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.