Glenboden M & A Originations
ALL "SOFT BEVERAGES" LEADS
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A good time for Refresco Gerber's shareholders to exit - In November this year, Refresco Gerber announced that it was 'exploring capital structure alternatives', and had hired J.P. Morgan as advisors for that. In the M&A world, such language is often code for 'trying to find a buyer'. Now in December we hear a rumour that Blackstone is lining up a 1,5 bln GBP bid for the group. Could it be that Refresco's shareholder's see an opportunity to exit the business, on the back of strong post -merger performance ? Read More
Monster gets the better of Coke in strategic alliance deal - looking at the details, especially at Coke's net cash payment of US$ 2,15 bln, the benefits seem to be heavily on Monster's side. Read More
What are Cott's best strategic options now ? (pt. 2) - to evaluate all strategic options that “would enhance shareholder value'. We conclude that vertical integration would deliver the biggest bang Read More
What are Cott's best strategic options now ? (pt. 1) - to evaluate all strategic options that “would enhance shareholder value'. Options include geographic diversification or consolidation Read More
Will Cott challenge Refresco in central Europe ? - will Cott have the stomach to take on the main pan-European player in that space, Refresco ? One key acquisition battleground may determine the outcome. Read More
Should Coke focus on Monster or on better-for-you drinks ? - Given the enormous sum that Coke would have to pay, that could be a massive gamble. Isn't their M&A trajectory towards healthier Read More
When will Suntory bid for SunnyD ? - we look at the rationale and trajectory behind the acquisition of private equity -owned SunnyD by Read More
Who should Nestle be stalking in US specialty leaf tea ? - specialty 'hot' leaf tea should be targeted by Nestle, not just bottled RTD tea, given the Read More
Might Orangina bid for AG Barr in UK ? - AG Barr ripening as an acquisition candidate in the soft drinks world, where M&A targets are few. Orangina is the best placed bidder, with Britvic needing Read More
How much would Pepsico have to pay for 'Tymbark' in Poland ? - the stakes have been raised in the Polish FJND category. How much would Pepsico now be prepared to pay for 'Tymbark', and would there be competition from Read More
Hansen Natural - a classic alter -M&A candidate - To understand what's good art, you need examples of bad art. Likewise, to understand what makes a company a good M&A candidate, you need Read More
New JV with Chiquita signals Danone's move back into fruit - A key issue is whether Danone's high profitability targets can be achieved in 100% fruit. Read More
Private equity most likely buyer of Slovenia's Droga Kolinska - Given the diversity of its operations, we believe private equity will acquire it. An obvious contender is Read More
Reasons why Coke's serious about buying Nidan in Russian juices - So we ask whether Coca-Cola is interested mainly for defensive reasons, in the face of rival interest from Read More
What chance Innocent avoids being crushed by Coca-Cola ? - To avoid being 'crushed' by its minority owner, Coca-Cola, Innocent could independently secure capacity and routes to market in Europe through Read More
It's time for Britvic to acquire AG Barr - AG Barr is an obvious target, whose scalp would allow Britvic to greatly Read More
Droga Kolinska an acquisition candidate for Poland's Maspex - We believe that one candidate that ticks many boxes for Maspex, including scale, is Slovenia's Read More
SkyPeople emerging as sweet target in fresh fruit juice in China - SkyPeople has evolved into a fast -growing 'exotic' fresh juice beverages producer in China. We believe it's an acquisition candidate for big groups looking to acquire a 'new frontier' drinkable fruit producer. Read More
Orangina deal's swallow does not make a spring - The proposed acquisition of Orangina by Suntory confirms our ealier observations; it doesn't however mean that the global M&A market is becoming more active again in general. Read More
Chilled juice confirmed as distinct category after Simply Squeezed acquisition - Chilled juice is not only a distinct category, but is also the new frontier for non-alcoholic beverages. We look at most recent M&A activity in this category, to prove our point. Read More
New geographies for Eckes-Granini juice acquisitions after Russia exit - Eckes is arguably the most dynamic fruit beverages group in Europe at this time. To regain its momentum, the group should make acquisitions in new geographies in Europe. Read More
Ramifications of Coca-Cola’s investment in Innocent drinks - This deal was predictable. We look at the broader M&A context, identify other contenders and predict what will happen to Innocent. Read More
AG Barr raises its profile as an M&A participant in soft drinks - Soft drinks have been an unfashionable M&A category in recent years. We look at two scenarios for AG Barr, in the UK and central Europe. Read More
Poland’s Mokate emerging as CEE regional coffee consolidation candidate - Strauss has the desire and warchest for another acquisition in that region. The fit with Mokate looks quite compelling, as that market consolidates further. Read More
Indebted Refresco a candidate for private equity buy-out - A combination of its principal shareholder going into administration, plus tight credit markets, may now cause the group to be acquired. That might mean a stop to further acquisitions, at least in 2009. Read More
Potential buyers for the business units of Slovenian food group Droga Kolinska - The brand in DK’s portfolio that might be orphaned, in the event of a split-up of the group between Nestle and Pepsico, is its tinned pate unit ‘Argeta’. Read More
Suntory purchase of Frucor reinforces acquisition drive by big Japanese groups - All three giants have strong cash generative domestic businesses, but are starved of growth in Japan. That’s great news for sellers in the region; we look at some candidates and potential outcomes. Read More
M&A options around Russia’s no.3 fruit juice player Nidan - It’s not too late to attract an international juice group, that’s prepared to pay a reasonable price for Nidan on the basis of a product differentiation strategy. Read More
Strauss coffee business ready for further acquisitions after private equity capital injection - It looks like Strauss might have missed the opportunity to sell at the peak, but at least it’s brought in fresh private equity capital, to grow the business to another level and exit in a few years’ time instead. Read More
Smucker’s acquisition drive gears up after structured deal for Folgers - This type of cash –free, tax –efficient merger structure is now a pattern; one that could be replicated for other large –scale but mature businesses, especially now with harsher credit markets. Read More
Pepsico's bet on V Water may be a deal that's too early -stage - This is a speculative deal, but with a risky investment later on for Pepsico. That’s because of the expense of educating the consumer to buy the V Water concept, to take the brand into the mainstream. Read More
Strauss coffee business ripening as divestment candidate - Generally, several factors combine to make Strauss’ international coffee business a prime divestment candidate. Maybe Sara Lee will finally step up to the plate ? Read More
Potential for Cott merger with Dr Pepper Snapple - With Cott’s turnaround well underway, and a new financing package in place, the win-win merger scenario between Cott and DPSG might still happen. Read More
Lebedyansky's Russian baby food business teed up after juice sale to Pepsico - Finally Pepsico has made the breakthrough, and secondary deals might be in the pipeline. Anticipate later acquiror interest in the company’s baby food business, once that gets spun off as part of the deal. Read More
Eckes-Granini acquires Swedish juice producer to raise profile as serial acquiror in Europe - Understated, private Eckes -Granini is fast-growing, acquiring brands and extending its footprint throughout Europe in healthier juices and drinks. It still has gaps in its geographic coverage, some of which it will try Read More
Recent soft drinks deals by Nestle underline structured deals trend in that category - The trend for structured deals has returned in soft drinks. That’s not because acquisition appetite has weakened; but rather a consequence of lack of deal-making accord now. Read More
Post demerger from Kraft sets precedent for Cadbury - Cott deal in future - Such a scheme could be replicated by Cadbury, to find a solution for its US beverages business; in that case the analogous partner to Ralcorp would be Cott. Read More
SunnyD ripens as divestment candidate after buying Fruit20 and Veryfine from Kraft - If SunnyD is successful in ‘morphing’, in this way, into a producer of premium ‘new frontier’ soft drinks, then it might soon become an interesting acquisition candidate for the likes of Pepsico or Coca-Cola. Read More
Events after Coca-Cola's bid for Bionade validates its new frontier M&A strategy - The growth of Bionade sales volumes to 200 mln bottles, in 2007, suggests that the M&A strategy of Coke, that of targeting new frontier soft drinks brands, is vindicated; in that case it should have a long way to run, an Read More
Nestle’s cheap purchase of Henniez points to local water brand opportunities in Europe - This looks like an opportunistic deal; but it also has features to suggest that other national brands, in bottled water, may be vulnerable to sale in western Europe going forward. Read More
Will Pepsico make breakthrough into Russian juice market by acquiring Lebedyansky ? - Pepsico is ‘on a roll’ when it comes to buying juice companies specifically in eastern Europe. We think it’s likely that a deal will be announced shortly, therefore. Read More
Orangina ripens as divestment candidate by expanding into new geography with Rosinka acquisition - Orangina is also on the acquisition trail, in fast-growing developing markets in Europe. Yet the fact that it’s owned by private equity confirms that this is only to make it more attractive as an acquisition candidate. Read More
Pepsico acquisition of Sandora confirms its surge into mainstream fruit juice in Europe - If this pattern is a strategic one, then we can expect many more mainstream fruit juice deals, from Pepsico and Coke, in the coming years. Read More
Britvic boosts international credibility with CCSD acquisition in Ireland - This deal begs the question of whether Britvic can emerge as a credible acquisition candidate, or whether the importance of the Pepsico franchise, in its portfolio, weighs is down too much for that. Read More
Unwinding of JV between Nestle and Coke frees both groups to make acquisitions in RTD tea and coffee - The JV is good news for M&A, since Coke will need to acquire new technologies and market positions, in various key geographies. Read More
Refresco’s serial acquiror status underlined by third deal in two months - After this latest deal, Refresco will have 17 manufacturing facilities spread across eight countries. But there are many more geographies that they could cover in Europe. Read More
EI’s cheap exit from Agros Nova changes lanscape in Polish juices - private equity works best when the interests of all investors are aligned in maximizing exit value Read More
Coca-Cola’s acquisition of Fuze Beverage confirms its strategy of nurturing next generation brands - Fuze was established in 2001 ‘in a basement’ by two people. Pepsico bought into a similar theme by acquiring Naked Drinks. Expect further deals of this type by these two groups. Read More
Coca-Cola makes breakthrough in water drinks with Glaceau purchase - This deal grows flavoured and enhanced waters, in the Coke portfolio, to a level where it achieves strategic critical mass; add-on or repeat acquisitions may follow by the group, in other developed geographies. Read More
Refresco increasing capacity exposure with fourth acquisition in as many months - We suggested that maybe Refresco is making too many acquisitions, but it seems that the time has not yet come for the deals to stop. Read More
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