Post on 13-Oct-2020
JefferiesConsumerConferenceJune20,2017
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ForwardLookingStatements:Thispresentationcontainsforward-lookingstatementswithinthemeaningofSection27AoftheSecuritiesActof1933,Section21EoftheSecuritiesExchangeActof1934andapplicableCanadiansecuritieslawsconveyingmanagement'sexpectationsastothefuturebasedonplans,estimatesandprojectionsatthetimetheCompanymakesthestatements.Forward-lookingstatementsinvolveinherentrisksanduncertaintiesandtheCompanycautionsyouthatanumberofimportantfactorscouldcauseactualresultstodiffermateriallyfromthosecontainedinanysuchforward-lookingstatement.Theforward-lookingstatementscontainedinthispresentationinclude,butarenotlimitedto,statementsrelatedtoexpectedfutureoperatingresultsoftheCompany,anticipatedmarkettrends,andtheexecutionoftheCompany’sstrategy.Theforward-lookingstatementsarebasedonassumptionsregardingmanagement'scurrentplansandestimates.Managementbelievestheseassumptionstobereasonablebutthereisnoassurancethattheywillprovetobeaccurate.Factorsthatcouldcauseactualresultstodiffermateriallyfromthosedescribedinthispresentationinclude,amongothers:(1)changesinestimatesoffutureearnings;(2)expectedsynergiesandcostsavingsarenotachievedorachievedataslower pacethanexpected;(3)integrationproblems,delaysorotherrelatedcosts;and(4)unanticipatedchangesinlaws,regulations,orotherindustrystandardsaffectingthecompanies.Theforegoinglistoffactorsisnotexhaustive.Readersarecautionednottoplaceunduerelianceontheseforward-lookingstatements,whichspeakonlyasofthedatehereof.Readersareurgedtocarefullyreviewandconsiderthe variousdisclosures,includingbutnotlimitedtoriskfactorscontainedintheCompany'sAnnualReportintheForm10-KfortheyearendedDecember31,2016.TheCompanydoesnot,exceptasexpresslyrequiredbyapplicablelaw,undertaketoupdateorreviseanyofthesestatementsinlightofnewinformationorfutureevents.
Non-GAAPMeasures:TheCompanyroutinelysupplementsitsreportingofGAAPmeasuresbyutilizingcertainnon-GAAPmeasurestoseparatetheimpactofcertainitemsfromitsunderlyingbusinessresults.Inthispresentation,weusenon-GAAPmeasuressuchasEBITDA,adjustedEBITDA,andadjustedfreecashflowandcertainratiosusingthesemeasures.SincetheCompanyusesthesenon-GAAPmeasuresinthemanagementofitsbusiness,managementbelievesthissupplementalinformation,includingonaproformabasis,isusefultoinvestorsfortheirindependentevaluationandunderstandingofthebusiness.Anynon-GAAPfinancialmeasuresusedbytheCompanyareinadditionto,andnotmeanttobeconsideredsuperiorto,orasubstitutefor,theCompany'sfinancialstatementspreparedinaccordancewithGAAP.Inaddition,thenon-GAAPfinancialmeasuresincludedinthispresentationreflectmanagement'sjudgmentofparticularitems,andmaybedifferentfrom,andthereforemaynotbecomparableto,similarlytitledmeasuresreportedbyothercompanies.Areconciliationofthesenon-GAAPmeasuresmaybefoundonwww.cott.com.
SafeHarborStatements
ManagementAttendees
2
JarrodLanghansVicePresidentInvestorRelations
JerryHoyleChiefFinancialOfficer– CottDSServicesDivision
TracyGingChiefCommercialOfficer– CottS&DCoffeeandTeaDivision
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ADiversifiedBeverageCompanyFocusedonBetter-For-YouProductsandBroadChannelPenetration
TheCompanyoperatesthroughtwomajorbusinesssegments:
§ WaterandCoffeeSolutions(“WCS”)Platform: providesbottledwater,coffee,teaandwaterfiltrationservicestocustomersacross20countries.SegmentincludesDSServices,Aquaterra,EdenSpringsandS&Dbusinesslines
§ Growingproductsandchannelsassociatedwith“Better-for-You”beveragesincludingleading,scaleplatformsinhomeandofficewaterdelivery,coffee,teaandfiltrationserviceswithinNorthAmericaandEurope
§ LargecategorieswithlowsingledigitgrowthacrossHODWater,CustomCoffeeRoastingandTeaBlending
§ Over2.3millioncustomersprovidingadiversecustomerbase
§ TraditionalCott: producesbeveragesonbehalfofretailers,brandownersanddistributors.FocusoncashgenerationandcashextractiontogrowourWCSplatformanddeleverage.
§ Volumestabilitythroughvalue-addedandsparklingwaterproductcategorygrowthandgrowingcontractmanufacturingchanneloffsettingsugarsweetenedbeverage(“SSB”)(CarbonatedSoftDrinks“CSDs”andShelfStableJuices“SSJs”)marketdeclines
§ Customerbaseincludestheworld’sleadingbrandownersandretailersinthegrocery,mass-merchandiseanddrugstorechannels___________________________
Note:FinancialsbasedonFY2016.Source:Companyinformation,Managementestimates.Terms:HomeandOfficeDelivery(“HOD”).Otherproductcategoryincludesconcentrates,filtrationservicesandother.Sparklingwatersincludesmixers.(1)2016ProformaAdjustedEBITDAallocatedbaseduponpro-rata2016revenuesbyproductcategoryandchannelbetweenDSServices(HODWater,OCS,WaterandOther),TraditionalCott(CSD,Juice/JuiceDrinks,SparklingWatersandOther),Eden(HODWater,OCS,WaterandOther)andS&D(Coffee&Tea).(2)Corporatecostsallocatedbaseduponmanagementestimates
1
2
ProForma2016(1)AdjustedEBITDA
CSD11%
Juice/Juice Drinks
8%
Sparkling Water8%
HOD Water34%
Water, 8%
Coffee & Tea, 18%
Other, 13%
Private Label Retail27%
Branded Retail10%
HOD Water34%
Foodservice5%
Convenience Retailing
2%
Distribution4%
OCS5%
Contract Packaging7%
Other6%
Product(1)
Channel(1)
Cottisaleadingproviderinthedirect-to-consumerbeverageservicesindustrywith2017projectedsalesofover$3.7billionandstrongfreecashflowgrowth.
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1• 2%to3%OrganicGrowthWithinOurWaterandCoffeeSolutionsSegment
2• AccretiveSmallHODWater,OCSandFiltrationTuck-InAcquisitionsinNorthAmericaandEurope
3• SynergyCaptureandIntegrationWithinOurWaterandCoffeeSolutionsBusinesses
4• MaintainFreeCashFlowGenerationandOptimizeCashExtractionFromOurTraditionalBusiness
5• StrengtheningBalanceSheetThroughStrongCompoundFreeCashFlowGrowth,InterestReduction,andDeleveraging
Cott’s Vision– ToBecometheLeadingNorthAmericanandEuropeanWater,Coffee,TeaandFiltrationServiceProviderWithinHomeandOfficeDelivery,Foodservice,ConvenienceandHospitality
VisionDrivesShareholderValueCreationVia:LeadingNorthAmericanandEuropeanWater,Coffee,TeaandFiltrationServiceProvider
WithHigherMarginsandCompoundGrowthinRevenueandFreeCashFlow
StrategicInitiativesDriveDiversification
Diversifiedbeverageplatform(lowproduct,channelandcustomerconcentration)
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2
3
4
5
“Better-for-You”productofferings(positionedingrowingcategoriesofwater,coffee,tea,filtrationandextracts)
LeadingHomeOfficeWaterDelivery,CoffeeRoasting,TeaBlendingandOfficeCoffeeServiceplatforms(multipleaccretivetuck-inopportunities)
Recentscaleacquisitions(meaningfulsynergies/costsavingsopportunitieswithlongertermcrosssellingopportunities)
Strongfreecashflowgenerationandde-leveraging(midteencompoundannualgrowthinadjustedfreecashflow)
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DiversifiedBeveragePlatformWithLowProduct,ChannelandCustomerConcentrationIncreasinglyFocusedonGrowingCategoriesofWater,Coffee,TeaandFiltration
Private label & branded
retail76%
Co-pack15%
Other9%
Prod
ucts
Cha
nnel
sB
ette
r For
You
Better For You68%
Other32%
Pro Forma Adj EBITDA 2016(2)Adj EBITDA 2008(1) Adj EBITDA 2014(1)
CSD11% Juice
8% Sparkling
waters8%
HOD Water34%
Water8%
Coffee & Tea18%
Other13%
Better For You19%
Other81%
CSD34%
Juice24%
Sparkling water19%
Other23%
Private label retail73%
Branded retail14%
Co-pack11%
Other2%
Better For You11%
Other89%
Private label retail27%
HOD Water34%
Branded retail10%
Co-pack7%
Foodservice5%
Other17%
(1) Cott Traditional 2008 and 2014 adjusted EBITDA allocated based upon pro-rata revenues by product category and channel. (2) 2016 pro forma adjusted EBITDA allocated based upon pro-rata 2016 pro forma revenues by product category and channel between DS Services (HOD Water, OCS, Water & Other), Traditional Cott (CSD,
Juice, Sparkling Water and Other), Eden (HOD Water, OCS, Water and Other) and S&D (Coffee & Tea).(3) Other products include concentrates, Eden Springs’s filtration services and other.(4) Other channels include office coffee services, distribution, convenience retailing and other. (5) Better For You platform includes HOD Water, OCS, Coffee & Tea, Water and Sparkling Waters / Mixers
(4)
CSD52%
Water11%
Other37%
(3)
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Ourstrategicshifttohighermargin/growthmarkets- “Better-For-You”ProductOfferingPositionedAgainstGrowthCategories
Water filtrationmarket
Out of home coffee market(1)
Hospitality tea market(2)
HOD watermarket
Source: Beverage Marketing Corporation, The Automatic Merchandiser, October 2014 EY Analysis, Mintel Group Ltd.(1) Includes roasted, single-cup, instant, ready-to-drink and cold-brew, and refrigerated cold-brew / concentrate U.S. coffee retail sales at current prices; projections exclude
refrigerated cold-brew / concentrate coffee retail sales. Excludes wholesale revenue.(2) Includes canned / bottled, refrigerated, bagged / loose leaf, and single-cup U.S. tea sales at current prices. Excludes wholesale revenue.
Building Attractive Platform…with potential to build multiple leadership
positions
Acquired Dec 2014 Acquired Jan 2016
Acquired Aug 2016 Acquired Aug 2016
≈ 3%
≈ 4%
≈ 7%
≈ 4%
’13-’17E CAGR
2
8
Eden geographic presence
BWC water position(3)
Eden4%
Other89%
Eden20%
Company A
3%Company
B3%
Next 513%
Other61%
Company A6%
DS Services
~31%
Nestle~30%
Smaller Competitor
s~39%
DS Services~3%
Remainder of Top 5~17%
Smaller Competitors
~80%
DSServices– U.S.MarketLeader
HOD Water(1) OCS(2)
EdenSprings– EuropeanMarketLeader
HOD Water OCS
S&Dhasapproximately20%shareofthegrowingfoodservicechannelandisthelargestsupplieroffresh-brewedicedteatotheU.S.foodserviceindustry.
S&DCoffeeandTea– U.S.Leader Aquaterra– CanadianMarketLeader
AquaterraisCanada’soldestandlargestHODWaterbusinesswithaleadingpositionandover70,000customers.
___________________________Note: 2015 market shares based on management estimates.(1) Source: Beverage Marketing Corporation. Category size of $1.7 billion reflects only bottled water and excludes items such as cooler rent, cups, etc.(2) Source: ‘Coffee sales rise, so do costs: State of the Coffee Service Industry’, Automatic Merchandiser, September 2015.Source: Company information, Management estimates(3) BWC represents total bottled water coolers but is not a market in and of itself as the HOD water business consists of coolers, bottled water as well as other products such as case pack water and single serve products
WaterandCoffeesolutions– LeadingHODwater,coffee,teaandfiltrationservicesprovideracross20countrieswithmultipleaccretivetuck-inopportunities
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StrategicRationale
CostSynergies
§ Scalesbusinessandmeaningfullyenhancesmarginprofile
§ Diversifiesproductmixandimprovesgrowth
§ Broadenschannelmix
§ Meaningfulsynergiesandnewrevenueopportunitiesgeneratedfromnewchannelandnewroutestomarket
§ Expectedtogenerate$25mmofsynergiesover3years
§ $21mmof$25mmrealizedto-date
§ Expectedtoachieverun-ratesynergiesbytheendofFY2017
§ Improvesproductandchannelmix,whilereducingexposureto“BigBox”retailandinputcosts
§ CreatesaninternationalHODplatformwithleadingmarketshareacrossallregions,withsignificantconsolidationopportunities
§ Increasesscale,marginandgrowthprofile
§ Providesscaledgrowingcoffeeandteaproductionanddeliveryplatform
§ FurthersCott’splatformdiversificationstrategyacrossmultipleproductsandchannels
§ Significantsynergieswithexistingcoffeebusiness
___________________________(1) EdenSpringssynergiesconvertedfromEURtoUSDusing1.102Source:Companyinformation,Managementestimates
RecentAcquisitionsProvideMeaningfulCostSavingsOpportunities
($ in millions)
§ EdenSpringsandS&DCoffeeacquisitionsareexpectedtogeneratetotalcostsynergiesof$23mm(1) by2020
$4
$12
$21 $23
2017 2018 2019 2020
4
10
$155 -$175
$225 -$275
2017E 2019E
StrongFreeCashFlowGenerationandCompoundAnnualGrowthinAdjustedFreeCashFlowSupportsRapidDe-Leveraging
Full-yearimpactandassociatedfreecashflowfromEdenSpringsandS&DCoffee&Tea
R
~$23mmofsynergygenerationfromEdenSpringsandS&DCoffee&Teaasthesebusinessesbecomefullyintegrated
R
Maintainfreecashflowgenerationandoptimizecashextractionfromourtraditionalbusiness
R
Organicgrowthof2%to3%fromourWater,Coffee&Teaservicebusinesses
R
Continuetoexecute-onhighlyaccretive,synergisticanddeleveragingtuck-inacquisitionsintheHODwater,officecoffeeandfiltrationindustries
R
Opportunisticallyrefinancehighcoupondebtatlowerratesandbettertermsin2017,subjecttomarketconditions
R___________________________(1) Adjustedfreecashflowcalculatedascashflowfromoperations(excludingacquisition,integrationandtransactioncosts)lesscapitalexpenditures(2) SeeappendixforadjustedfreecashflowreconciliationSource: Companyinformation
($ in millions)
AdjustedFreeCashFlow(1)
FreeCashFlowDriversAdjustedFreeCashFlow(1)(2)
($ in millions)
5
$107
$134$150
$155 - $175
2014 2015 2016 2017E
11
High 4x(1)
~3.0x
PF2016 2017E 2018E 2019E Long-term net leverage target
(1) Pro Forma Leverage subsequent to closing Eden Springs and S&D Coffee and Tea in August 2016. See modeling deck presented August 17, 2016.Source: Company information
§ Proven track-record of quickly deleveraging after acquisitions
§ Significant free cash flow conversion allows for accelerated deleveraging
§ Additional deleveraging through cash extraction from traditional business (e.g. sale leasebacks, tight capital
control, various monetization options)
§ Capital deployment strategy assessed upon reaching 3x range
StrongFreeCashFlowGenerationandCompoundAnnualGrowthinAdjustedFreeCashFlowSupportsRapidDe-Leveraging-Continued
Pro Forma Net Debt to Adj. EBITDA
5
12
ValueCreation
§ Highlydiversifiedproduct,packageandchannelmix.
§ Strongandgrowingadjustedfreecashflowthatdrivesreturnstoshareholdersthroughamorebalancedscale
businesswithagoalof$225plusmillioninadjustedfreecashflowbytheendof2019.
§ Rapiddeleveragingresultsintransferofvaluefromdebttoequityholders.
ShareholderValueCreationVia:LeadingNorthAmericanandEuropeanWater,Coffee,TeaandFiltrationServiceProviderWithHigherMargins
andCompoundGrowthinRevenueandFreeCashFlow
Note:Adjustedfreecashflowyielddefined ascashflowfromoperationslesscapitalexpenditures/marketcapitalization.MarketdataasofDecember31,2016(Cott shareprice:$11.33).(a) Highcashflowconsumerpeer group includesB&GFoods,Campbell, PinnacleFoods,PostHoldings,JMSmucker,Snyder’s-Lance,SpectrumBrandsandTreeHouse Foods(b) BottlerspeergroupincludesNationalBeverage,A.G.Barr,Britvic,Coca-ColaAmatil,Coca-ColaEuropeanPartnersandCoca-ColaFemsa(c) RoutebaseservicespeergroupincludesG&KServices,Unifirst,ABMIndustries,Chemed,ServiceMaster,CintasandAramarkSource:Companyfilings,Factset
FREECASHFLOWYIELD
13
Questions and Answers
14
Appendix
15
Cott'sDiversifiedBusinessPlatform
___________________________(1) Eden Springs figures translated using EUR to USD FX rate of 1.102(2) See appendix for reconciliation of Eden Springs and S&D Coffee reported to pro forma net revenueSource: Company information
Water and Coffee Services Traditional
DS Services(incl. Aquaterra) Eden Springs S&D Coffee
Description
§ Direct-to-consumer providers of HOD water and filtration services across the U.S. (DS Services), Europe (Eden Springs) and Canada (Aquaterra)
§ Provides access and leadership position in the growing HOD water and filtration services industry
§ Leading custom coffee roaster and services company in the U.S. that provides vertical integration benefits
§ Improves overall growth profile by providing access to new customers, channels and growing categories
§ Provides a leadership position within the growing “On-the-Go” coffee category
§ Leading SSJ, CSD, and sparkling water / mixer manufacturer and distributor with a focus on private label and contract manufacturing
§ Customers include leading grocers, drug stores, mass-merchandisers and global brand owners
§ High cash flow generation through 4C’s (strong customer relationships, low operating costs, rigorous capexmanagement and strong free cash flow)
§ Cash generation and extraction used for Water and Coffee Solutions growth and deleveraging
2016 Pro Forma Net Revenue § $1,067mm § $389mm(1)(2) § $558mm(2) § $1,784mm
Footprint
§ Largest or second-largest HOD water provider in 39 of 43 largest U.S. cities and market leader in Canada
§ Leading European market player across 18 countries via the Eden Springs platform
§ Strong platform for accretive tuck-ins across geographies in both North America and Europe at attractive multiples
§ 37 plants and 15 water sources in the U.S. and Canada
§ 27 water sources across 18 countries in Europe (~1/3 owned)
§ Four production facilities: two dedicated coffee facilities, one tea facility and one extract and ingredient facility
§ Production space: 625,000 ft.2 with the ability to add multiple roasters over the coming years as necessary
§ Capable of producing 130-150 million pounds of coffee and 40-50 million pounds of tea annually
§ Since 2010, S&D has invested over $50mm to expand and upgrade its production facilities
§ Global manufacturing footprint with over 30 facilities in the U.S., Canada, UK and Mexico
§ High service levels and low freight costs§ Fully integrated concentrate facility with
strong R&D capabilities and vertical integration
§ Customer relationships with over 500 leading retailers and global brand owners
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Water Delivery Services
64%OCS11%
Retail15%
Other / Filtration Services10%
DSServices(IncludingAquaterra)AleadingUSDirect-to-ConsumerServicesProviderAcrossHODWater,OfficeCoffeeandFiltrationServices
___________________________(1) Figuresrepresentregionalmarketshare(2) Marketsharebasedonconsumptionvolume(3) OthernetrevenueincludedinFiltrationServicesnetrevenue(4) IncludesAquaterranetrevenueof$61mmSource:Companyinformation
Overview GeographicCoverageandBrandOwnership(1)
NetRevenueContributionProducts&Services
WaterDeliveryServices
OfficeCoffeeServices(“OCS”)
Retail
Filtration Services
$681mm
$118mm
$165mm
$104mm
2016NetRevenue(4):$1,067mm
%ofWCS:53%%ofTotalCott:28%
(3)
§ Leadingbottledwater,includingmanywell-knownbrands,andcoffeedirect-to-consumerservicesproviderto~1.6mmcustomerslocationsthroughdailyoperationof>2,000routesthatcover~90%oftheUS
§ 37plants§ NationalDSD(direct-store-delivery)system§ Vastcustomerbaseofhomesandsmalloffice
§ IncludesAquaterra,thelargestCanadiandistributorofHODwaterincludingwell-knownbrandssuchasLabradorSource andCanadianSpringsto~70,000customers
§ Leadingmarketshare(~31%)inthe2015U.S.HODbottledwatercategory(2)
1
1
1
1
11
1 2
1
11 3
2
1
1 2
2
1
3
11
1
111
17
Water Services63%Office Coffee
Services19%
Retail12%
Filtration6%
___________________________(1) BWCrepresentstotalbottledwatercoolersbutisnotamarketinandofitselfastheHODwaterbusinessconsistsofcoolers,bottledwateraswellasotherproductssuchascasepackwaterandsingleserveproducts(2) MarketsharebasedonconsumptionvolumeSource:Companyinformation
Overview GeographicCoverage
NetRevenueContributionProducts&Services
WaterServices
OfficeCoffeeServices
Filtration
Retail
€224mm
2016NetRevenue:€353mm
%ofWCS:19%%ofTotalCott:10%
§ Europe’slargestofficewaterandofficecoffeeservicescompanywithoperationsacross18countriesand~800,000customers
§ MeaningfulscaleacrossEuropewithaccesstoattractiveend-marketswithpositivegrowthoutlook(AleadingEuropeanplayerwithmultiplevalue-creativetuck-inacquisitionopportunities)
§ Expandsdirect-to-consumerbusiness– High-qualityandloyalcustomerbase(CombinationofDSServices,AquaterraandEdenSpringshas>2milliondirecttocustomerdeliverypoints)
EdenSpringsEurope’sLeadingDirect-to-Consumer(HomeandOffice)WaterandOfficeCoffeeServicesProvider
€22mm
€41mm
€66mm
Eden Springs geographic presence
BWC water position(1)
31
1
1
1
1
1 2 2
2
2
112
1
22
2
Portugal Spain
France Switzerland
Germany
UK NetherlandsDenmark
Norway
Sweden
FinlandEstoniaLatvia
Lithuania
Russia
Israel
Poland
18
QSR & Restaurants48%
Convenience Retailing
19%
Distribution32%
Other1%
___________________________(1) Market share based on consumption volumeSource: Company information
Overview GeographicCoverage
NetRevenueContributionProducts&Services
Coffee
Tea
Specialtyextracts&Ingredients(e.g.ColdBrewCoffee)
$269mm
$104mm
$181mm
$5mm
2016NetRevenue:$558mm
%ofWCS:28%%ofTotalCott:15%
§ Oneofthelargestcustomcoffeeroastersanddistributorofcoffeeandtea-basedbeveragesolutionstotheU.S.foodserviceindustry
§ Fourfacilitiescontaindedicatedcoffeeandteamanufacturingcapabilities,extractandingredienttechnology,andover625,000totalsquarefeetofwarehousespace
§ Servesover24,000blue-chipcustomersmainlyinthefoodserviceindustry,anddeliverstoover102,000customerlocationsacrossU.S.
S&DCoffeeandTeaLeadingU.S.FoodserviceCoffee,TeaManufacturingandServicesCompany
DirectRoute&Third-PartyDistributionThird-PartyDistribution
3rd PartyDistributionsalesaccountedfor~80%oftotal
2015netrevenue
AttractiveSynergyandDistributionOpportunitywithDSServicesOCSBusiness
Directroutesalesaccountedfor~20%of2015netrevenue
19
CSD31%
Juice / Juice Drinks22%
Sparkling Waters / Mixers23%
Other24%
___________________________Source:Companyinformation
Overview&StrategicRationale GeographicCoverage
NetRevenueContributionProducts&Services
CSDs
Juice/Juice Drinks
SparklingWaters/Mixers
Other
$559mm
2016NetRevenue:$1,784mm
%Better-for-You:22%%ofTotalCott:47%
§ Industry-leadingbeveragemanufactureranddistributorfocusedonprivatelabel,contractmanufacturingandownbrands
§ Leaderinprivatelabelshelfstablejuices,CSDsandvalue-addedandsparklingwaterinNorthAmericawithagrowingcontractmanufacturingbusiness
§ FullyintegratedconcentratefacilitywithstrongR&Dcapabilitiesandverticalintegrationwithhighservice,low-costproductionmodelsupplyingqualityconcentratesandexportstocustomersoutsideofNorthAmerica
§ Customerrelationshipswithover500leadingretailersinthegrocery,mass-merchandiseanddrugstorechannelsandbandowners
$392mm$401mm
$432mm
TraditionalBusinessLeadingBeveragePlatformWithExtensiveManufacturingFootprintforPrivateLabel,ContractManufacturingandOwnBrands
532904_1.WOR(NY007LA7)
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MEXICO U.K.
U.S.
Canada
Hot FillCold Fill
Other
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Mexico
ThestrongFCFfromtheTraditionalBusinessenablesustodeleverquicklyandinvestinourgrowing“WCS”platform