Coca-Cola Europacific Partners (CCEP) has announced it has completed the acquisition of Coca-Cola Beverages Philippines, Inc. (CCBPI) from The Coca-Cola Company.
The completion of the transaction, which was undertaken alongside Aboitiz Equity Ventures, follows on from recent announcements regarding the deal, and will see CCEP take on 60% of the business, with Aboitiz acquiring 40%.
'Successful Expansion'
In a statement, CCEP said that the deal builds on its 'successful expansion into Australia, Pacific & Indonesia (API) in 2021, further strengthens its partnership with The Coca-Cola Company and supports its long-term growth strategy and focus on driving shareholder value'.
The move bolsters CCEP's footprint within its existing API business segment, which it has now renamed APS (Australia, Pacific & South East Asia).
The company added that the move will help the business leverage best practice and talent, drive 'sustainable and stronger growth' through diversification and scale, and will underpin its mid-term strategic objectives.
The anticipated effect of the transaction on CCEP's leverage is projected to be 'modest', it noted.
Full-Year Performance
Coca-Cola Europacific Partners reported a 5.5% increase in revenue in its 2023 full-year (+8.0% on an FX-netural basis), with comparable volume growth down 0.5%.
In Europe, volume growth rose marginally (+0.5%), however in API, volumes fell by 5.0%, due to softer consumer spending and the effects of a SKU rationalisation process.
"2023 was a great year for CCEP. This is testament to the hard work of our colleagues to whom we are extremely grateful, alongside our customers and brand partners," commented Damian Gammell, chief executive, Coca-Cola Europacific Partners.
"Our focus on leading brands, strong customer relationships and solid in-market execution served us well. We delivered solid top and bottom-line growth and generated impressive free cash flow."
