Refresco buys Cott beverage manufacturing business
Toronto and Tampa, FL – Cott Corporation has closed the sale of its traditional beverage manufacturing business to Refresco for $1.25 billion US.
The transaction includes Cott's North America, United Kingdom and Mexico businesses, excluding the RCI International division and its associated concentrate facility as well as the Aimia Foods division.
"I would like to take this opportunity to thank all of the management and team members of Cott Beverages who have worked so hard to manage the business over the years and bring this transaction to fruition," said Jerry Fowden, Cott's chief executive officer, in a news release. "The sale of our traditional beverage manufacturing business allows us to significantly deleverage our balance sheet and positions us well to focus on accelerating growth across our route-based services platform in water, coffee, tea, extracts and filtration solutions," continued Mr. Fowden.
Cott expects the sale of this division to improve its growth and stability, enhance overall gross profit and EBITDA margins, reduce net leverage, decrease customer concentration, reduce commodity exposure and shift its focus to route-based services in the categories of water, coffee, tea, extracts and filtration.
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