TELEMARK KILDEVANN acquired by REFRESCO
Context
Refresco has completed the acquisition of Telemark Kildevann Holding AS (TKV), a Norwegian beverage and mineral water producer, following the announcement of the transaction in May 2025. The deal was finalized after obtaining the customary regulatory approvals and satisfying the closing conditions. This acquisition is a key milestone in Refresco's "Buy & Build" strategy, which aims to strengthen its industrial footprint in Europe and consolidate its positions in attractive regional markets. The acquisition enables the group to expand its production capabilities in the Nordic countries, a strategic region where it was already present in Finland, and enhance its service offering to distributors and branded customers in Norway and Sweden. The integration of TKV reinforces Refresco's industrial platform with additional sites and a solid local customer base, while broadening its beverage portfolio, particularly in the water and soft drinks segments. This transaction is part of a sector consolidation strategy, allowing the group to increase its operational density and customer proximity in the Nordic region.
By taking control of Telemark Kildevann, Refresco continues its expansion strategy. Previously, the group had completed 3 acquisitions, including FríAs NutricióN in 2024.
TELEMARK KILDEVANN, which reported an EBITDA margin of LOGIN in 2023, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level to compare with the average currently observed in the AgriFood sector (10.8x).
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
Telemark Kildevann Holding AS (TKV) is a Norwegian beverage manufacturer specializing in the production of soft drinks and mineral water. With a long history of operations in Norway, the company's industrial and logistical backbone consists of two production sites located in Fyresdal and Aurskog. TKV is positioned in the premium and high-volume non-alcoholic beverage segment, supplying both large retail customers and third-party brands in Norway and Sweden. The company's business model is built on strong relationships with its retail and branded clients, with whom it maintains close and integrated partnerships within the local supply chain. TKV is renowned for its flexible production capabilities and expertise in refreshing beverages and bottled water, a segment driven by growing demand for natural and high-quality products in the Nordic countries. With a workforce of around 60 employees, the company is a well-established industrial player in its domestic market.
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Historical Financials (NOK)
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REFERENCES
Revenue range: 250M - 500M NOK
EBITDA range: 50M - 100M NOK
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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).
Press release: view release
Target: telemark kildevann
Acquirer: refresco