(Bloomberg) -- KKR & Co. agreed to buy a majority stake in bottling company Refresco from PAI Partners and British Columbia Investment Management Corp.
PAI and BCI will will keep a “significant” minority holding in Refresco, according to a statement Tuesday. The deal which values the bottler at about 7 billion euros ($7.9 billion), marks a rare example of KKR’s global infrastructure fund investing in a consumer company, according to people familiar with the matter.
Swiss investment firm Jacobs Holding AG had been the frontrunner for the asset before being beaten by KKR in a hotly-contested auction that ended early Tuesday, the people said, asking not to be identified discussing confidential information. Representatives for Jacobs, KKR and PAI declined to comment.
Rotterdam-based Refresco has more than 70 majority-owned manufacturing sites in Europe and North America and over 10,000 employees. It’s one of the world’s largest independent contract beverage manufacturers and helps brands produce everything from ready-to-drink teas and coffees to juices and beer, according to its website.
“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,” Refresco Chief Executive Officer Hans Roelofs said in the statement.
PAI led a consortium that bought the company in 2018 at a valuation of 3.4 billion euros. Bloomberg News reported in August that Refresco could be valued at about $6 billion in an initial public offering or sale and was also weighing an IPO in the U.S.
JPMorgan Chase & Co. advised PAI on the sale, Credit Suisse Group AG worked with KKR and Rothschild & Co. advised Jacobs.
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