KKR-backed Refresco has mandated Citi and JPMorgan to advise on a sale of the company, three sources familiar with the situation said.

The sale process is expected to kick off in the near-term, these sources said.

The business is expected to be marketed off EUR 1.1bn in EBITDA, they added.

In September, this news service reported that the company’s owners were talking to investment banks as they considered exit options, including a sale and an initial public offering, for the Netherlands-based independent beverage solutions provider.

KKR took a majority stake in Refresco in 2022, investing through its fourth global infrastructure fund, which closed that year on USD 17bn. According to a deal announcement, existing investors PAI Partners and British Columbia Investment Management Corporation (BCI) maintained significant minority stakes in the business.

While both a sale and an initial public offering (IPO) would be considered as exit options, a public listing is a more likely outcome given the size of Refresco and a limited buyer universe, the sources speculated.

If a sale is pursued, financial sponsors could also be attracted to the company’s high customer retention rate and recurring revenue, with infrastructure funds the likeliest suitors, Mergermarket previously reported.

This news service also previously reported that the company has scope to grow through M&A and is likely to evaluate a listing either in Europe or in the US.

Headquartered in Rotterdam, Refresco operates across Europe, North America and Australia. The company reported 2025 revenue of EUR 6.1bn, up from EUR 6bn in 2024, while gross profit rose to EUR 826m from EUR 720m, an increase of roughly 15% year-on-year.

In the event of a listing, major food companies would be the most likely comps for Refresco, as reported.

Since KKR invested in 2022, the business has grown substantially, including via M&A. In that time, Refresco has completed multiple acquisitions, including the USD 1.2bn purchase of Eden Prairie, Minnesota-based SunOpta earlier this year, which broadened its footprint within plant-based beverages.

Last year, the company appointed Steve Presley as its CEO.

Refresco serves a broad customer base ranging from multinational consumer companies to supermarket own-label brands. The group operates over 80 production locations globally.

KKR, Refresco, PAI, Citi and JPMorgan declined to comment. BCI did not respond to requests for comment.