Refresco, the global independent beverage solutions provider for retailers and global, national, and emerging (GNE) brands in Europe, North America, and Australia, today announces the successful closing of its acquisition of Frías Nutrición (“Frías”), a leading manufacturer of plant-based drinks in Spain. This transaction, first announced on July 22, 2024, strengthens Refresco’s position in the rapidly growing plant-based beverage category.
Frías, located in Burgos, Spain, employs approximately 250 people and specializes in producing private label plant-based drinks, including almond, rice, hazelnut, and soy options for key retailers in Spain and beyond. This acquisition complements Refresco’s existing operations in Spain and significantly expands its capabilities in the plant-based drinks sector.
CEO Refresco, Hans Roelofs, commented: “As part of our proven Buy & Build strategy, we are looking to expand our capabilities in existing and adjacent beverage categories. The acquisition of Frías not only enhances our footprint in the plant-based drinks market, but it also allows us to better serve our European customers and accelerates our product innovation capabilities. We are excited to welcome the talented Frías team and are dedicated to a seamless integration process that will drive mutual growth.”
With this acquisition, Refresco reaffirms its commitment to delivering high-quality, innovative beverage solutions to its customers, while also further enhancing its service offerings.
Refresco, the global independent beverage solutions provider for retailers and global, national, and emerging (GNE) brands in Europe, North America, and Australia, today announces it has successfully completed a EUR 400 million Term Loan B.
This transaction adds a new stand-alone EUR 400 million Term Loan B with an interest rate of EURIBOR plus 3.50%. Proceeds from the TLB will be used to repay its borrowings under its Revolving Credit Facility, repay EUR 100 million of its existing EUR Term Loan B (E+3.75%), and increase cash on balance sheet.
CFO Refresco, Bill McFarland, commented: “We are pleased with the strong market demand for our Term Loan B, and with the enhanced liquidity and financial flexibility this transaction provides. Refresco continues to deliver on our Buy & Build strategy – including our most recent announcement on our agreement to acquire Frias – while strengthening our balance sheet and improving our credit metrics. We appreciate the recognition and support of the markets.”
No other material changes were made to the terms and conditions of the TLB. The maturity date of the TLB remains July 2029, as per the existing facilities.
As part of the transaction, the Company has also increased its Revolving Credit Facility by EUR 125 million to EUR 625 million.
Strong customer demand & market potential are key drivers behind new production line
CP Kelco, a global leader of nature-based ingredient solutions, has completed a USD 60 million expansion in production capacity for its citrus fiber product line, based on strong customer demand and market potential. With this significant expansion, the company has ample capacity to support current and future customers’ citrus fiber supply needs.
The production line expansion for NUTRAVA® and KELCOSENS™ Citrus Fiber in the company’s facility in Matão, Brazil, increases the total capacity to approximately 5000 MT, establishing CP Kelco as a leading citrus fiber supplier to food, beverage and consumer product manufacturers worldwide. This expansion provides options to incrementally expand capacity even further in the future based on customer needs.
Launched in 2019, CP Kelco’s citrus fiber products are highly versatile and unique ingredients upcycled from citrus peels, a byproduct of the juicing industry. With the continued growth in consumer demand for clean-label, sustainable products, citrus fiber addresses the need for nature-based and easily recognisable ingredients in a variety of food, beverage and personal care products.
NUTRAVA® Citrus Fiber supports dietary fiber intake and offers unique water-binding, texturising and stabilisation capabilities in a wide range of food and beverage applications, from condiments, dressings and soups to bakery goods, dairy and plant-based products. In personal care products, KELCOSENS™ Citrus Fiber serves as a gentle emulsifier alternative, providing stabilisation and a light skin feel to help product developers create SENSational textures, from serums to gels and luxe creams.
Following the March, 2022 decision to divest from the Russian market, Ball Corporation announced that it has completed the sale of its beverage packaging business in Russia to Arnest Group for USD 530 million. The purchaser, Arnest Group, has acquired all of Ball Corporation’s Russian-based business.
“This decision is the result of many months of consideration, delivering a solution that best secures the future of Ball’s colleagues and assets in Russia. We believe this is a sound outcome for Ball in these geo-political circumstances,” said Dan Fisher, president and CEO Ball Corporation.
Arnest is the largest manufacturer of perfume, cosmetic and household products in aerosol packaging in Russia and Ball’s Aluminum Aerosol division has had the opportunity to work with the world class team at Arnest in the past. The closing of this transaction is not subject to any conditions, and all required approvals have been obtained. The sale is not expected to impact Ball’s businesses outside of Russia.
SIG announced the completion of its acquisition of Pactiv Evergreen Inc.’s Asia Pacific chilled carton operations (“Evergreen Asia”). The business is fully consolidated from the beginning of August 2022.
On 5 January 2022, SIG announced that it had entered into an agreement to acquire Evergreen Asia, a leading system supplier of filling machines, cartons, closures and after-sales service in the chilled segment, covering dairy and non-carbonated soft drinks, with production facilities in mainland China, Taiwan and South Korea.
For the twelve months ended 31 December 2021, Evergreen Asia generated revenue of approximately EUR 135 million and adjusted EBITDA of approximately EUR 24 million1. It was acquired for an enterprise value of USD 335 million and SIG expects to realise run-rate cost synergies of approximately EUR 6 million.
The acquisition provides new growth opportunities in Asia, where demand is growing strongly especially for fresh milk in China. Evergreen Asia enables SIG to further expand its existing customer relationships with national dairies and provides access to new customers at a regional and local level. SIG intends to leverage its R&D know-how, innovation capabilities and its marketing expertise to introduce more innovative packaging formats in this market segment.
1Unaudited
Kerry, one of the world’s leading taste and nutrition companies, has announced it has completed the acquisition of U.S.-based Natreon, Inc., a leading supplier of branded Ayurvedic botanical ingredients.
Natreon supplies branded and scientifically studied and tested Ayurvedic extracts to the dietary supplement and functional food and beverage industries across the globe. The acquisition significantly expands Kerry’s leadership position and ProActive Health portfolio of science-backed branded ingredients, furthering the company’s technology growth. The branded ingredients in Natreon’s portfolio are protected by a wide range of U.S. and foreign patents and supported by a total of 52 clinical studies which support the efficacy of their health benefits. Natreon’s portfolio consists of the following:
- Sensoril® – Ashwagandha extract for cognitive health benefits including stress, anxiety, and sleep.
- PrimaVie® – Shilajit extract for sports nutrition and healthy aging.
- Capros® – Amla extract for cardiovascular support.
- Crominex® – Chromium complex for diabetes.
- Ayuflex® – Terminalia chebula extract for bone and joint health benefits.
- Ayuric® – Terminalia bellirica extract for uric acid health.
The ingredients will be integrated into Kerry’s ProActive Health portfolio and leveraged by Kerry’s broad customer base. The ingredients will be supported by Kerry’s global application and R&D network, including continued investment in the science and clinical evidence supporting the brands.
Kerry has been building a leading position in science-backed functional ingredients within its ProActive Health portfolio for the past several years, most recently with the acquisition of Spain-based company Biosearch Life in 2021.
Elopak advances its growth strategy with key acquisition of Naturepak Beverage Packaging Co Ltd, the leading gable top fresh liquid carton and packaging systems supplier in the MENA region
Elopak ASA has completed its acquisition of Naturepak Beverage from Naturepak Limited, a wholly owned subsidiary of Gulf Industrial Group, and Evergreen Packaging International LLC, a wholly owned subsidiary of Pactiv Evergreen Inc.
The acquisition of Naturepak, the leading gable top fresh liquid carton and packaging systems supplier in the MENA region, sees the addition of local production facilities in Morocco and Saudi Arabia to Elopak’s extensive existing global network, which already encompasses customers across 70 countries. At the same time, it boosts annual production capacity by more than 2.5 billion cartons, supporting the company’s ambition to meet the growing demand for sustainable packaging solutions.
The acquisition will also provide access to a strategic customer base in the fresh beverage carton segment in key growth markets, many of whom are global blue chip FMCG players and strong regional champions.
The acquisition marks a key milestone in Elopak’s growth strategy. Having listed on the Oslo stock exchange in 2021, the company is seeking to capitalize on its strong track record, growing geographical footprint and investment in sustainability-focused innovations to target organic growth of 2 – 3 % per annum. It is pursuing new business opportunities across both traditional and non-traditional segments, as well as driving the plastic to carton conversion.
Commenting on the acquisition Elopak CEO Thomas Körmendi stated, “We are delighted to have acquired such a high-quality asset in MENA. This move greatly enhances our position in the Middle East and African markets, enabling us to realize our ambitions of this growth region, as well as further strengthening our global footprint.”
“Going forward we are excited to share our sustainable packaging solutions with Naturepak Beverage’s client base and work hand-in-hand with them to find ways to reduce their carbon footprint and empower consumers to make environmentally conscious choices,” he continued.
“As we strengthen our presence in the region, we continue to bring new products to market that provide natural and convenient alternatives to plastic bottles that fit within a low carbon circular economy. We are ready to leverage our expertise, market-leading technology and skills to grow our presence in the region across products, segments and markets,” Körmendi explained.
Following its announcement on 12 August 2021, Coca-Cola HBC AG (“Coca-Cola HBC”) announced the completion of the acquisition by its wholly-owned subsidiary, Coca-Cola HBC Holdings BV (“CCH Holdings”), of approximately 52.7 % of Coca-Cola Bottling Company of Egypt S.A.E. (“CCBCE”) from MAC Beverages Limited (“MBL”) and certain of its affiliated parties for cash consideration of US$304 million, subject to certain balance sheet adjustments. An additional earnout amount may be payable based on CCBCE’s financial performance in 2021. Mr. Abdul Galil Besher, the current executive chairman of CCBCE, will remain as non-executive chairman of CCBCE. The transaction with MBL also involves the potential acquisition by CCH Holdings, at the same price per share to be paid to MBL, of another approximately 2.8 % stake from certain other minority shareholders pursuant to agreements to be entered into in due course.
In addition, a convertible loan issued to a wholly-owned affiliate of The Coca-Cola Company (the “TCCC Seller”) by CCBCE, convertible into new CCBCE shares, has been transferred to CCH Holdings for a cash consideration of approximately US$22 million (which is equal to its outstanding principal amount and unpaid interest).
Completion of the acquisition by CCH Holdings of approximately 42 % of CCBCE from the TCCC Seller, also announced on 12 August 2021, is expected to occur later this month, bringing CCH Holdings’ total ownership in CCBCE to 94.7 %.
The acquisition gives Coca-Cola HBC access to the second-largest non-alcoholic ready-to-drink (“NARTD”) market in Africa by volume, building on existing scale in Africa and increasing Coca-Cola HBC’s exposure to high growth geographies. There is a significant opportunity to leverage Coca-Cola HBC’s proven route-to-market capabilities and 70 years of experience operating in emerging markets to increase penetration of The Coca-Cola Company’s brand portfolio and drive category leadership.
