Refresco
Beverages
World's largest independent bottler for retailers and A-brands in Europe and North America. KKR bought a majority stake in 2022. Entered the Australian market in 2022 after buying Tru Blu Beverages.

Overall

Owned USA
Rating F
About the Ratings

Company Ownership

Refresco Group BV
NLD
Kohlberg Kravis Roberts & Co LP
owns 51% of Refresco Group BV
USA
Private equity firm
One of the world's largest private equity firms. Listed on the New York Stock Exchange in 2010. Acquired Unilever's spreads business in 2017 for 6.83bn euros. Acquired Campbell Soup Co's international operations (including Arnott's) in 2019.

Company Assessment

(Last updated Jul 2024)
Refresco Group BV
Information
Sustainability claims
This company has sustainability claims on its website.
Kohlberg Kravis Roberts & Co LP
Praise
100% on Corporate Equality Index
This company is listed as having best practice on a report card on lesbian, gay, bisexual and transgender equality in corporate America.
Criticism
0% in Forest 500 Rankings
Forest 500 identifies the 350 companies and 150 financial institutions with the greatest exposure to tropical deforestation risk, and annually assesses them on the strength and implementation of their deforestation and human rights commitments. This financial institution received a score of 0%.
Pillaging American retail
In 2005, Toys "R" Us was purchased in a US$6.6 billion leveraged buyout by private equity firms Bain Capital, KKR, and Vornado Realty Trust. While Toys "R" Us' revenues remained steady over the next 13 years - US$11.1 billion in sales in 2017 - the retailer was saddled with debt it couldn't repay. By 2007, 97% of the company's operating income was consumed by interest, which left the company unable to upgrade technology or evolve its business model. The heavy debt load eventually led Toy "R" Us to file for bankruptcy in 2018. The company liquidated in June of 2018 and closed their remaining 800 stores. Over 33,000 employees of the company lost their jobs and their severance payments in bankruptcy court. The PE companies controlling the Toys "R" Us bankruptcy refused buyers that would have saved thousands of jobs and instead chose liquidation to maximize the financial extraction. The private equity firms that owned Toys "R" Us collected more than $470 million in fees and interest from the retailer over the ownership period, while a total of 64,000 jobs were lost.
0.5/20 in Social Benchmark
The 2024 Social Benchmark assesses the world's 2,000 most influential companies on their responsibility in meeting society's fundamental expectations towards three measurement areas: respecting human rights, providing decent work, and acting ethically. This company was assessed in 2022 and received a score of 0.5/20. The average score was an alarmingly low 4.6/20 and the highest score was 15.5/20.
JUST Capital ranking
JUST Capital polls Americans every year to identify the issues that matter most in defining just business behaviour. For their 2024 rankings the public identified 20 issues, which are organised under the headings Workers, Communities, Customers, Shareholders and Environment. JUST Capital then define metrics that map to those issues and track and analyse the largest, publicly traded U.S. companies. This analysis powers their rankings, in which this company ranked 764th of 937 companies, and 33rd of 38 Capital Markets companies.
0.5% in Financial System Benchmark
The 2022 Financial System Benchmark ranks 400 financial institutions across three measurement areas: governance and strategy, respecting planetary boundaries (environment, climate and biodiversity) and adhering to societal conventions (human rights). This company ranked #343/400, with a total score of 0.5/100.
Collusion lawsuit
In 2014, this company, together with other private equity firms Blackstone and TPG, agreed to pay US$325m to settle a lawsuit that accused seven private equity groups of conspiring to fix the prices of some of the world's biggest leveraged buyouts.
26/100 S&P Global ESG Score
This company received an S&P Global ESG Score of 26/100 in the Diversified Financial Services and Capital Markets category of the S&P Global Corporate Sustainability Assessment, an annual evaluation of companies' sustainability practices (last updated 23 Sep 2022). The rankings are based on an analysis of corporate economic, environmental and social performance, assessing issues such as corporate governance, risk management, environmental reporting, climate strategy, human rights and labour practices.
CEO Pay Ratio of 352:1
In 2022 the median pay for a worker at this company was US$225,000. The CEO was paid 352 times this amount. Exorbitant CEO pay is a major contributor to rising inequality. CEOs are getting more because of their power to set pay, not because they are increasing productivity or possess specific, high-demand skills. The economy would suffer no harm if CEOs were paid less (or taxed more). In contrast, the CEO-to-typical-worker compensation ratio was 20-to-1 in 1965 and 58-to-1 in 1989.
Information
Sweatshops in China
This investigative report by China Labour Watch reveals how KKR turns a blind eye to the human impact of the massive production outsourced by Dollar General and other companies in its portfolio. CLW Executive Director Li Qiang states that DG has 'the worst labor performance in China of all major US retailers'. [Listed under Information due to age of report]
Breach of fiduciary duty
On 29 June 2015 the U.S. Securities & Exchange Commission charged this company with misallocating more than US$17m in 'broken deal' expenses to its flagship private equity funds in breach of its fiduciary duty. KKR agreed to pay nearly US$30m to settle the charges, including a penalty of US$10m.
10.0% in Newsweek Green Rankings 2016
This company received a score of 10/100 in the Newsweek Green Rankings 2016, which ranks the world's largest publicly traded companies on eight indicators covering energy, greenhouse gases, water, waste, fines and penalties, linking executive pay to sustainability targets, board-level committee oversight of environmental issues and third-party audits. Ranking methodology by Corporate Knights and HIP Investor.
ESG claims
This company has environmental, social and governance (ESG) claims on its website.
Modern Slavery statement
California, the UK and Australia have all enacted legislation requiring companies operating within their borders to disclose their efforts to eradicate modern slavery from their operations and supply chains. Follow the link to see this company's disclosure statement.
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Company Details

Type:
Private company
Founded:
1999
Revenue:
4.1 billion EUR (2022)
Employees:
11,675 (2021)
Subsidiaries:
Refresco Australia Pty Ltd
Drinks manufacturer
Formerly Tru Blu Beverages. In 2011 Japanese drinks giant, Asahi, acquired P&N Beverages and simultaneously divested P&N's soft drink, cordial and energy drink business to Tru Blu Beverages - a newly created company owned and run by P&N's Managing Director and former Coca-Cola Company executive, Peter Brooks. Asahi kept P&N's bottled water and fruit juice business. Acquired by KKR-controlled Refresco in 2022.

Contact Details

Address:
Rotterdam, Netherlands
Website:
www.refresco.com/en

Products / Brands

Refresco Australia
Ceda Soft Drinks
Crush Soft Drinks
Diet Rite Soft Drinks
Diet Rite Cordial
FruitCo Juice & Fruit Drinks
LA Ice Soft Drinks
Lido Soft Drinks
P&N Juice & Fruit Drinks
Pips Cordial
Pub Squash Soft Drinks
Que Cola Soft Drinks
Tru Blu Soft Drinks
Viva Cordial
Waterfords Sparkling Water
Wicked Energy Drinks