Case study

Sanpellegrino (Nestlé Waters) has sold the mineral water brand, business and assets of Recoaro to Refresco

Sanpellegrino (Nestlé Waters) has sold its Recoaro mineral water brand, business and assets to Refresco for an undisclosed consideration. The transaction also includes a co-packing agreement.

Recoaro is a high quality mineral water and a long-established Italian brand. It is located in the northeastern town of Recoaro Terme and is sourced from the Conca di Smeraldo, a protected and uncontaminated area surrounded by the Little Dolomites, which provides a distinct water with a balanced mineral salt content and a low presence of sodium. The bottling plant, located in the town of Recoaro, produces soft drinks under the Sanpellegrino's brand (which are not part of the transaction).

Refresco is an independent bottler of soft drinks and fruit juices for retailers and top-level brands in Europe and the USA. With production in the Benelux, Finland, France, Germany, Spain, Portugal, Italy, Poland, the UK and the USA, its global sourcing and local R&D capabilities offer an almost unlimited variety of products, manufactured to customer specifications and requirements. Refresco has revenues of about US$2 billion and is listed in the Netherlands. In Italy, Refresco is already present with the Spumador brand, founded in 1888 and acquired in 2011.

Sanpellegrino, an Italian company controlled by Nestlé Waters and founded in 1899, is one of the most renowned mineral water and soft drink players worldwide with over US$1 billion of revenues. Distributed in over 120 countries in all five continents, all its products – from non-alcoholic aperitifs to soft drinks – represent quality excellence, especially its extraordinary mineral waters.

Oaklins' team in Italy advised the selling shareholder throughout the sale process. The team provided all the relevant deal documentation, identified potential domestic and international buyers, managed the auction process in two different steps, coordinated the buyer selection out of five candidates, and finally supported and contributed to the negotiation of all legal documents, including two very complex co-packing and brand coexistence agreements, which will be valid for the next five years, on the three branded soft drinks that are still owned by Sanpellegrino (Nestlé Waters) but will continue to be bottled at the Recoaro facility acquired by Refresco.

Tombstone image for Sanpellegrino (Nestlé Waters) has sold the mineral water brand, business and assets of Recoaro to Refresco

Key deal contacts

Attilio Arietti


Managing Partner

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Paolo Russo



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