PAI teams up with BCIMC for fresh Refresco offer

The announcement of the conditional agreement follows news earlier in October that Refresco had received a new, unsolicited, indicative and conditional proposal from PAI on 3 October.

The consortium is offering €20 per Refresco share, a 22% premium on the average share price, via the Sunshine newco. This would value 100% of the shares at €1.62bn, for an enterprise value of €3.3bn (8.5x EBITDA).

The board of Refresco has recommended the offer, noting that the fully committed financing and completed due diligence were providing high levels of certainty.

The offer includes Refresco's latest acquisition of Cott's bottling activities, which is expected to be completed before year-end.

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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