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ICR Inc. handles French private equity firm PAI Partners as it acquires a 61 percent stake in Tropicana and Naked Juice brands from PepsiCo for $3.3B.
The juice business chalked up $3B in 2020 revenues but had lower operating margins than PepsiCo’s energy drinks, zero-calorie beverages and snacks.
Pepsico retains exclusive distribution rights to the juice brands for US foodservice channels.
PAI boasts of a strong position in the food & beverage space. It owns Froneri, the world’s No. 2 ice cream maker (Häagen-Dazs, Cadbury) via a 50/50 venture with Nestle, and Ecotone, a leader in healthy/sustainable foods.
Frederic Stevenin, managing partner at PAI, sees growth potential for PepsiCo’s juice brands via stepped-up investment in product innovation and expansion into adjacent categories.
ICR’s Brian Ruby and Chris Gillick handle PAI Partners.
Joele Frank represents Philadelphia-based Axalta Coating Systems as it agrees to merge with Amsterdam’s AkzoNobel in a deal valued in the $25B range.
Interpublic posted a 5.1 percent drop in Q3 net revenues to $2.5B as CEO Philippe Krakowsky reports the final financial results of the publicly traded company.
Joele Frank handles Pine Gate Renewables as the Asheville, NC-based solar power development company declares Chapter 11 in the aftermath of Donald Trump’s cuts to wind & solar tax credits.
Stagwell CEO Mark Penn reports Q3 net revenues jumped 6 percent to $614.5M, a record performance for a non-political period. Operating income soared 45.7 percent to $60.9M.
Joele Frank works for Klöckner Pentaplast as the German maker of plastic films declares Chapter 11. A successful reorganization would slash its its corporate debt by $1.5B.
