Refresco plots potential IPO at $10 billion-plus valuation, sources say

• Refresco generated nearly $7 billion in revenue and around $930 million in adjusted EBITDA in 2025, operating 85 production facilities across North America, Europe and Australia
• The company serves major retailers like Walmart and Aldi on private label products, plus branded partners including Coca-Cola, PepsiCo and Monster Beverage
• The potential IPO faces uncertain market conditions, as recent volatility, higher bond yields and AI valuation concerns have caused several companies to delay planned listings in recent weeks

Summary: Refresco Eyes $10B+ IPO as KKR Seeks Exit

Key Development:

Netherlands-based beverage manufacturer Refresco and owner KKR are pursuing a potential initial public offering that could value the company above $10 billion. Investment banks recently pitched for roles on the IPO, though plans remain preliminary and subject to change.

Financial Details:

• KKR acquired Refresco in 2022 for approximately $8 billion through its global infrastructure strategy
• The company generated nearly $7 billion in revenue and around $930 million in adjusted EBITDA in 2025
• Potential listing could occur in either the U.S. or European markets
• Comparable peer Coca-Cola Consolidated trades at roughly 12x EBITDA with a $12.5 billion market cap

Company Profile:

Founded in 1999 and headquartered in Rotterdam, Refresco positions itself as the world's largest independent beverage manufacturer. The company operates 85 production facilities across North America, Europe, and Australia, providing manufacturing, bottling, warehousing, logistics, and distribution services. Key clients include major retailers like Walmart and Aldi for private label products, plus branded partners including Coca-Cola, PepsiCo, and Monster Beverage.

Market Context:

The IPO timing faces headwinds despite 2026's strong start with nearly $140 billion raised in traditional IPOs year-to-date. Recent market volatility, higher bond yields, rate-hike concerns, and AI spending questions have prompted several companies to delay planned listings. However, companies continue holding banker meetings and investor preparations, positioning to move quickly when conditions improve.