TRU BLU BEVERAGES
Tru Blu Beverages (Tru Blu) is the largest independent and third largest manufacturer of non-alcoholic carbonated beverages in Australia. Tru Blu operates 3 facilities in Sydney, Brisbane and Perth and is the only soft drink contract bottler with a national presence able to fully service the major Australian grocery chains. Tru Blu was founded by Peter Brooks and partners after their partial sale of Pure and Natural Beverages in 2011.
Refresco is based in Netherlands and is the global leader in soft drink contract bottling. It bottles for major grocers and corporates including Coca-Cola and PepsiCo in Europe and North America.
Background
Refresco has been seeking to enter the Australian market for a number of years and had identified Tru Blu as its preferred entry point.
Role
Conquest Capital was the exclusive financial adviser to Tru Blu on its sale to Refresco.
Conquest Capital advised on detailed financial negotiations, including maintainable earnings and working capital and commercial elements of the sale documentation. It worked closely with Tru Blu to establish the data room, coordinate the due diligence process and Q & A as well as undertaking project management.
Outcome
Refresco paid an attractive price fully in cash for Tru Blu giving shareholders a clean exit.
The acquisition of Tru Blu enabled Refresco to acquire a scale, platform asset to enter the Australian market. Refresco can build on this platform by adding new product streams and can leverage its global procurement to bring cost synergies, thereby reducing its effective acquisition price.
TESTIMONIAL
“This was a critical transaction for myself and my partners as it was the culmination of decades of work in building our soft drink business. John and his team worked closely with Tru Blu and acted as a strong intermediary in leading negotiations with an experienced, serial acquirer supported by a large team of due diligence advisers from a big-4 accounting and global legal firm. He acted as a strong advocate for our interests in obtaining the best price possible, but was always mindful of achieving the ultimate goal of securing a sale of the business on fair terms. His management of the process from the Tru Blu side and engagement with Refresco made the process relatively smooth, even though it was intense. John was also clear and transparent in his communications with us of the status of the transaction and any issues that had arisen or were expected to arise and how Tru Blu should respond to these. We could not be happier with the result and would recommend Conquest Capital to any owner seeking to sell their business.”
Digiwhiz