Refresco completes acquisition of Whitlock Packaging

ROTTERDAM, Netherlands, Sept. 8, 2016 /PRNewswire/ -- Refresco Group N.V. (Euronext Amsterdam: RFRG), the leading European bottler of soft drinks and fruit juices for A-brands and retailers, announces it has successfully completed the previously announced acquisition of Whitlock Packaging, a large scale US bottler. The acquisition of Whitlock enables Refresco to create a new growth platform in North America with return and synergy potential, similar to Europe.

The purchase price is USD 129 million, equal to EUR 117 million[1], on a debt and cash free basis. This represents an EV/adjusted EBITDA multiple of 7.3x and is in line with the average multiple paid by Refresco. The acquisition is expected to be earnings accretive in the first full year of consolidation.

Refresco financed the transaction via the existing syndicated term loan facility.

More information about the acquisition of Whitlock Packaging can be found in the press release of
July 26, 2016.

For further information, please contact:

Investors:
Marieke Palstra
Investor Relations Manager
+31 (0)10 440 5164
+31 (0)682 856 104
[email protected]

About Refresco Group N.V.
Refresco (Euronext: RFRG) is the leading European bottler of soft drinks and fruit juices for retailers and A-brands with production in the Benelux, France, Germany, Spain, Italy, the UK, Poland and Finland. The company realized in 2015 full year volumes and revenue of circa 6.1 billion liters and circa EUR 2.0 billion, respectively. Refresco offers an extensive range of product and packaging combinations from 100% fruit juices to carbonated soft drinks and mineral waters in carton, PET, Aseptic PET, cans and glass. Focused on innovation, Refresco continuously searches for new and alternative ways to improve the quality of its product and packaging combinations in line with consumer and customer demand, environmental responsibilities and market demand. Refresco is headquartered in Rotterdam, the Netherlands and has about 4,500 employees.

About Whitlock Packaging
Whitlock Packaging was founded in 1980 and is headquartered in Tulsa, Oklahoma. It is privately-held and wholly-owned by Jerry Whitlock, founder and Chairman of the Board. It operates three production facilities across three states (Oklahoma, Florida and New Jersey). Whitlock Packaging is a leading contract manufacturer of liquid refreshment beverages including fruit drinks, juices, isotonic beverages (sports drinks), iced teas, energy drinks and other product types. Its basic operating principle is a commitment to the highest quality product while striving to meet every need of its customers. Currently Whitlock Packaging produces approximately 900 million liters per year and has about 550 employees.

[1] At USD/EUR rate of 1.098.

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SOURCE Refresco Group N.V.