Refresco Plans $10B+ IPO Amid Strong US Market, KKR Ownership
By Abigail Summerville and Echo Wang
Refresco’s IPO Considerations and Market Context
Investment Bank Pitches and IPO Valuation
NEW YORK, Oct 8 (Reuters) - Netherlands-based Refresco and its owner KKR took pitches from investment banks in recent weeks for roles on a potential initial public offering of one of the world's largest independent beverage manufacturers, according to people familiar with the matter.
Refresco is studying a listing which could happen in either the United States or Europe, with any market debut likely valuing the company at more than $10 billion, the people said, speaking anonymously to discuss confidential matters. The plans are preliminary and could change, the people cautioned.
KKR’s Acquisition and Investment Strategy
Investment firm KKR acquired the company in 2022 for roughly $8 billion through its global infrastructure strategy, which invests in critical infrastructure assets. Its other investments out of that strategy include utilities, energy and communication services companies.
Refresco and KKR declined to comment.
Refresco’s Business Model and Operations
Key Partnerships and Clients
Founded in 1999 and headquartered in Rotterdam, Netherlands, Refresco works with retailers such as Walmart and Aldi on their private label beverage products and with branded beverage companies including Coca-Cola, PepsiCo and Monster Beverage.
Global Manufacturing Footprint
Describing itself as the world's largest independent beverage manufacturer, Refresco provides manufacturing, bottling, warehousing, logistics and distribution services to its partners, and has 85 production facilities across North America, Europe and Australia.
Financial Performance
The company generated close to $7 billion of revenue and around $930 million of adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) in 2025, according to its annual report.
Market Comparisons and IPO Environment
Comparable Companies and Valuations
Coca-Cola Consolidated, a North Carolina-headquartered beverage manufacturer, could be a suitable peer to Refresco despite mainly working with Coca-Cola, the sources noted. The company has a roughly $12.5 billion market valuation, and trades at an EBITDA multiple of close to 12 times, per data provider LSEG.
Current US IPO Market Trends
The US IPO market had a strong start to the year, with traditional IPOs raising nearly $140 billion so far, according to Dealogic, putting 2026 on pace to approach the record levels of 2021. But market volatility, higher bond yields, rate-hike fears and growing questions over artificial intelligence spending and valuations are threatening to derail what was expected to be a blockbuster fall IPO season.
Recent Delays and Ongoing Preparations
Several companies, including smart-ring maker Oura, have delayed planned listings in recent weeks. Still, IPO advisers and investors said companies are continuing to hold pitch meetings with bankers for roles on public offerings — known as bake-offs. They are also continuing to meet informally with investors and otherwise prepare for offerings, seeking to be ready to move quickly when market conditions improve.
(Reporting by Abigail Summerville and Echo Wang in New York; Editing by David French and Sanjeev Miglani)
