CADBURY SCHWEPPES AND THE CARLYLE GROUP COMPLETE ACQUISITION OF DR PEPPER BOTTLING COMPANY OF TEXAS
08 Oct 99
Cadbury Schweppes plc and The Carlyle Group of Washington DC today confirmed that they have completed the acquisition of the Dr Pepper Bottling Company of Texas.
The Dr Pepper Bottling Company of Texas will be combined with The American Bottling Company, owned by Cadbury Schweppes and The Carlyle Group, to form the largest independent soft drinks bottler in the US. The new company, Dr Pepper/Seven Up Bottling Group, Inc. (DPSUBG), will bottle and distribute 58% of Dr Pepper/Seven Up's (DSPU) volume in the independent bottling system and 24% of total DSPU volumes. In addition to Dr Pepper, 7 Up, A&W Root Beer, Canada Dry, Schweppes, Sunkist, Squirt and Hawaiian Punch, DPSUBG will distribute Snapple, Mistic, Evian, Royal Crown Cola, Diet Rite and Big Red.
The $691 million consideration comprises $283 million cash for the purchase of the Dr Pepper Bottling Company of Texas and external bank debt of approximately $408 million, as first announced on 1 September 1999.
Cadbury Schweppes will hold approximately 40% of DPSUBG, The Carlyle Group 53%, with the remainder held by Jim Turner, Chief Executive Officer and President of DPSUBG, and management. John Brock, Managing Director of Cadbury Schweppes Beverages Stream, is Chairman of DSPUBG.
Cadbury Schweppes plc: 020-7409-1313
http://www.cadburyschweppes.com
for
further information contact:
media enquiries
Dora McCabe
Head of Group Public Relations
Tel: +44 (0)20 7830 5127
Fax: +44 (0)20 7830 5137
contact Dora McCabe
general enquiries
Kevin Kirkeby
Ludgate Communications
001 212 688 5144
The Carlyle Group
William E Conway, Jr.
Jerome H Powel
001 202 347 2626
investor enquiries
Sally Jones
Investor Relations Director/Finance Director Global Commercial
Tel: +44 (0)20 7409 5124
Fax: +44 (0)20 7830 5157
