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
BRIEF-Veea Regains Full Compliance With Nasdaq Continued Listing Requirements
Oct 8 (Reuters) - Veea Inc VEEA.O: VEEA REGAINS FULL COMPLIANCE WITH NASDAQ CONTINUED LISTING REQUIREMENTS Source text: ID:nGNX9LhSKf Further company coverage: VEEA.O ((Reuters.Briefs@thomsonreuters.com;))
Raydium crypto surges 14% as negative funding raises short squeeze prospects
Bombardier Opens New Line Maintenance Station in Sydney
05:27 PM EDT, 10/08/2026 (MT Newswires) -- Bombardier (BBD-B.TO) after trade Thursday said it is opening a new Line Maintenance Station in Sydney, Australia, expanding its network in the Asia-Pacific region. The aircraft manufacturer said the move adds to its existing Australian facilities in Perth and Melbourne. The Sydney location will provide emergency aircraft-on-ground support, unscheduled maintenance and select scheduled inspections. It will also offer mobile response capabilities, with technicians certified to service Bombardier's Learjet, Challenger and Global aircraft, the company said. "The site's new Component Repair and Overhaul workshop will further strengthen Bombardier's capabilities in APAC," it added.
Ser Educacional executives trim stake by R$ 97,593 via spot sales of common shares
Ser Educacional disclosed executive management (Diretoria) spot sales of 7,100 ON shares during the month. Total proceeds were R$ 97,593; average sale price R$ 13.7455 per share. No qualifying spot transactions were reported for the majority shareholder (Controlador), board, audit committee, or advisory board. 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. Ser Educacional SA published the original content used to generate this news brief on October 08, 2026, and is solely responsible for the information contained therein.
Crypto prices
More
