Dutch soft drinks bottler Refresco has accepted a €1.6 billion ($1.9bn) offer from a consortium led by French private equity firm PAI Partners, who had previously had a €1.4bn ($1.6bn) bid rejected in April.
PAI and partner British Columbia Investment Management plan to purchase all 81.2 million of Refresco’s shares at €20 ($23.60) each.
Hans Roelofs, chief executive of Refresco, said: “This offer represents a fair value for our shareholders and is yet another milestone for the company. The consortium fully supports our strategy and with its track record, financial strength and understanding of our business, they can support the company whilst we accelerate our growth plan going forward.”
Managing partner of PAI Frédéric Stévenin added: “Refresco is a high-quality business and an attractive consolidation platform in the beverage industry which we intend to fully support using PAI’s wealth of experience in the European food and beverage industry. We share the Refresco management team’s overall vision for the group and we are excited by the opportunity to work with them and the team at bcIMC to realise its potential.”
In July, Refresco agreed to buy the soda business of Canada’s Cott Corp. for $1.25bn, creating what Refresco claims is the largest independent bottler for retailers and consumer companies in Europe and North America.