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Let’s TalkBritvic Acquires Jimmy’s Iced Coffee in the United Kingdom
Britvic, a publicly listed British multinational soft drinks producer and distributor, acquired Jimmy’s Iced Coffee, a producer of iced coffee drinks, on July 27, 2023. Both companies are based in the United Kingdom. Britvic made the acquisition to expand into the fast-growing iced coffee drinks segment.
Transaction Summary
The Facts of the Acquisition
- Target: Jimmy’s Iced Coffee produces iced coffee drinks and is the fastest-growing ready-to-drink iced coffee brand in the United Kingdom.
- Acquirer: Britvic is a publicly listed British producer and distributor of soft drinks, based in the United Kingdom. It has been producing soft drinks under its own name and several other brands since 1845. It has the license to distribute PepsiCo products in the United Kingdom.
Our Take on the Acquisition
The acquisition of Jimmy’s Iced Coffee (target) sees Britvic (acquirer), a soft drinks producer and distributor, expand into the iced coffee beverage segment. The UK ready-to-drink iced coffee category is both large and fast growing with annual retail sales of GBP £280 million (USD $359 million). Britvic intends to accelerate the growth of Jimmy’s Iced Coffee through Britvic’s existing customer relationships and distribution network. Additionally, it intends to use its supply chain expertise and procurement capability to increase the cost efficiency of the target business.
The Transaction
| Date: | July 27, 2023 |
| Price: | Undisclosed |
| Purpose: | To expand the product portfolio. |
| Acquirer’s Statement: | Simon Litherland, Britvic CEO – “We are thrilled to welcome Jimmy’s Iced Coffee to our portfolio of much-loved Britvic brands. The focus on innovation, great taste with fewer calories, and fully recyclable packaging makes Jimmy’s a perfect fit for Britvic. We have a long track-record of acquiring and developing brands, and I am confident in our ability to quickly expand our position in the iced coffee category – which is an exciting and fast-growing market segment.” |
Target/Seller: Jimmy’s Iced Coffee
Company Information
| Target: | Jimmy’s Iced Coffee |
| Website: | jimmysicedcoffee.com |
| Founded: | 2010 |
| Industry: | Beverage Manufacturing |
| Type: | Private |
| Employees: | 38 (Self-published on LinkedIn) |
| Locations: | Head Office and Factory: Unit 1 Beaver Industrial Estate, 8 Airfield Road, Christchurch, Dorset, United Kingdom |
Product Information
| Products: | Caramel – Made with semi-skimmed milk, arabica coffee, and natural flavoring Mocha – Made with semi-skimmed milk, arabica coffee, and chocolate powder Oat – Made with oat milk, arabica coffee, and vanilla flavoring Original – Made with semi-skimmed milk and arabica coffee Strong – Made with semi-skimmed milk and strong arabica coffee |
| Market Reach: | United Kingdom |
Financial Information
| Revenue: | GBP £17 million (USD $21.8 million) – (Source: Britvic) |
| Revenue per Employee: | GBP £447,368 (USD $573,684) (i.e., GBP £17 million / 38 employees = GBP £447,368 – estimated based on the self-published number of employees and the revenue from Britvic) |
Did You Know?
Revenue in the UK ready-to-drink coffee market in 2023 amounts to GBP £86.14 million (USD $110 million), according to Statistica. It’s projected to grow at a compound annual growth rate (CAGR) of 7.36% between 2023 and 2027. In the U.S. market, revenue amounts to USD $11.18 billion (GBP £8.76 billion) and is projected to grow at a CAGR of 5.95% by 2027.
Target/Seller Overview: Jimmy’s Iced Coffee
Jimmy’s Iced Coffee is the fastest-growing ready-to-drink iced coffee brand in the United Kingdom. Started in 2010 by Jim Cregan and his sister Suzie Owen, the company sells iced coffee in unique and differentiated packaging through distributors and online in the United Kingdom.
The company is a Certified B Corporation, a private certification of for-profit companies of their social and environmental performance. Jimmy’s strives to make a positive impact on the planet and the communities it touches. Other food and beverage Certified B Corporation companies include BrewDog in the United Kingdom, Ben & Jerry’s in the United States, and Fatso in Canada.
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Explore Your Options NowBuyer/Acquirer: Britvic
Company Information
| Buyer: | Britvic |
| Website: | britvic.com |
| Founded: | 1845 |
| Industry: | Beverages Manufacturing and Distribution |
| Type: | Publicly listed company |
| Employees: | 4,346 (Source: MacroTrends, a research platform) |
| Locations: | Head Office: Breakspear Park, Breakspear Way, Hemel Hempstead, United Kingdom Brazil Regional Office #1: Av. Paulista, 1.842 – Bela Vista, São Paulo, Brazil Factory #1: Rodovia, BR 304, KM 55,2 Aracati, Ceara, Brazil Factory #2: Av. Hugo Alessi, Araguari, Minas Gerais, Brazil France Regional Office #2: 482 Av. Ambroise Croizat, Crolles, France Ireland Regional Office #3: Kylemore Park W, Kylemore, Dublin, Ireland Netherlands Regional Office #4: 2.08-2.13, Spaces Vijzel, Vijzelstraat 68-78, 1017 HL, Amsterdam, Netherlands United Kingdom Factory #3: Aventine Way, Glebe Farm Industrial Estate, Rugby, United Kingdom Factory #4: 9 Roding Road, London Industrial Park, Beckton, London, United Kingdom Factory #5: Swinnow Lane Industrial Estate, Bramley, Leeds, United Kingdom United States Regional Office #5: WeWork Wynwood Garage, Ste 08-127, 360 NW 27th St, Miami, Florida, United States |
Product Information
| Products: | Carbonated Soft Drinks – Sweet, non-alcoholic drinks mixed with carbonated water Dilutes – Concentrate syrup used in beverage making, usually fruit flavored Fruit Juice – Juice squeezed out a variety of fruits PepsiCo – Pepsi, Mountain Dew, Gatorade, 7UP, Lipton Iced Tea, and other PepsiCo brands Sports Drinks – Drink rich in electrolytes and carbohydrates Water – Variety of sparkling and mineral waters |
| Market Reach: | More than 100 countries on six continents |
Financial Information
| Market Cap: | GBP £2.2 billion (USD $2.8 billion) |
| Revenue: | GBP £1.6 billion (USD $2.1 billion) |
| Revenue per Employee: | GBP £368,155 (USD $483,203) (i.e., GBP £1.6 billion / 4,346 employees = GBP £368,155 – estimated based on the number of employees from MacroTrends and revenue from the company’s annual report) |
| EBITDA: | GBP £252.6 million (USD $331.5 million) |
| P/E Ratio: | 16.6 |
| EV/EBITDA Ratio: | 8.9 |
Buyer/Acquirer Overview: Britvic
Britvic is a publicly listed British producer of soft drinks based in Hemel Hempstead, England. Founded in 1845 as the British Vitamin Products Company, it produces soft drinks, fruit juices, and water under its own name and several other brands. It also owns the distribution license to PepsiCo products in the United Kingdom. Most of Britvic’s operations are in the United Kingdom, and it exports to more than 100 countries.
Previous Acquisitions by Britvic
- Plenish (2021) – A plant-based drinks brand offering raw, organic juices, based in London, United Kingdom.
- Bela Ischia Alimentos Ltda (2017) – A producer of juices, liquid concentrates, and powder concentrates, based in Brazil. The price was R$218 million (GBP £54.5 million, USD $66 million).
- Empresa Brasileira de Bebidas e Alimentos SA (2015) – A soft drinks company based in Brazil. The price was R$580 million (GBP £120.8 million, USD $188 million).
- Fruité Entreprises (2010) – A manufacturer and distributor of fruit juices and yogurt, based in France. The price was €237 million (GBP £203 million, USD $293.5 million).
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