Exclusive Report – Sources say Refresco is planning an initial public offering (IPO) with a valuation of over 10 billions dollars.
路透社2026/10/08 21:36According to sources, several banks have been competing for IPO underwriting business in recent weeks. The sources said the potential listing could take place in either the United States or Europe. KKR acquired Refresco for approximately $8 billion in 2022. Reuters New York, October 8 – According to informed sources, Netherlands-based Refresco and its parent company KKR have recently heard pitches from several investment banks regarding their potential roles in the IPO of Refresco, one of the world's largest independent beverage manufacturers. Sources, speaking anonymously, revealed that Refresco is exploring listing plans, possibly in either the US or Europe, and that regardless of the market, the company’s valuation could surpass $10 billion. They cautioned that the plans are at a preliminary stage and may change. KKR, an investment firm, acquired the company in 2022 for about $8 billion through its global infrastructure strategy, which focuses on investing in critical infrastructure assets. Other investments under this strategy include utilities, energy, and telecommunications service companies. Both Refresco and KKR declined to comment. Founded in 1999 and headquartered in Rotterdam, Netherlands, Refresco partners with retailers such as Walmart and Aldi to produce private label beverage products, and also collaborates with branded beverage companies like Coca-Cola, PepsiCo, and Monster Beverage. Refresco claims to be the world’s largest independent beverage manufacturer, providing production, bottling, warehousing, logistics, and distribution services to partners. The company operates 85 production sites across North America, Europe, and Australia. According to its annual report, the company achieved nearly $7 billion in revenue and about $930 million in adjusted EBITDA in 2025. Sources noted that although Coca-Cola Consolidated mainly collaborates with Coca-Cola, this North Carolina-based beverage manufacturer could still be a relevant comparable for Refresco. According to data provider LSEG, that company's market capitalization is around $12.5 billion, and its EBITDA multiple is close to 12 times. Dealogic data show that the US IPO market had a strong start this year, with traditional IPO funding approaching $140 billion so far, making 2026 likely to approach the record levels seen in 2021. However, market volatility, rising bond yields, rate hike concerns, and increasing questions over AI spending and valuations are threatening the once-expected bumper autumn IPO season. Several companies, including smart ring maker Oura, have postponed planned listings in recent weeks. Nevertheless, IPO advisors and investors say companies continue to hold pitches with investment banks to vie for underwriting spots—known as “beauty contests.” They are also continuing informal meetings with investors and other preparations to allow them to move quickly when market conditions improve. (For the convenience of non-English speakers, Reuters automatically translates its reports into various languages. Reuters does not guarantee the accuracy of automated translations, and such translations are provided solely for reader convenience. Reuters accepts no liability for any damage or loss caused by use of the automated translation function.)
Abigail Summerville/Echo Wang
Reuters New York, October 8 - According to people familiar with the matter, Refresco, headquartered in the Netherlands, and its parent company KKR KKR.N have heard pitches from multiple investment banks in recent weeks regarding their roles in a potential initial public offering (IPO) of the world’s largest independent beverage manufacturer.
Sources, who spoke on condition of anonymity, said Refresco is exploring plans to list and could go public in either the United States or Europe. No matter which market the listing happens in, the company’s valuation could exceed $10 billion. These sources cautioned that plans are still at an early stage and subject to change.
Investment company KKR acquired the company in 2022 through its Global Infrastructure strategy for approximately $8 billion, a strategy focused on investing in key infrastructure assets. Other investments under this strategy include utilities, energy, and communications services companies.
Both Refresco and KKR declined to comment.
Founded in 1999 and headquartered in Rotterdam, Netherlands, Refresco partners with retailers such as Walmart (WMT.O) and Aldi to produce their own private-label beverage lines, and collaborates with branded beverage companies such as Coca-Cola (KO.N), PepsiCo (PEP.O), and Monster Beverage (MNST.O).
Refresco describes itself as the world’s largest independent beverage manufacturer, providing production, bottling, warehousing, logistics, and distribution services for its partners, with 85 production sites across North America, Europe, and Australia.
According to its annual report, the company achieved nearly $7 billion in revenue in 2025, as well as approximately $930 million in adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA).
Sources noted that although Coca-Cola Consolidated (COKE.O) primarily works with Coca-Cola, the North Carolina-based beverage manufacturer could still be a suitable comparable for Refresco. Data provider LSEG shows the company has a market value of about $12.5 billion and an EBITDA multiple nearing 12 times.
According to Dealogic data, the US IPO market had a strong start this year, with traditional IPO fundraising reaching nearly $140 billion so far, putting 2026 on track to come close to the record highs of 2021. However, market volatility, rising bond yields, concerns over interest rate hikes, and growing doubts over AI spending and valuations are all threatening what was expected to be a blockbuster autumn IPO season.
Several companies, including smart ring maker Oura (link), have delayed their planned listings in recent weeks. Nevertheless, IPO advisors and investors say companies are still continuing to hold pitching sessions with investment banks, to compete for underwriting slots—a process known as a “bake-off.” They are also continuing to meet informally with investors and make other preparations, so they can move quickly when market conditions improve.
(To facilitate non-native English speakers, Reuters provides automated translation of its reports into several other languages. Because automated translation may contain errors or lack necessary context, Reuters does not guarantee the accuracy of translated text and presents it for reader convenience only. Reuters accepts no responsibility for any damage or loss resulting from use of the automated translation feature.)
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
BUZZ - "Broker Views": Analysts skeptical about reports of Starbucks acquiring Chipotle
On October 9, the Financial Times reported Thursday that Starbucks SBUX.O had explored the potential acquisition of Chipotle CMG.N, a move that would see CEO Brian Niccol return to the Mexican burrito chain he once led. Starbucks declined to comment, stating the company would remain “fully focused” on its own business turnaround. **Limited Strategic Rationale** BTIG expressed “high skepticism,” noting that from a supply chain and operational perspective, the deal “does not make sense” and would cause significant dilution for Starbucks shareholders while disrupting management at both brands. BTIG analyst Peter Saleh stated: “Over the years, we've heard many stories about multi-brand acquisitions... but few actually happen, and even fewer succeed.” William Blair analyst Sharon Zackfia pointed out that, given the differences in supply chains, the deal offers “no clear revenue synergies and very limited benefits in procurement.” She also noted that as of June, Starbucks’ $9.4 billion net debt would make financing an acquisition “difficult to justify” and could raise the combined company's leverage ratio to about 6x, which is high in the publicly listed restaurant sector. D.A. Davidson indicated that given the distinct differences between the brands and limited apparent synergies, the likelihood of the deal succeeding is 20% or less. EMarketer analyst Suzy Davidkhanian commented that Niccol's familiarity with Chipotle could reduce execution risks, but Starbucks investors might view this transaction as a “costly distraction” hindering the company’s turnaround. (Note: For non-English speakers, Reuters provides automated translation of reports into several other languages for convenience. Due to potential errors and lack of required context, Reuters does not guarantee the accuracy of automated translations and assumes no liability for any damages or losses arising from their use.)
Jefferies lowers AppLovin's target price to $375
BUZZ-Humana shares rise on improved “Federal Medicare Advantage Plan” ratings
October 9 – Humana Inc (HUM.N) shares surged 14.4% in pre-market trading to $443. According to U.S. government data, 95% of HUM members participating in the “Medicare Advantage Plan” were rated four stars or higher for 2027. Higher star ratings are crucial for insurance companies, as they result in government bonuses and can boost plan enrollment. Oppenheimer analysts estimate the improved ratings could add $3.6 billion in revenue for the company. In contrast, according to Oppenheimer, competitors UnitedHealth Group (UNH.N) and CVS Health (CVS.N) saw their average ratings fall by 15% from last year, while Elevance (ELV.N) and Centene (CNC.N) also experienced declines. As of the previous trading session, HUM had gained 51% year-to-date, while UNH, CVS, and ELV posted gains between 10% and 14.4%, and CNC surged 57%.
Spotlight Stock Market halts trading in Tessin Nordic on Spotlight Stock Market
Spotlight Group’s Spotlight Stock Market halted trading in Tessin Nordic Holding shares listed on Spotlight Stock Market. Suspension took effect today, Oct. 9, 2026, with trading to remain halted until further notice. Action cited concerns that the company’s shares may not meet Spotlight Stock Market listing requirements. Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Spotlight Group AB published the original content used to generate this news brief via Cision (Ref. ID: 202610090454BITN____UKPR__SV_20261009-BIT-1178-0) on October 09, 2026, and is solely responsible for the information contained therein.
Crypto prices
More
