ICELAND: Refresco on acquisition hunt
The FL Group-owned Refresco is building a EUR100m war-chest to pursue additional acquisitions.
Refresco's CEO Frans Barel said today (8 February) that the company would look at acquiring soft drinks and bottled water producers in Central and Eastern Europe, as well as continue looking for strategic bolt-on takeover opportunities in the European Union.
"Our latest bolt-on soft drinks acquisition was in Eastern Europe. The developing markets in Central and Eastern Europe, are certain to become more important for Refresco in terms of overall growth opportunities," said Barel.
Iceland-based Refresco's latest purchase saw the company buy Kentpol, the Polish soft drinks and bottled water producer which specialises in private label production. In 2006, Kentpol's turnover amounted to EUR34m.
Refresco's soft drinks and bottled water business generated revenues of EUR66m in 2006.
"Our core investment strategy going forward will be to seek out soft drinks and bottled water producers that are well managed and operate efficient distribution channels in growing consumer markets. We will operate a profit-driven buy and build strategy," said Barel.
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