Coca-Cola Europacific Partners (CCEP) has officially completed the acquisition of Coca-Cola Beverages Philippines, Inc. (CCBPI) from The Coca-Cola Company. This acquisition, done in collaboration with Aboitiz Equity Ventures, sees CCEP taking on 60% of the business, while Aboitiz acquires the remaining 40%.
In a statement, CCEP emphasized that this acquisition marks a significant milestone in its growth strategy, following its successful expansion into Australia, Pacific, and Indonesia in 2021. The company believes that this move will strengthen its partnership with The Coca-Cola Company and drive shareholder value in the long term.
This acquisition also expands CCEP’s presence in the Asia-Pacific region, specifically within its existing Australia, Pacific & South East Asia (APS) business segment. By leveraging best practices and talent, CCEP aims to achieve sustainable and stronger growth through diversification and scale, aligning with its mid-term strategic objectives.
Despite the transaction, CCEP anticipates only a modest impact on its leverage. In terms of financial performance, Coca-Cola Europacific Partners reported a 5.5% increase in revenue for the full year of 2023 (8.0% on an FX-neutral basis), with a slight decline of 0.5% in comparable volume growth. While volume growth in Europe saw a marginal increase of 0.5%, volumes in the Asia-Pacific region decreased by 5.0% due to softer consumer spending and SKU rationalization.
Damian Gammell, chief executive of Coca-Cola Europacific Partners, expressed gratitude to employees, customers, and brand partners for their contributions to a successful year. Gammell highlighted the company’s focus on leading brands, strong customer relationships, and effective in-market execution, which contributed to solid top and bottom-line growth and impressive free cash flow generation.
