Refresco and KKR Have Explored IPO Options
The independent beverage manufacturer is weighing a public listing that could value the firm at over $10 billion.
Updated on Oct. 9, 2026 in Corporate Finance
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Independent beverage manufacturer Refresco and its owner, KKR, are interviewing investment banks to discuss a potential initial public offering. The move comes as the company continues to scale its production capacity across its global footprint.
Why it matters
An IPO would mark a significant exit strategy for KKR, which acquired the manufacturer for $8 billion in 2022, and provide a liquidity event for the beverage giant. The company is evaluating potential listings in the United States or Europe as it seeks to capitalize on its recent operational performance.
Refresco reported $7 billion in revenue and $930 million in adjusted EBITDA for 2025. The company, which operates 85 production facilities, is eyeing a potential IPO valuation exceeding $10 billion, compared to the $8 billion price KKR paid to acquire the business in 2022.
The players
Refresco
An independent beverage manufacturer based in Rotterdam that operates 85 global production facilities.
KKR
A global investment firm that manages diverse private equity holdings and acquired Refresco in 2022.
The details
Refresco and KKR have begun the formal process of holding pitch meetings with various investment banks to define the roles for a potential listing. The company is simultaneously engaging in informal discussions with prospective investors to gauge market interest. This preparation follows a period of significant growth for the 1999-founded manufacturer, which now oversees 85 production sites worldwide.
Timeline
Refresco was founded in 1999.
KKR completed its acquisition of the beverage manufacturer in 2022.
The firm generated $7 billion in annual revenue during 2025.
Market Landscape
Refresco's move aligns with a broader trend of private equity firms seeking exit opportunities as equity markets have seen $140 billion in IPO capital raised year-to-date in 2026. The potential listing reflects a standard exit strategy for large-scale assets in the current macro environment.
Operators should monitor Refresco's progress as a potential indicator of valuation multiples for large-scale food and beverage manufacturing assets. The company's final decision on a U.S. versus European listing could signal where liquidity is currently most favorable for capital-intensive industrial players.
The takeaway
The potential IPO signals a shift from private ownership to public market scrutiny for a company that generated $930 million in adjusted EBITDA in 2025. Stakeholders should track future regulatory filings and official press releases from the company to confirm the definitive listing timeline.
Further reading
For broader trends in private equity exit strategies, see Corporate Finance.
Source note: This article includes information reported by Esmmagazine.
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