M&A Deal Summary

KKR and BCI Acquire Refresco Gerber

On February 22, 2022, private equity firm KKR and asset manager BCI acquired beverage company Refresco Gerber from PAI Partners and BCI

Acquisition Highlights
  • This is KKR’s 3rd and BCI’s 3rd transaction in the Beverages sector.
  • This is KKR’s 15th and BCI’s 2nd transaction in the Netherlands.

M&A Deal Summary

Date 2022-02-22
Target Refresco Gerber
Sector Beverages
Buyer(s) KKR
BCI
Sellers(s) PAI Partners
BCI
Deal Type Secondary Buyout

Target

Refresco Gerber

Rotterdam, Netherlands
Refresco Gerber is a soft-drink company provides fruit juice and soft drinks for retail private labels and ‘in contract’ manufacturing for international A-brands. Refresco Gerber was founded in 1999 and is based in Rotterdam, Netherlands.

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Buyer(S) 2

Buyer

KKR

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1976
PE ASSETS 267.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
KKR's office in Menlo Park, California.
KKR's office in Menlo Park, California.

KKR is a global investment firm founded by Jerome Kohlberg, Henry Kravis, and George Roberts. The Firm is separated into several business segments including private markets, public markets, capital markets, and other principal activities. KKR's private equity practice invests in management buyouts, take privates, corporate divestitures, industry consolidations, and partnerships with family-owned companies. KKR will invest in a broad range of industries and companies and will consider businesses throughout North America, Europe, Asia, and Australia/New Zealand. Sectors of interest include chemicals, consumer products, energy and natural resources, financial services, healthcare, industrial, media/communications, retail, and technology. In addition to its traditional principal investment activity business, KKR also invests in infrastructure assets. KKR was formed in 1976 and is based in New York, New York.


DEAL STATS #
Overall 422 of 499
Sector: Beverages M&A 3 of 3
Type: Secondary Buyout M&A Deals 86 of 113
Country: Netherlands M&A 15 of 17
Year: 2022 M&A 2 of 27
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-02-16 Yuehai Feed

Zhanjiang City, China

Yuehai Feed is a manufacturer of Aquatic feed company in China focused on providing feed and nutrition solutions for shrimp and seawater fish farming. Yuehai Feed was formed in 1994 and is based in Zhanjiang City, China.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-03-01 Veresen Midstream

Calgary, Alberta, Canada

Veresen Midstream is an independent natural gas gathering and processing business in Western Canada. Veresen Midstream was founded in 2014 and is based in Calgary, Alberta.

Sell -
Buyer

BCI

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 1999
PE ASSETS 21.1B CAD
Size Mega
Type Sector Agnostic
DESCRIPTION

British Columbia Investment Management Corp. (BCI) is large asset manager focused on providing investment management services to British Columbia’s public sector. The Firm looks to invest in a range of asset categories and will consider opportunities globally. BCI's private equity practice was established in 1995 and seeks leverage buyout and growth equity opportunities that include market leading companies with tangible downside protection. Portfolio companies have a sustainable competitive advantage, offer value-added products and services, and are led by talented management teams. British Columbia Investment Management Corp. is headquartered in Victoria, British Columbia.


DEAL STATS #
Overall 23 of 32
Sector: Beverages M&A 3 of 3
Type: Secondary Buyout M&A Deals 10 of 14
Country: Netherlands M&A 2 of 2
Year: 2022 M&A 1 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-02-11 Waterlogic

High Wycombe, United Kingdom

Waterlogic is a designer, manufacturer, distributor and operator of mains attached point-of-use ("POU") drinking water purification and dispensing systems designed for environments such as offices, factories, hospitals, hotels, schools, restaurants, and other workplaces. Waterlogic was founded in 1992 and is based in High Wycombe, United Kingdom.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-03-07 Reden Solar

Roquefort-sur-Soulzon, France

Reden Solar is an independent producer of renewable energy of photovoltaic origin, which focuses on the development, construction, and operation of photovoltaic power plants in France and abroad. Reden Solar operates PV power generation plants in France, Southern Europe, and Latam. Reden Solar was founded in 2008 and is based in Roquefort-sur-Soulzon, France.

Buy €2.5B

Seller(S) 2

SELLER

PAI Partners

Paris, France

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1998
PE ASSETS 28.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

PAI Partners is a European private equity firm that makes controlling equity investments in buyout transactions valued in excess of €300 million. PAI is particularly interested in 'investing in consolidating sectors and in markets where growth can be sustained through economic and financial market cycles.' Sectors of interest include consumer retail, professional distribution, building materials, infrastructure and utilities, media, IT, communications, food, consumer goods, healthcare, chemicals, automotive, aeronautics, paper & packaging, electrical appliances, and household equipment (heating, air-conditioning, security). The firms invest in the range of €100 - €300 million transaction. PAI was formed in 1998 and is based in Paris with additional offices in Madrid, Milan, Munich, Luxembourg, Copenhagen, and London.


DEAL STATS #
Overall 47 of 52
Sector: Beverages M&A 1 of 1
Type: Secondary Buyout M&A Deals 24 of 26
Country: Netherlands M&A 4 of 4
Year: 2022 M&A 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-22 Uvesco

Irun, Spain

Uvesco is a food retail sector with a differentiated model based on a high-quality product offering. Uvesco was founded in 1993 and is based in Irun, Spain.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-03-28 Thermamex

London, United Kingdom

Theramex is a global specialty pharmaceutical company dedicated to women and their health. The Company markets a broad range of branded and branded generic products across 50 countries around the world. The portfolio, which is dedicated to women's health, focuses on contraception, fertility, menopause and osteoporosis and includes key brands such as Ovaleap®, Zoely®, Seasonique®, Actonel®, Estreva® and Lutenyl®. Thermamex is based in London, United Kingdom.

Buy -
SELLER

BCI

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 1999
PE ASSETS 21.1B CAD
Size Mega
Type Sector Agnostic
DESCRIPTION

British Columbia Investment Management Corp. (BCI) is large asset manager focused on providing investment management services to British Columbia’s public sector. The Firm looks to invest in a range of asset categories and will consider opportunities globally. BCI's private equity practice was established in 1995 and seeks leverage buyout and growth equity opportunities that include market leading companies with tangible downside protection. Portfolio companies have a sustainable competitive advantage, offer value-added products and services, and are led by talented management teams. British Columbia Investment Management Corp. is headquartered in Victoria, British Columbia.


DEAL STATS #
Overall 4 of 5
Sector: Beverages M&A 1 of 1
Type: Secondary Buyout M&A Deals 2 of 3
Country: Netherlands M&A 1 of 1
Year: 2022 M&A 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-02-11 Waterlogic

High Wycombe, United Kingdom

Waterlogic is a designer, manufacturer, distributor and operator of mains attached point-of-use ("POU") drinking water purification and dispensing systems designed for environments such as offices, factories, hospitals, hotels, schools, restaurants, and other workplaces. Waterlogic was founded in 1992 and is based in High Wycombe, United Kingdom.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-03-07 Reden Solar

Roquefort-sur-Soulzon, France

Reden Solar is an independent producer of renewable energy of photovoltaic origin, which focuses on the development, construction, and operation of photovoltaic power plants in France and abroad. Reden Solar operates PV power generation plants in France, Southern Europe, and Latam. Reden Solar was founded in 2008 and is based in Roquefort-sur-Soulzon, France.

Buy €2.5B