Put another tick in the acquisition column for Coca-Cola FEMSA (KOF 0.21%). The Mexico-based company, which says it is the largest bottler of Coca-Cola products on the planet, has signed a deal to acquire Brazilian peer Companhia Fluminense de Refrigerantes. The price is $448 million in cash.
The buyout is the latest in a series of acquisitions for Coca-Cola FEMSA. Over the past two years, it has acquired a number of smaller bottlers in its market and abroad and even purchased stakes in several Mexican drugstore chains.
Camnhia Fluminense manufactures and distributes Coke, in addition to other Coca-Cola products. According to FEMSA, it has one factory, four distribution centers, and around 2,000 employees. In the qw months ended March 31, the Brazilian concern took in around $232 million in net revenues, and its pro forma consolidated EBITDA came in at $40 million.