3i's Refresco merges with Gerber Emig

Amy King
16 April 2013

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Refresco, a Dutch beverage manufacturer backed by 3i, will merge with European bottling company Gerber Emig.

The new company, Refresco Gerber, will be 30% owned by current Gerber Emig shareholders, with Refresco stakeholders retaining 70% of the firm.

Refresco has followed a buy-and-build strategy under 3i's ownership, acquiring Soft Drinks International in August 2010, a deal funded from the company's existing balance sheet.

The merger with Gerber Emig is subject to the approval of competition authorities and is expected to complete before the end of Q3.

Previous funding
In 2010, 3i acquired a 20% stake in Dutch beverage manufacturer Refresco as part of an expansion deal valued at €84m.

The GP was not new to the firm, having backed the MBO of Refresco in 2003, put up for sale by Hay Hill Capital (a division of Residex), Nesbic, Isis Equity Partners, CBG Commerzbank and Capiton. The deal was then valued at €310m and included a debt package comprising €198m in senior facilities and a €30m mezzanine loan arranged by Société Générale, Fortis Bank and ING.

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

Company
Based in Dordrecht, Refresco is building a European platform of manufacturers of fruit juices and soft drinks. Founded in 2000, the firm sells products in the Benelux region, France, Germany, Iberia, Italy, the UK, Finland and Poland. Refresco reports revenues of €1.5bn and employs around 3,000 staff.

Gerber Emig was founded in 1919 and operates production plants in the UK, France, Germany and Poland. The company focuses on juice and juice drinks, operating a private label and contract manufacturing for branded players. Headquartered in Bridgewater, the firm employs around 1,700 members of staff and reports revenues of €801m.

People
Pieter de Jong, managing director for Benelux, led the deal for 3i.

Advisers
Company (Gerber Emig) – Rothschild (Corporate finance).
Company (Refresco) – ABN Amro (Corporate finance).