M&A Deal Summary

PAI Partners and BCI Acquire Tropicana Products

On August 3, 2021, private equity firm PAI Partners and asset manager BCI acquired beverage company Tropicana Products from PepsiCo

Acquisition Highlights
  • This is PAI Partners’ 2nd and BCI’s 2nd transaction in the Beverages sector.
  • This is PAI Partners’ 3rd and BCI’s 9th transaction in the United States.
  • This is PAI Partners’ 1st and BCI’s 1st transaction in Florida.

M&A Deal Summary

Date 2021-08-03
Target Tropicana Products
Sector Beverages
Buyer(s) PAI Partners
BCI
Sellers(s) PepsiCo
Deal Type Divestiture

Target

Tropicana Products

Bradenton, Florida, United States
Tropicana Products is a provider of juices, and brands including Tropicana, Naked, KeVita, Izze, Dole, Copella, and Punica. Tropicana Products was founded in 1947 and is based in Bradenton, Florida.

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Buyer(S) 2

Buyer

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 79 of 95
Sector: Beverages M&A 2 of 2
Type: Divestiture M&A Deals 6 of 8
State: Florida M&A 1 of 1
Country: United States M&A 3 of 4
Year: 2021 M&A 6 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-02 Scrigno

Rimini, Italy

Scrigno is a manufacturer and distributor of counter-frames for pocket doors and windows worldwide. Scrigno also manufactures and distributes armored doors. Scrigno was founded in 1989 and is based in Rimini, Italy.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-05 European Camping Group

Aix-en-Provence, France

European Camping Group is a provider of holiday camping and mobile homes to customers. European Camping Group was formed in 1989 and is based in Aix-en-Provence, France.

Buy -
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 21 of 32
Sector: Beverages M&A 2 of 3
Type: Divestiture M&A Deals 1 of 2
State: Florida M&A 1 of 1
Country: United States M&A 9 of 15
Year: 2021 M&A 4 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-28 Springs Window Fashions

Middleton, Wisconsin, United States

Springs Window Fashions is a manufacturer and marketer of custom and stock window coverings and drapery hardware to retail and commercial customers, as well as independent designers, franchisors, and decorators. Springs Window Fashions was founded in 1939 and is based in Middleton, Wisconsin.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-20 Adams Outdoor

Lansing, Michigan, United States

Adams Outdoor is an outdoor and location-based advertising firm, whose goal is to form marketing partnerships with advertisers providing them with the best media strategies. Adams Outdoor was formed in 1983 and is headquartered in Lansing, Michigan.

Buy -

Seller(S) 1

SELLER

PepsiCo

Purchase, New York, United States

Category Company
Founded 1898
Sector Beverages
Employees319,000
Revenue 91.9B USD (2024)
DESCRIPTION
PepsiCo office in Columbia, Maryland.
PepsiCo office in Columbia, Maryland.

PepsiCo is a global food and beverage company. PepsiCo's brands include Frito-Lay, Gatorade, Pepsi-Cola, Quaker and Tropicana. Through its operations, authorized bottlers, contract manufacturers and other third parties, PepsiCo makes, markets, distributes and sells a wide variety of beverages, foods and snacks. PepsiCo was founded in 1898 and is based in Purchase, New York.


DEAL STATS #
Overall 3 of 3
Sector: Beverages M&A 2 of 2
Type: Divestiture M&A Deals 3 of 3
State: Florida M&A 1 of 1
Country: United States M&A 2 of 2
Year: 2021 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-03-11 Rockstar Energy Beverage

Las Vegas, Nevada, United States

Rockstar, Inc. is a producer of beverages specialized for active lifestyles from athletes to rock stars. Rockstar products are available in over 30 flavors at convenience and grocery outlets in over 30 countries. Rockstar was founded in 2001 and is based in Las Vegas, Nevada.

Buy $3.9B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-10-01 Siete Foods

Austin, Texas, United States

Siete Foods is a food brand, that makes grain-free products based in Austin, Texas.

Buy $1.2B