Funds line up $1.7 bln bids for drinks bottler Refresco Gerber - sources
By Pamela Barbaglia and Martinne Geller
LONDON Jan 21 (Reuters) - Dutch soft drinks bottler Refresco Gerber has attracted bids from three private equity funds valuing the business at around 1.5 billion euros ($1.74 billion), sources familiar with the process said.
PAI Partners, Pamplona Capital Management and Platinum Equity have emerged as the only bidders left in the second round of an auction, with a late February deadline, the sources said.
The company, which bottles drinks for grocers like Tesco and brands like Del Monte and Innocent Smoothies, expects to fetch a multiple of seven to eight times its core earnings of around 200 million euros, one of the sources said.
Its adviser JPMorgan aims to wrap up the process in around a month, two of the sources said.
A spokesman for PAI declined to comment while representatives at Refresco Gerber, Pamplona and Platinum were not immediately available for comment. A spokeswoman for JPMorgan declined to comment. ($1 = 0.8636 euros) (Additional reporting by Anjuli Davies and Freya Berry; editing by Susan Thomas)
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