KKR is buying a majority stake in Refresco, a beverage solutions company with a network of bottling and warehousing assets in Europe and North America.
KKR, which is making the investment primarily through its global infrastructure strategy, said it has agreed to buy the majority stake in Refresco, with existing investors, PAI Partners and British Columbia Investment (BCI) Management Corporation, maintaining a significant minority stake.
Financial details were undisclosed.
Founded in 1999, Refresco provides beverage solutions for retailers and branded beverage companies through its network of bottling, warehousing, logistics and other operational assets. The companyβs production platform includes over 70 majority-owned manufacturing sites in Europe, the US, Canada and Mexico.
KKR said it will support Refresco as it expands its global footprint.
James Cunningham, partner at KKR, said Refresco has a strong commitment to sustainability, which is an important differentiator for its customers.
βWe look forward to leveraging our operational expertise from across the KKR platform to support the companyβs continued growth and further advance the sustainability of its value chain,β Cunningham said.
Hans Roelofs, CEO of Refresco, said: βTo support further growth, we have explored the various alternatives available to us and believe that the investment by KKR is an incredibly positive development for the company.
βLike our existing shareholders, KKR is supportive of our strategy and will bring operational expertise, access to capital and a well-established network to support us in our growth, innovation and M&A strategy.β
FrΓ©dΓ©ric StΓ©venin, managing partner of PAI Partners, said: βWe are proud to have been instrumental in Refrescoβs growth since we initiated our investment with BCI in 2018.
βWe are even more excited about the prospect of continuing to stay a part of Refrescoβs strong growth trajectory alongside KKR.β
Julian Remedios, senior managing director, private equity, BCI, said: βAs an institutional investor with a long-term perspective, supporting strong management teams and market-leading companies is core to our private equity programme.
βWe are in full agreement with FrΓ©dΓ©ricβs comments and are very happy to continue this partnership with management, PAI and KKR.β
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