荷兰饮料巨头Refresco筹划上市，估值或超100亿美元
知情人士透露，总部位于荷兰鹿特丹的饮料制造商Refresco与其所有者KKR近几周已听取多家投行关于潜在首次公开募股（IPO）的方案。Refresco是全球最大的独立饮料制造商之一。
消息人士称，公司正研究在美国或欧洲上市，任何市场首秀都可能使其估值超过100亿美元；计划尚属初步、仍可能变化。KKR于2022年通过其全球基础设施策略以约80亿美元收购Refresco。Refresco与KKR均拒绝置评。
Refresco成立于1999年，为沃尔玛、Aldi等零售商生产自有品牌饮料，也为可口可乐、百事可乐、Monster等品牌商提供制造、灌装、仓储、物流与分销服务，在北美、欧洲与澳大利亚拥有85座生产设施。
公司2025年收入接近70亿美元，调整后EBITDA约9.3亿美元。消息人士指出，北卡罗来纳州的可口可乐装瓶商Coca-Cola Consolidated市值约125亿美元，可作估值参照。
Netherlands-Based Refresco Studies IPO at Valuation Above $10 Billion
Netherlands-based Refresco and its owner KKR have taken pitches from investment banks in recent weeks for roles on a potential initial public offering, according to people familiar with the matter. Refresco is one of the world's largest independent beverage manufacturers.
The company is studying a listing in the United States or Europe that could value it at more than $10 billion, the people said, cautioning that plans are preliminary and could change. KKR acquired Refresco in 2022 for roughly $8 billion through its global infrastructure strategy. Refresco and KKR declined to comment.
Founded in 1999 and headquartered in Rotterdam, Refresco makes private-label drinks for retailers such as Walmart and Aldi and provides manufacturing, bottling, warehousing, logistics and distribution for brands including Coca-Cola, PepsiCo and Monster, across 85 production facilities in North America, Europe and Australia.
The company generated close to $7 billion of revenue and around $930 million of adjusted EBITDA in 2025, according to its annual report.
图片来源：饮料灌装生产线。照片：DimiTalen，CC0，来源：Wikimedia Commons（Francis Ford Coppola Winery bottling plant, near Geyserville, 2011.jpg）
