BURLINGTON, Mass. and
PLANO, Texas, Sept. 8, 2020 /PRNewswire/ -- Keurig Dr Pepper
(NYSE: KDP) today announced that JAB Holdings B.V. ("JAB") has
indicated its intention for its majority-owned Maple Holdings B.V.
subsidiary ("Maple") to convert a portion of the interest of its
minority partners into directly held shares of KDP stock.
The minority investors involved in the transaction, which
include affiliates of BDT Capital Partners ("BDT"), affiliates of
Quadrant Capital Advisors ("Quadrant"), and the significant
majority of investors in the JCF Consumer Fund ("JCF"), have all
expressed their intentions to remain long-term KDP
shareholders.
KDP Chairman and CEO Bob Gamgort
said, "JAB and its minority investors have been and continue to be
outstanding partners since the take-private transaction of the
former Keurig Green Mountain was announced in 2015. Their ongoing
support of Keurig Dr Pepper is much appreciated as we proceed on
our path to becoming a widely-held company."
To affect the equity distribution, Maple intends to distribute
approximately 76 million shares of KDP stock that Maple currently
holds, representing approximately 5.4% of the outstanding common
stock of KDP. Affiliates of both BDT and Quadrant, as well as
JCF investors, the latter of which is largely comprised of
sovereign wealth funds, university endowments and family offices,
will be subject to a six-month lock-up provision on the distributed
shares.
BDT Capital Partners Chairman and CEO Byron Trott stated, "Under the strong leadership
of Bob Gamgort and his team, KDP has
delivered outstanding returns and we are confident in the Company's
strategy and direction. We remain a committed long-term shareholder
and plan to participate in the continued value creation that we
believe lies ahead."
Quadrant Managing Director and Chief Investment Officer,
Christopher Evison, added, "As
long-term shareholders of great businesses, we are extremely
pleased with KDP's strong operating performance and our investment
returns to date. We continue to be confident in the Company's
outlook and excellent management team, and plan to remain a
long-term shareholder."
Following the distribution and lock-up period, JAB and Maple
will collectively own 44% of KDP, Mondelez International, Inc. will
continue to own 12% and the public float will increase to 44%,
including shares held directly by the minority partners.
Maple and its affiliates intend to make the required filings
with the SEC, including an amendment to Maple's existing Schedule
13D, upon the completion of the distribution.
Media Contact:
Katie
Gilroy
T: 781-418-3345 / katie.gilroy@kdrp.com
Investor Contacts:
Tyson
Seely
T: 781-418-3352 / Tyson.seely@kdrp.com
Steve Alexander
T:972-673-6769 / steve.alexander@kdrp.com
About Keurig Dr Pepper
Keurig Dr Pepper (KDP) is a
leading beverage company in North
America, with annual revenue in excess of $11 billion and nearly 26,000 employees. KDP
holds leadership positions in soft drinks, specialty coffee and
tea, water, juice and juice drinks and mixers, and markets the #1
single serve coffee brewing system in the U.S. and Canada. The Company's portfolio of more than
125 owned, licensed and partner brands is designed to satisfy
virtually any consumer need, any time, and includes Keurig®, Dr
Pepper®, Green Mountain Coffee Roasters®, Canada Dry®, Snapple®,
Bai®, Mott's®, CORE® and The Original Donut Shop®. Through its
powerful sales and distribution network, KDP can deliver its
portfolio of hot and cold beverages to nearly every point of
purchase for consumers. The Company is committed to sourcing,
producing and distributing its beverages responsibly through its
Drink Well. Do Good. corporate responsibility platform, including
efforts around circular packaging, efficient natural resource use
and supply chain sustainability. For more information, visit
www.keurigdrpepper.com.
FORWARD LOOKING STATEMENTS
Certain statements
contained herein are "forward-looking statements" within the
meaning of applicable securities laws and regulations. These
forward-looking statements can generally be identified by the use
of words such as "outlook," "guidance," "anticipate," "expect,"
"believe," "could," "estimate," "feel," "forecast," "intend,"
"may," "plan," "potential," "project," "should," "target," "will,"
"would," and similar words, phrases or expressions and variations
or negatives of these words, although not all forward-looking
statements contain these identifying words. Forward-looking
statements by their nature address matters that are, to different
degrees, uncertain, such as statements regarding the estimated or
anticipated future results of the combined company following the
combination of Keurig Green Mountain, Inc. ("KGM") and Dr Pepper
Snapple Group, Inc. ("DPSG" and such combination, the
"transaction"), the anticipated benefits of the transaction,
including estimated synergies and cost savings, the long-term
merger targets, and other statements that are not historical facts.
These statements are based on the current expectations of our
management and are not predictions of actual performance.
These forward-looking statements are subject to a number of
risks and uncertainties regarding the company's business and the
transaction and actual results may differ materially. These risks
and uncertainties include, but are not limited to: (i) the impact
the significant additional debt incurred in connection with the
transaction may have on our ability to operate our business, (ii)
risks relating to the integration of the KGM and DPS operations,
products and employees into the combined company and assumption of
certain potential liabilities of KGM and the possibility that the
anticipated synergies and other benefits of the transaction,
including cost savings, will not be realized or will not be
realized within the expected timeframe, (iii) the impact of the
global COVID-19 pandemic, and (iv) risks relating to the businesses
and the industries in which our combined company operates. These
risks and uncertainties, as well as other risks and uncertainties,
are more fully discussed in the Company's filings with the SEC,
including our Annual Report on Form 10-K, and our subsequent
filings with the SEC. While the lists of risk factors presented
here and in our public filings are considered representative, no
such list should be considered to be a complete statement of all
potential risks and uncertainties. Any forward-looking statement
made herein speaks only as of the date of this document. We are
under no obligation to, and expressly disclaim any obligation to,
update or alter any forward-looking statements, whether as a result
of new information, subsequent events or otherwise, except as
required by applicable laws or regulations.
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SOURCE Keurig Dr Pepper