PAI Partners makes fresh bid for Refresco

Refresco said it had received a new, unsolicited, indicative and conditional proposal from PAI on 3 October. The GP is offering to acquire all 81.2 million issued shares in the company for €19.75 per share, representing an aggregate cash consideration of €1.6bn. The offer includes Refresco's latest acquisition of Cott's bottling activities, which is expected to be completed before year-end.

The boards of Refresco stated they would review the offer and make further comments if and when appropriate.

PAI's initial non-binding €1.4bn takeover proposal of Refresco was rejected by the Dutch business in April this year. 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
• Buyouts
• Benelux
• Industrials
• PAI Partners
• Take Private
• Netherlands