3i's Refresco Gerber to list in Amsterdam

Refresco's decision to go public is the result of a process launched in Q3 last year to reshuffle the company's capital structure. Both new and existing shares will be offered as part of the listing.

JP Morgan and Credit Suisse will act as joint global coordinators and joint bookrunners in the IPO. ABN Amro and HSBC will also be joint bookrunners. Rabobank and Societe Generale have been mandated as joint lead managers.

Founded in 1999, Refresco Gerber bottles soft drinks and fruit juices for retailers and brand owners. It experienced strong growth last year, with revenues rising by 28% to €2bn and EBITDA increasing by 49% to €208m.

3i bought a 20% stake in Refresco for €84m in 2010. This marked 3i's first investment from its recently closed €1.2bn venture fund. Existing shareholders – an Icelandic consortium of investors led by Stodir, and the management of Refresco – retained their stakes in the business.

In 2013, Refresco and Gerber Emig merged to become Refresco Gerber.

3i had already been a Refresco shareholder in the past, backing a 2003 management buyout from a syndicate of private equity investors comprising Hay Hill Capital, NeSBIC, Isis Equity Partners, CBG Commerzbank and Capiton. The deal was then valued at €310m and included a €128m debt package. In April 2006, 3i sold its stake in Refresco to FL Group, Vifilfell hf and Kaupthing in a deal valued at €535m.

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