Refresco Weighs IPO at $10 Billion-Plus Valuation, Weighing U.S. or Europe Listing

Dutch beverage maker Refresco is evaluating an initial public offering that could value the KKR-backed company at more than $10 billion, with the U.S. or Europe under consideration as listing venues, people familiar with the matter said. Refresco and owner KKR (KKR-US) have heard pitches from investment banks on underwriting roles, the people said. Talks are at an early stage and may change. Both companies declined to comment. KKR acquired Refresco in 2022 for about $8 billion through its global infrastructure strategy. A listing above $10 billion would exceed that purchase price, though any valuation depends on market conditions and investor demand. Rotterdam-based Refresco, founded in 1999, calls itself the world's largest independent beverage manufacturer, operating 85 production facilities across North America, Europe and Australia. It produces private-label drinks for retailers including Walmart (WMT-US) and Aldi and serves brand owners including Coca-Cola (KO-US), PepsiCo (PEP-US) and Monster Beverage (MNST-US). Refresco reported 2025 revenue of nearly $7 billion and adjusted EBITDA of about $930 million, per its annual report. Coca-Cola Consolidated (COKE-US), with a roughly $12.5 billion market value and an enterprise value near 12 times EBITDA, is seen as a comparable.