September 16, 2016

Refresco completes Whitlock acquisition

Refresco Group N.V., a European bottler of soft drinks and fruit juices for A-brands and retailers, has completed the previously announced acquisition of Whitlock Packaging, a large scale U.S. bottler. The acquisition of Whitlock enables Refresco to create a new growth platform in North America with return and synergy potential, similar to Europe, according to the company.

The purchase price is $129 million, equal to EUR 117 million, on a debt and cash free basis. This represents an EV/adjusted EBITDA multiple of 7.3x and is in line with the average multiple paid by Refresco. The acquisition is expected to be earnings accretive in the first full year of consolidation.

Refresco financed the transaction via the existing syndicated term loan facility.

More information about the acquisition of Whitlock Packaging can be found on the Refresco website.





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