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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 handles Crinetics Pharmaceuticals as the specialist for treatments for endocrine diseases agrees to get acquired by Vertex Pharmaceuticals in a deal pegged at $8.8B.
Teneo represents Honeywell spin-off Solstice Advanced Materials as it buys Collected Strategies client Element Solutions in a deal pegged at $14.5B.
Dallas-based Throughline Global Advisors advised Principal Mineral as it acquired Isola Group, maker of copper-clad laminates used in printed circuit boards.
oele Frank works for satellite operator Iridium Communications as it gets acquired by space company Rocket Lab in a deal worth $8B.
Uber’s Mike Lucarelli is moving to NXP Semiconductors as senior VP-investor relations.
