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10/2017

REFRESCO acquired by PAI PARTNERS

NETHERLANDS Food Processing / Beverages EV €1–10bn

Context

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.

Previously, Refresco had completed the acquisition of Dis in 2016 as part of its consolidation strategy.

REFRESCO, which reported an EBITDA margin of [members only] in 2016, is valued in this transaction at an EV/EBITDA multiple of 10x–18x, representing a premium to the average currently observed in the AgriFood sector (11.0x).

-> 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.

Ent. Value

€1–10bn

Equity Value

[members only]

Multiples

EV / Revenue

1x–3x

EV / EBITDA

10x–18x

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2016
€1–10bn
€150–250M
[members only]
2015
€1–10bn
€150–250M
[members only]

Other operations with REFRESCO

Other operations with REFRESCO

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
DateAcquirerTargetCountrySector
02/2026REFRESCOSUNOPTAUNITED STATESSoft Drinks
07/2025REFRESCOTELEMARK KILDEVANNNORWAYSoft Drinks
11/2024REFRESCOFRÍAS NUTRICIÓNSPAINSoft Drinks
01/2023REFRESCOAVANDISNETHERLANDSContract Bottling & Packaging
02/2022KKRREFRESCONETHERLANDSBeverages
03/2016REFRESCODISNETHERLANDSBeverages

REFERENCES

Valuation range: EV €1–10bn

Revenue range: €1–10bn

EBITDA range: €150–250M

EV/Revenue range: 1x - 3x

EV/EBITDA range: 10x - 18x

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

Target: refresco

Acquirer: pai partners