Refresco expands Nordic presence with acquisition of Norwegian beverage processor TKV
Refresco acquires Telemark Kildevann Holding AS to strengthen its Nordic footprint and enhance service to regional retailers and brands.
NORWAY – Global beverage solutions provider Refresco has announced the acquisition of Telemark Kildevann Holding AS (TKV), a Norway-based soft drinks and bottled water manufacturer.
The move strengthens Refresco’s presence in the Nordic region, building on its existing operations in Finland.
TKV, a family-owned company, operates two production facilities in Norway and supplies retailers and branded clients in both Norway and Sweden. These facilities will be integrated into Refresco’s global network of 75 production sites across Europe, North America, and Australia.
The acquisition will also see more than 60 TKV employees join Refresco’s workforce, which exceeds 14,000 globally.
The financial details of the transaction were not disclosed. The deal remains subject to regulatory approvals and is anticipated to close later in 2025.
Refresco CEO Hans Roelofs stated, “TKV’s loyal customer base, strong capabilities, and well-established market position enhance our ability to serve retailers and branded customers in Norway, Sweden and beyond.”
The acquisition marks Refresco’s first deal of 2025. In 2024, the company completed a series of strategic acquisitions, including Spain’s Frías Nutrición, a plant-based beverage manufacturer, a facility from Germany’s Berentzen-Gruppe, and VBC Bottling Company in the United States.
The Berentzen deal also included the mineral-water brands Märkisch Kristall and Grüneberg Quelle.
In May 2024, Refresco launched its first European plant-based beverage production line in Germany, making a formal entry into the oat drinks segment.
Despite a challenging macroeconomic environment in its 2024 financial year, Refresco reported growth in revenue and operating profit. The company’s net loss narrowed to €204 million (US$232.9M), down from €304 million (US$346.99M) in 2023.
Annual volume decreased to 13,830 million litres, compared to 14,246 million litres the previous year. The dip was mainly attributed to reduced production for Global, National, and Emerging (GNE) brands, although partially offset by increased retailer volumes.
Revenue rose to approximately €6 billion (US$6.8B), up from €5.9 billion (US$6.7B) in 2023. The increase was driven by pricing strategies implemented to counter rising input and operating costs, despite the overall lower volumes.
Sign up HERE to receive our email newsletters with the latest news and insights from Africa and around the world, and follow us on our WhatsApp channel for updates.
