Whitlock Packaging: Refresco Takes First Step into North America

Refresco Group, the leading European bottler of soft drinks and fruit juices for A-brands and retailers, has agreed to acquire US-based bottler Whitlock Packaging for $129 million (Eur117 million) 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 [...]