AUSTRALIA – Beverage contract manufacturer Refresco is expanding its global footprint with an agreement to purchase one of Australia’s leading manufacturers of non-alcoholic beverages, Tru Blu Beverages Pty Ltd. (“Tru Blu Beverages”).
The deal which is subject to regulatory approval, creates a new platform for Refresco, in line with its strategic promise, to expand into a third continent – both organically and through acquisitions.
The acquisition of Tru Blu Beverages expands Refresco’s addressable market and provides opportunities to leverage its size and scale, as well as its track record of successfully integrating companies.
In addition, the acquisition further strengthens the company’s position as a beverage solutions provider to branded customers and leading retailers globally and provides new opportunities for further growth.
The three strategically located manufacturing sites are the starting point for Refresco’s future footprint in the region.
Refresco offers an extensive range of product and packaging combinations from juices to carbonated soft drinks and mineral waters in cartons, PET, Aseptic PET, cans, and glass.
CEO Refresco, Hans Roelofs, commented: “Today’s announcement is a testament to our proven Buy & Build a strategy. We started with one factory in Europe just over two decades ago and steadily built a diversified, pan-European platform. Only six years ago, we took our first step into North America.
“We now operate over 70 manufacturing sites globally, with just about half of those located across North America and the rest throughout Europe, offering a full range of beverage solutions to a broad customer base.”
In the deal, Tru Blu Beverages stands to gain from Refresco’s strategic ESG agenda, which will enable it to accelerate efforts of minimizing the environmental impact of manufacturing processes, packaging, and transport.
CEO Tru Blu Beverages, Peter Brooks, added that by joining Refresco, the customers, suppliers, and employees of the Australian-based company will be able to benefit from the Dutch multinational independent bottler’s broad capabilities, experience, and expertise.
He noted that Tru Blu Beverages’ leading capabilities and blue-chip customer base give Refresco a solid entrance into the Australian market.
Refresco to acquire alcoholic beverage manufacturer Avandis
Meanwhile, Refresco has also agreed to acquire alcoholic beverage manufacturer Avandis from Lucas Bols N.V. and De Kuyper Royal Distillers.
Avandis, a 50/50 joint venture of Lucas Bols and De Kuyper, operates one of Europe’s most advanced bottling facilities for distilled beverages, Refresco added.
Roelofs said this acquisition is a step change in expanding our offering to customers in the alcohol category and complements the existing hard liquor capabilities in Europe.
The transaction slated to close by expected to close by the end of 2022, includes a long-term manufacturing contract between Refresco and Lucas Bols and De Kuyper.
The agreement also stipulates that the purchase price for 100% of the shares in Avandis will amount to €25 million (US$24.53m) and it will be adjusted for Avandis’ net debt position (31 March 2022: €15 million) and any working capital adjustments as of the completion date.