To The Moon

KKR & Co. agreed to buy a majority stake in bottling company Refresco from PAI Partners and British Columbia Investment Management Corp. for an undisclosed price.

PAI Partners and BCI will keep a “significant” minority holding in Refresco, according to a statement Tuesday. The Rotterdam-based company has more than 70 majority-owned manufacturing sites in Europe and North America and over 10,000 employees.

“KKR is supportive of our strategy and will bring operational expertise, access to capital and a well-established network to support us in our growth, innovation and M&A strategy,” Refresco Chief Executive Officer Hans Roelofs said in the statement.

Refresco, one of the world’s largest independent contract beverage manufacturers, helps brands produce everything from ready-to-drink teas and coffees to juices and beer, according to its website. PAI led a consortium that bought the company in 2018 at a valuation of 3.4 billion euros ($3.9 billion).

Bloomberg News reported in August that Refresco could be valued at about $6 billion in an initial public offering or sale.