French investment fund PAI Partners to take control of several brands owned by beverage and snack giant PepsiCo, including Tropicana and Naked, for $ 3.3 billion, the company said on Tuesday. American in a press release.
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“Pepsi has entered into an agreement with PAI Partners to sell Tropicana, Naked and other brands of fruit juices in North America,”
as part of a joint venture 39% controlled by Pepsi, the company explains. Pepsi hopes to finalize the agreement, which also includes "a compulsory purchase option of certain brands of fruit juice in Europe" by the French fund, by
"early 2022"
, after in particular the agreement of the competition authorities .
The joint venture will allow Pepsi
"to focus on (their) current portfolio of brands,"
as SodaStream, bought for 3.2 billion dollars in 2018, and who want
"healthier for consumers and the planet"
has justified the boss of the company Ramon Laguarta, quoted in the press release. Pepsi acquired the Tropicana fruit juice brand in 1998, and the Naked smoothie brand in 2007.
Juices accounted for $ 3 billion in revenue in 2020 for Pepsi, but the margin was lower than other products.
In July, the American revised its outlook for the year upwards, counting on organic revenue growth of 6% and earnings per share up 11%
“against a single-digit forecast previously . "
“We believe that there is still a strong potential for growth thanks to investments in product innovation
,
”
said Frédéric Stévenin, partner at PAI.
"We are also pleased that Pepsi remains involved as a partner in the joint venture."
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In November 2020, the fund acquired a majority stake in Luxembourg-based Euro Ethnic Foods (EEF), a shareholder in the grocery departments of successful Grand Frais stores. Between the early 2000s and 2011, PAI had also held 50% of the capital of Yoplait yogurts.