PAI Partners’ Acquisition Of PepsiCo Inc.’s Juice Brands

Gibson, Dunn & Crutcher LLP and Davis Polk & Wardwell LLP advised PepsiCo, Inc. on the deal. Willkie Farr & Gallagher LLP and CWA served as legal counsels to PAI, and Latham & Watkins LLP acted as financing counsel.

PepsiCo, Inc. (NASDAQ: PEP) has entered into an agreement with PAI Partners (PAI) to sell Tropicana, Naked and other select juice brands across North America, and an irrevocable option to sell certain juice businesses in Europe, which will result in combined pre-tax cash proceeds of approximately $3.3 billion while retaining a 39% non-controlling interest in a newly formed joint venture.

PAI, a leading private equity firm with strong experience in the food and beverage space, will be the majority shareholder of the transferred business, with PepsiCo retaining exclusive U.S. distribution rights to the portfolio of brands in its best-in-class, chilled Direct Store Delivery for small-format and foodservice channels.

PepsiCo, Inc. is an American based multinational food, snack, and beverage corporation headquartered in Harrison, New York, in the hamlet of Purchase. PepsiCo’s business encompasses all aspects of the food and beverage market.

The Gibson Dunn corporate team was led by partners Barbara Becker (Picture) and Saee Muzumdar and includes associates Phillip Sanders, Samuel Kim and Yerin Pak.  Partner Aaron Adams advised on financing and partner Daniel Angel advised on IP aspects. Partners Michael Collins and Nataline Fleury advised on benefits.

The cross-border, multidisciplinary Willkie deal team was led by partners Robert Rizzo in New York and Faustine Viala in Paris, and included Nathalie Duguay, Philipp Girardet, Erin Kinney, Morgan McDevitt, Jeffrey Korn, Eugene Chang, Geri Anne McEvoy, Russell Pinilis, David Kukpa, Maud Boukhris, Marie Filippi, Christophe Garaud, Grégoire Finance, Hugo Nocerino, Marie Aubard, Camille Barabino.

Latham & Watkins LLP represented PAI as financing counsel in the transaction with a capital markets team led by Washington, D.C. partner Jason Licht, with Washington, D.C. associates Christopher Bezeg, Jack Anderson, and Thalia Garcia, and a finance team led by Washington, D.C. partners Katherine Putnam and Benjamin Berman and London partner Jay Sadanandan, with Washington, D.C. associates Brian Howaniec and Dalton Downing. Advice was also provided on tax matters by New York partner Jiyeon Lee-Lim, with New York associate Lauren Bewley.

The CWA team included Hélène Guillot.

 

Involved fees earner: Hélène Guillot – Chassany Watrelot; Aaron Adams – Gibson Dunn & Crutcher; Daniel Angel – Gibson Dunn & Crutcher; Barbara Becker – Gibson Dunn & Crutcher; Michael Collins – Gibson Dunn & Crutcher; Nataline Fleury – Gibson Dunn & Crutcher; Samuel Kim – Gibson Dunn & Crutcher; Saee Muzumdar – Gibson Dunn & Crutcher; Yerin Pak – Gibson Dunn & Crutcher; Phillip Sanders – Gibson Dunn & Crutcher; Benjamin Berman – Latham & Watkins; Lauren Bewley – Latham & Watkins; Christopher Bezeg – Latham & Watkins; Dalton Downing – Latham & Watkins; Thalia Garcia – Latham & Watkins; Brian Howaniec – Latham & Watkins; Jiyeon Lee-Lim – Latham & Watkins; Jason Licht – Latham & Watkins; Katherine Putnam – Latham & Watkins; Jay Sadanandan – Latham & Watkins; Marie Aubard – Willkie Farr & Gallagher; Camille Barrabino – Willkie Farr & Gallagher; Maud Boukhris – Willkie Farr & Gallagher; Eugene Chang – Willkie Farr & Gallagher; Nathalie Duguay – Willkie Farr & Gallagher; Marie Filippi – Willkie Farr & Gallagher; Grégoire Finance – Willkie Farr & Gallagher; Christophe Garaud – Willkie Farr & Gallagher; Philipp Girardet – Willkie Farr & Gallagher; Erin Kinney – Willkie Farr & Gallagher; Jeffrey Korn – Willkie Farr & Gallagher; David Kupka – Willkie Farr & Gallagher; Morgan McDevitt – Willkie Farr & Gallagher; Geri Anne McEvoy – Willkie Farr & Gallagher; Hugo Nocerino – Willkie Farr & Gallagher; Russell Pinilis – Willkie Farr & Gallagher; Robert Rizzo – Willkie Farr & Gallagher; Faustine Viala – Willkie Farr & Gallagher;

Law Firms: Chassany Watrelot; Gibson Dunn & Crutcher; Latham & Watkins; Willkie Farr & Gallagher;

Clients: PAI Partners; PepsiCo Inc.;

Author: Martina Bellini