Refresco Gerber Euronext Amsterdam IPO

Overview:

• Refresco Gerber, a European bottler of soft drinks and fruit juices for retailers and A-brand owners, has launched an IPO on the Euronext Amsterdam.
• The offering will raise between €502 million and €594 million and values the company at €1.18 billion.
• The deal was a dual-track IPO which included an auction and high-yield debt offering.
• The company bottles brands such as Innocent Smoothies and  Del Monte juice. It intends to use the proceeds to pay down debt.
• JPMorgan and Credit Suisse acted as coordinators with ABN AMRO and HSBC as bookrunners.
• Tamoa, Ferskur and 3i were Refresco Gerber's three largest shareholders in the company's first post-IPO sell-down.
• Tamoa is Hanover Accaptances' wholly owned subsidiary, Fersuk Holding is an Icelandic consortium consisting of Stodir, Haupthing and EAB.
• After the IPO, the free float increased from 49% to 59%. The transaction also resulted in €122 million gross proceeds for the selling shareholders.

Wai Yee Tsang - Journalist