The British Columbia Investment Management Corp. and French private equity group PAI Partners have agreed to a cash public offer of all shares of Refresco Group for more than $2.4 billion.
The offer price of 20 euros in cash per share represents a 22 per cent premium on the average closing price (16.37 euros) of the drink company’s shares on July 25, 2017, the day it announced its acquisition of Cott. Corp., another soft-drink maker.
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The B.C. investment manager ”has followed Refresco with interest for several years,” said Jim Pittman, senior vice-president of private equity at the bcIMC, in a press release. “We feel its scale, global presence and track record of growth are a good fit for our clients’ portfolios. We are keen to work with PAI, a long-term strategic partner, to support Refresco and management in the execution of its strategic plans over the coming years.”
Headquartered in Rotterdam, the Netherlands, the company’s products range from fruit juices to carbonated soft drinks to mineral waters, with production in eight countries across Europe and the United States.
“This offer represents a fair value for our shareholders and is yet another milestone for the company. Obtaining a public listing in 2015 was a well-considered decision and it has brought the company many opportunities,” said Hans Roelofs, chief executive officer of Refresco, in the release.
“However, we have also grown and prospered under private equity ownership. Our ownership structure is never a goal in itself. Rather, our focus remains on being in an environment that allows us to continue executing our proven strategy of build and buy,” he added.
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