PAI offer rejected by Refresco

PAI initially made an offer to acquire all 81.2 million issued shares in the company, amounting to €1.4bn. However, the board members of the company reviewed the proposed terms and conditions and did not accept the offer.

Refresco is a bottler of soft drinks and fruit juices for retailers in Europe and the US. In 2016, the company had revenues of approximately €2.1bn. It was founded in 1820 and is headquartered in Rotterdam, employing around 5,500 people in Europe and the US.

In 2010, 3i acquired a 20% stake in the Dutch beverage manufacturer in an expansion deal valued at €84m. This was the second time 3i had invested in Refresco: 3i acquired a stake in the company in October 2003 during a management buyout of Refresco Holding from a syndicate of private equity investors comprising Hay Hill Capital, NeSBIC, Livingbridge, CBG Commerzbank and Capiton. The deal was then valued at €310m.

In 2006, 3i sold its stake in Refresco to FL Group, Vifilfell and Kaupthing in a deal valued at €535m.

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• Topics
• Benelux
• Consumer
• Netherlands
• PAI Partners