At what enterprise value was REFRESCO acquired in 2022?

During the acquisition of REFRESCO by KKR in 2022, the company was valued at an estimated revenue multiple of below 5x. The transaction's Enterprise Value is estimated to be in the range of 3b - 100b EUR. By registering for free, you get access to complete and exact transaction details including enterprise value, revenue, and EBITDA. Additionally, our database shows that the AgriFood industry currently tracks an average EBITDA multiple of 10.7x, providing a valuable benchmark for this transaction.

What was the EV/EBITDA of REFRESCO when it was acquired by KKR?

The estimated EV/EBITDA multiple for REFRESCO is in the range of 10x - 18x. For comparison, the AgriFood sector currently shows an average EBITDA multiple of 10.7x. Join our community for free to access full valuation data and industry trends.

When was REFRESCO acquired by KKR?

REFRESCO was acquired by KKR in 2022.

What was the revenue of REFRESCO at the time of the deal?

The revenue of REFRESCO at the time of the deal is estimated to be in the range of 2.5b - 5b EUR. Register for free to access the full transaction report and exact valuation multiples.

What was the EBITDA of REFRESCO during the acquisition?

REFRESCO's EBITDA is estimated to be in the range of 450M - 900M EUR. Join our community for free to access complete and exact deal data.

What is Enterprise Value (EV)?

Enterprise Value (EV) is a measure of a company's total value, often used as a more comprehensive alternative to equity market capitalization. EV includes in its calculation the market capitalization of a company but also short-term and long-term debt as well as any cash on the company's balance sheet.

What is the EV/EBITDA multiple and why is it used?

The EV/EBITDA multiple is a financial ratio that compares a company's Enterprise Value (EV) to its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). It is widely used in M&A and valuation because it allows for comparisons between companies with different capital structures and provides a clear view of operational profitability.

How is the data for the REFRESCO acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the REFRESCO deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://www.lesechos.fr/industrie-services/industrie-lourde/pai-cede-le-controle-de-refresco-pour-7-milliards-deuros-a-lamericain-kkr-1388936

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Home Database AgriFoodREFRESCO

02/2022

REFRESCO acquired by KKR

NETHERLANDS Food Processing / Beverages EV 3b - 100b EUR

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.

It is worth noting that the company had completed several external growth operations, including Dis (2016), before an LBO led by Pai Partners in 2017.

REFRESCO, which reported an EBITDA margin of in 2021, is valued in this transaction at an EV/EBITDA multiple of , representing a to the average currently observed in the AgriFood sector (10.7x).

-> Deep-dive in AgriFood market trends

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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Other operations with REFRESCO

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
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
01/2023	REFRESCO	AVANDIS	NETHERLANDS	Contract Bottling & Packaging
10/2017	PAI PARTNERS	REFRESCO	NETHERLANDS	Beverages
03/2016	REFRESCO	DIS	NETHERLANDS	Beverages

REFERENCES

Valuation range: EV 3b - 100b EUR

Revenue range: 2.5b - 5b EUR

EBITDA range: 450M - 900M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of REFRESCO by KKR 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.

Target: refresco

Acquirer: kkr