bottling activities and various regional players, solidifying its position as a global leader.
After completing several external growth transactions including Dis (2016), the company was involved in a leveraged buyout led by Pai Partners in 2017.
REFRESCO, which reported an EBITDA margin of LOGIN in 2021, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN to the average currently observed in the AgriFood sector (10.5x).
Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.
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Target
Refresco is the world's largest independent beverage solutions provider for retailers and global A-brands. The group specializes in the bottling of fruit juices and non-alcoholic beverages (carbonated soft drinks, mineral water, ready-to-drink teas) primarily for private labels (Aldi, Lidl, etc.) and through contract manufacturing for major brands like Coca-Cola or PepsiCo. Operating a vast Corporate network across Europe and North America, Refresco provides end-to-end supply chain solutions, from product innovation and sourcing to complex bottling and logistics.
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Historical Financials (EUR)
Other operations with REFRESCO
| Date | Acquirer | Target | Country | Sector | Deal Context |
|---|---|---|---|---|---|
| 02/2026 | REFRESCO | SUNOPTA | UNITED STATES | Food Processing | Refresco has entered into a definitive agreement to acquire 100% of SunOpta for $6.50 per share in an all-cash transaction. The strategic rationale for the deal is to significantly bolster Refresco’s position in the fast-growing North American plant-based beverage market, utilizing SunOpta’s specialized aseptic manufacturing footprint as a platform for regional expansion. The acquisition is highly complementary, filling geographic gaps in Refresco’s US operations while adding advanced R&D and formulation capabilities in the plant-based milk and broth categories. Despite a temporary slowdown in US retail unit sales, the deal prioritizes SunOpta’s exceptional momentum in the foodservice channel, where it supplies eight of the top ten North American coffee chains. The transaction allows for faster operational remediation and margin normalization under private ownership, shielding the business from public-market reporting constraints. This move consolidates Refresco's shift toward value-added, less-commoditized beverage models on a global scale. |
| 10/2017 | PAI PARTNERS | REFRESCO | NETHERLANDS | Food Processing | Refresco was acquired by a consortium of PAI Partners and BCI via a public offer of EUR20 per share. The transaction allowed Refresco to delist from the Euronext Amsterdam stock exchange to pursue its ambitious growth strategy as a private entity. |
| 03/2016 | REFRESCO | DIS | NETHERLANDS | Food Processing | Refresco acquired 100% of DIS. This transaction was highly strategic as it focused on "Canning"—a packaging format experiencing double-digit growth driven by the surge in energy drinks and craft sodas. The deal allowed Refresco to add approximately 800 million cans to its annual production capacity and secure a state-of-the-art facility in a prime logistical location. |
REFERENCES
Valuation range: EV 3b - 100b EUR
Revenue range: 2.5b - 5b EUR
EBITDA range: 450M - 900M EUR
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Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).
Target: refresco
Acquirer: kkr