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PAI and bcIMC consortium to buy Refresco for EUR1.6bn

DBR Staff Writer Published 26 October 2017

A consortium of PAI Partners and British Columbia Investment (bcIMC) has agreed to acquire Dutch soft-drink bottler Refresco in a deal worth €1.623bn.

The consortium will pay €20 per share, which is claimed to be higher than the €19.75 that was offered by the consortium when it started talks earlier this month.

In April, Refresco rejected the bid by PAI to acquire it for €1.4bn.

The enterprise value has been calculated to be €3.3bn representing a number which is 8.5 times its EBITDA post Cott TB’s acquisition.

Refresco CEO Hans Roelofs said: "This Offer represents a fair value for our shareholders and is yet another milestone for the Company.

“The Consortium fully supports our strategy and with its track record, financial strength and understanding of our business, they can support the Company whilst we accelerate our growth plan going forward.”

Refresco stated that major shareholders and shareholding members in the board who hold up to 26.5% of the total issued and outstanding shares, have committed to all their shares for the transaction.

PAI and bcIM stated that they will support Refresco in its strategy of ‘buy and build’ to grow through acquisitions.

Founded in 1999, Refresco is a bottler of soft drinks and juices operating in Europe and the US. The company has a workforce of 5500, working at several of its facilities including the Benelux, Finland, France, Germany, Italy, Poland, Spain, the UK and the US.

Last year, the company earned revenues of €2.1bn and its netprofit was €81.5m.

Earlier this year, Refresco agreed to acquire Cott’s beverage business in North America, UK and Mexico for $1.25bn. The deal excluded RCI International division and its associated concentrate facility and the Aimia Foods division.

Image: The consortium fully supports Refresco's buy-and-build strategy going forward, including the completion of the Cott TB acquisition. Photo: Courtesy of Refresco Group.