Executive Board Report

Refresco’s history began in 1999 when Menken Beverages, the predecessor of Refresco, was founded with a management buyout of Menken Drinks and Refrescos de Sur Europa S.A. from a major Dutch dairy group.

1999

2002

2000

In 2002 Refresco acquired Hardthof Fruchtsaft in Germany and Délifruits in France. The acquisition of Delifruits delivered access to aseptic PET production capacity and expertise.

2004

2007

2010

2012

2015

2017

2019

2004 saw Refresco acquire Vip-Juicemaker in Finland, expanding its manufacturing capability in Scandinavia.

Until 2007, Refresco was solely a fruit juice manufacturer.In 2007 Refresco made the strategic choice to diversify itsbusiness portfolio to also include carbonated soft drinks.It acquired Kentpol in Poland, Histogram in the UK and Sun Beverage Company (SBC) - that’s the combination of Winters,St Alban and SunCo - with operations in the Benelux and Nuits St George in France.

In 2010 Refresco acquired Soft Drinks International (SDI), an important step in completing its product portfolio in the German market.

In 2012 Refresco acquired Taja, a Polish retailer brandsmanufacturer of CSDs and water.

On March 27, 2015 Refresco became a publicly quoted company, listed on the Euronext Amsterdam.

In 2017 we announced the acquisition of Cott’s bottlingactivities, the single largest acquisition in the company’shistory, transforming Refresco into the world’s largest independent bottler for retailers and A-brands with leadership positions across Europe and North America. The acquisition wascompleted in January 2018.

We acquired Cott’s concentrate manufacturing business in Columbus. Furthermore we reached an agreement with PepsiCo for the production of part of PepsiCo’s beverage volumes in Spain, including the transfer of Pepsico’s manufacturing activities in Tafalla and Seville. Also we announced the potential acquisition of Britvic’s three juice manufacturing facilities in France and we entered into an agreement with AZPACK (Arizona Production & Packaging) to acquire their manufacturingactivities located in Tempe, Arizona, USA.

2003

2006

2009

2011

2013

2016

2018

In 2000 Menken Beverages acquired Krings Fruchtsaft inGermany, gaining access to the German discount retail channel. The formation of Refresco Holding followed with production sites in the Netherlands, Spain and Germany. What followed for Refresco was the start of an ambitious strategy to grow through implementation of a buy & build strategy.

The acquisition of Interfruit Vital in Spain in 2003 reinforcedRefresco’s position in Spain and Portugal, as well as in thediscount channel. Refresco Holding was also purchased by private equity house 3i in this year.

In 2006 3i sold its investment in Refresco to an Icelandicinvestor consortium.

The acquisition of Schiffers Food in 2009 was next,consolidating the company’s position in the Beneluxretailer brands soft drinks and fruit juices market.

Italy was the next target and in 2011 Refresco entered the Italian market with the acquisition of Spumador followed by an add-on investment in Sulmona (Campari), South Italy.

In 2013, Refresco merged with Gerber Emig. This was a milestone event which significantly increased the size of the company and enhanced it position in the UK. The successful integration which followed triggered the search for freshcapital to take advantage of the growth opportunitiesin Europe and beyond.

In 2016, Refresco purchased the Dutch canning company DIS which was primarily focused on contract manufacturing for A-brands. Furthermore we invested in our production capacity by acquiring the PepsiCo bottling facility in Hamburg, Germany and Sanpellegrino manufacturing site in Recoaro Italy. In July 2016 we announced our first step into North America with the acquisition of Whitlock Packaging.

Consortium of PAI and BCI launch a public offer of all shares of Refresco, fueling the next phase of growth of the company.

our history

Annual Report 2019 13 20 years and counting