PAI sells Refresco to KKR for USD 8bn

PAI and BCIMC will remain significant minority shareholders in the transaction, said KKR, which is making the acquisition through its global infrastructure strategy. The deal values the asset at around USD 8bn, according to a source familiar.

PAI took Refresco private in 2018 at a EUR 20 offer for all shares valued at EUR 1.6bn. Refresco's enterprise value at the time of the deal was EUR 3.3bn, according to a press release. 

It had been in a dual-track process but admitted Jacobs, KKR and Platinum to a second round of bids in late January, reported Mergermarket. A listing was expected to fetch around USD 6bn. 

Bank of America, Goldman Sachs and JPMorgan Chase were appointed to explore options in October 2021. 

The asset was marketed off an EBITDA of EUR 514m (USD 583m), as reported, making the entry multiple around 14x EBITDA. 

One of the other bidders went in around 6-7x, said a second source. 

During PAI's ownership Refresco completed 10 add-on transactions, including mineral water and carbonated soft drinks company HANSA-HEEMANN in 2022. It also acquired three of Coke's US locations from Coca Cola in 2021. 

KKR is making the deal through its global infrastructure strategy, which was established in 2008. It says it has made over 60 infrastructure investments. 

The company
Refresco is a global independent beverage solutions provider for retailers and branded beverage companies with pan-regional coverage in Europe and North America through its network of bottling, warehousing, logistics and other operational assets. The company's production platform includes over 70 majority-owned manufacturing sites in Europe, the U.S., Canada and Mexico. 

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