The soft drink manufacturing industry in Benelux thrives with a blend of multinational corporations and local brands, designing beverages that cater to varied tastes and dietary preferences. Companies offer a wide range of products, from carbonated soft drinks to flavored waters and energy drinks. Innovative flavors and healthier options are crucial trends, reflecting the growing demand for refreshing yet low-calorie beverages among consumers. Furthermore, sustainability is a key focus, with many companies exploring eco-friendly packaging and sourcing strategies. As this industry evolves, it deepens its commitment to health and environmental responsibility, shaping its offerings for tomorrow's consumers.


Among the top 14 investors in Benelux's soft drink manufacturing sector, we see a blend of private equity and corporate players. These firms range in size, with some employing thousands and others only a few. Predominantly based in Amsterdam, Brussels, and Luxembourg, investors have strategically targeted companies showing growth potential. In 2024, these investors completed numerous deals, from CVC’s notable acquisitions to HEINEKEN’s investments, underscoring an active year in this dynamic market. Their involvement signifies confidence in the industry’s future, aligning with shifting consumer preferences toward innovative beverage options.


Top 14 Soft Drink Manufacturing Investors in Benelux


1. Cvc

  • Website: cvc.com
  • Type: Private Equity
  • Headquarters: Luxembourg
  • Founded year: 2005
  • Headcount: 1001-5000
  • Number of deals in 2024: 16
  • LinkedIn: cvc-capital-partners

CVC Capital Partners is a prominent private equity firm based in Luxembourg, founded in 2005. The firm specializes in private equity, credit, secondaries, and infrastructure, managing approximately €193 billion in assets for over 1000 clients, including pension funds and institutional investors. CVC has made significant strides in the beverage sector, highlighted by their acquisition of Lipton for over $5 billion in 2021, which underscores their commitment to the soft drink market. Additionally, their takeover of Stock Spirits Group for £767 million in 2021 further solidifies their position in the drinks industry, particularly in Eastern Europe. These strategic investments reflect CVC's focus on delivering sustainable value and growth through targeted acquisitions in the beverage sector.


2. The HEINEKEN Company

  • Website: theheinekencompany.com
  • Type: Corporate
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 1863
  • Headcount: 10001+
  • Number of deals in 2024: 4
  • LinkedIn: heineken

The HEINEKEN Company, founded in 1863 and based in Amsterdam, North Holland, Netherlands, is a leading brewery known for its high-quality beers and beverages, including the iconic Heineken® brand. With over 10,000 employees, the company has a strong focus on brand reputation and quality in the brewing industry. In recent years, HEINEKEN has expanded its investment strategy to include non-alcoholic and soft drink brands. Notably, in 2021, they acquired Distell Group Limited, which includes a variety of beverage brands. In 2023, HEINEKEN invested in Double Dutch Drinks, a company known for its premium mixers, and acquired a minority stake in Served® Hard Seltzer, a brand that focuses on hard seltzers and ready-to-drink cocktails. These transactions highlight HEINEKEN's commitment to diversifying its beverage portfolio and tapping into the growing soft drink market.


3. Azelis

  • Website: azelis.com
  • Type: Corporate
  • Headquarters: Antwerp, Flanders, Belgium
  • Founded year: 2001
  • Headcount: 1001-5000
  • Number of deals in 2024: 5
  • LinkedIn: azelis

Azelis is a corporate investor based in Antwerp, Flanders, Belgium, founded in 2001. As a specialty chemical distributor and innovation service provider, Azelis caters to over 63,000 customers across the life sciences and industrial sectors. They focus on delivering high-quality raw materials and innovative formulations tailored to specific market needs. In 2024, Azelis announced several significant acquisitions aimed at strengthening their position in the food and nutrition market, which is relevant to soft drink manufacturing. Notable transactions include the acquisition of Hortimex, a Polish specialty chemicals distributor in the food ingredients segment, and Gillco Ingredients, a US-based specialty ingredient provider in the food and nutrition market. These acquisitions reflect Azelis's commitment to expanding its portfolio in sectors that intersect with soft drink manufacturing, making them a noteworthy investor in this space.


4. PeakBridge


PeakBridge VC is a venture capital firm based in Luxembourg, founded in 2018, that specializes in FoodTech investments. The firm supports early-stage founders and businesses in the food industry by providing investment, consulting services, and access to a vast network of industry experts. Their focus is on innovative solutions that address significant challenges in the global food system, making them a key player in the FoodTech sector. Notably, PeakBridge has been involved in several relevant transactions, including investments in BE WTR, which raised over $45 million in Series C funding in 2024, indicating their active participation in the beverage sector. Additionally, their involvement with NICK’S, a brand that has raised significant funding for expansion, showcases their interest in companies that may intersect with the soft drink manufacturing industry.


5. Verlinvest

  • Website: verlinvest.com
  • Type: Venture Capital
  • Headquarters: Brussels, Brussels, Belgium
  • Founded year: 1995
  • Headcount: 11-50
  • Number of deals in 2024: 5
  • LinkedIn: verlinvest

Verlinvest is a venture capital firm based in Brussels, Belgium, founded in 1995. The firm specializes in high-growth consumer brands across multiple sectors, including food, beverage, health, and technology. Verlinvest provides long-term capital and strategic advisory services to help brands scale and innovate. Their portfolio includes a diverse range of companies that prioritize consumer needs and sustainable practices. Notably, Verlinvest has invested in Hint, a company that raised $5.4 million in 2012 for its flavored water products, and Sambazon, which focuses on premium acai beverages. They also led a Series B funding round for Epigamia, a Greek yogurt maker, which, while not a soft drink, indicates their interest in innovative food and beverage products. These transactions highlight Verlinvest's active role in the beverage sector, making them a relevant investor in soft drink manufacturing.


6. Jab Holding Company LLC

  • Website: jabholco.com
  • Type: Private Equity
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2007
  • Headcount: 10001+
  • Number of deals in 2024: 1
  • LinkedIn: jab-holding-company-llc

JAB Holding Company LLC is a private equity investment firm based in Amsterdam, Netherlands, founded in 2007. The firm specializes in consumer goods and services, with a focus on long-term investments and sustainable value creation. JAB has made significant investments in various sectors, including coffee, fast casual dining, petcare, and beauty. Notably, JAB has invested heavily in the beverage sector, particularly soft drinks, with key transactions such as the $9 billion investment in Keurig Dr Pepper in January 2020, which is a major player in the soft drink market. Additionally, JAB's acquisition of Mondelez's shares in JDE Peet's for $2.3 billion in October 2024 further solidifies its stake in the beverage industry. These transactions highlight JAB's strategic interest in the soft drink manufacturing sector, making it a relevant investor in this category.


7. Refresco

  • Website: refresco.com
  • Type: Corporate
  • Headquarters: Rotterdam, South Holland, Netherlands
  • Founded year: 1999
  • Headcount: 10001+
  • Number of deals in 2024: 4
  • LinkedIn: refresco

Refresco is a corporate investor based in Rotterdam, South Holland, Netherlands, specializing in beverage manufacturing. Founded in 1999, the company has grown to become a major player in the industry, producing over 11 billion liters of beverages annually across its extensive manufacturing network in Europe and North America. Refresco focuses on bottling a variety of beverages, including soft drinks, water, fruit juices, and energy drinks, serving major retailers and A-brands. The company has been actively expanding its portfolio through strategic acquisitions, such as the acquisition of Hansa Heemann in February 2022, which enhances its capabilities in the beverage sector. In August 2024, Refresco announced the acquisition of Vivaris GmbH & Co KG, which includes mineral water brands, further diversifying its offerings. Additionally, Refresco's acquisition of Spumador in January 2011 marked its entry into the Italian market, strengthening its position in the European soft drinks sector. More recently, in April 2024, Refresco acquired Varni Brothers Corporation, a US beverage manufacturer, and in July 2023, it signed an agreement to acquire GioCan, the Italian beverage division of McCormick. These transactions highlight Refresco's commitment to expanding its footprint in the soft drink manufacturing industry.


8. Wessanen Benelux (B Corp)


Wessanen Benelux (B Corp) is a corporate investor based in Amsterdam, Netherlands, with a long history dating back to 1765. The company specializes in organic and plant-based food products, targeting health-conscious consumers and promoting sustainability and biodiversity. Notable transactions include the acquisition of Abafoods, an Italian company known for its organic vegetal drinks, which aligns with Wessanen's strategy to expand its beverage offerings. Additionally, their focus on plant-based products is further exemplified by the acquisition of Abbot Kinney's, a brand known for organic almond and coconut yogurts and ice creams. These transactions highlight Wessanen's commitment to enhancing its portfolio in the organic beverage sector, making them a significant player in the broader context of soft drink manufacturing.


9. Spadel

  • Website: spadel.com
  • Type: Corporate
  • Headquarters: Belgium
  • Founded year: 1921
  • Headcount: 1001-5000
  • LinkedIn: spadel

Spadel is a corporate investor based in Belgium, founded in 1921, and operates within the beverage industry, focusing on natural mineral waters and soft drinks. The company has made significant acquisitions to strengthen its market position, including the purchase of Carola from Nestlé Waters, which bolstered their presence in the sparkling water market in Eastern France. In 2016, Spadel acquired a majority stake in Devin JSC, a Bulgarian bottled water company, which is expected to enhance their turnover significantly. Furthermore, Spadel has invested in Dripl, a company that offers alternatives to sugary soft drinks, showcasing their commitment to innovation and sustainability in the beverage sector. Their diverse brand offerings and strategic acquisitions reflect their dedication to quality and growth in the soft drink manufacturing industry.


10. Sofina

  • Website: sofinagroup.com
  • Type: Venture Capital
  • Headquarters: Brussels, Brussels, Belgium
  • Founded year: 1898
  • Headcount: 51-200
  • Number of deals in 2024: 4
  • LinkedIn: sofina

Sofina is an investment company based in Brussels, Belgium, founded in 1898. It specializes in providing patient capital to growing businesses across various sectors, including telecommunications, consumer goods, and energy. Sofina partners with entrepreneurs and family-owned businesses, offering strategic advice and long-term investment solutions to foster sustainable growth. Notably, Sofina has been actively involved in the beverage sector, particularly through its investments in Paper Boat, a Gurugram-based beverage and snack brand. Over the years, Sofina has participated in multiple funding rounds for Paper Boat, including significant investments of $30 million in April 2019 and $7.44 million in June 2019, among others. This consistent support highlights Sofina's commitment to the soft drink manufacturing industry and its focus on innovative beverage brands.


11. Gimv

  • Website: gimv.com
  • Type: Venture Capital
  • Headquarters: Antwerp, Flanders, Belgium
  • Founded year: 1980
  • Headcount: 51-200
  • Number of deals in 2024: 8
  • LinkedIn: gimv

Gimv is a venture capital investment firm based in Antwerp, Flanders, Belgium, founded in 1980. The firm partners with innovative companies across various sectors, including Consumer, Healthcare, Life Sciences, Smart Industries, and Sustainable Cities. Gimv provides investment management and strategic support to help businesses grow sustainably, primarily targeting entrepreneurial companies seeking capital and expertise to navigate market challenges. Notably, Gimv has made significant investments in the beverage sector, including the acquisition of United Dutch Breweries in 2015, which directly ties them to the soft drink manufacturing industry. Additionally, their investment in Vandemoortele, which owns the Alpro brand, showcases their involvement in food and beverage sectors, further emphasizing their capability and interest in supporting companies within the soft drink manufacturing context.


12. DLF Venture

  • Website: dlfventure.com
  • Type: Venture Capital
  • Headquarters: Luxembourg
  • Founded year: 2016
  • Headcount: 1-10
  • LinkedIn: dlfventure

DLF Venture is a Luxembourg-based venture capital firm founded in 2016, focusing on supporting consumer-oriented brands across various sectors, including food & beverage and health & care. The firm partners with ambitious founders, providing both investment and hands-on support to help grow their businesses. DLF Venture emphasizes trust, support, and transparency in its collaborative approach to brand development. Notably, DLF Venture has invested in Lyre's Spirit Co, a non-alcoholic spirits brand, through multiple funding rounds, including a Series A round raising over $26 million and a seed round of approximately $6.9 million. Additionally, they participated in a €14 million Series A funding round for the nu company, a German foodtech startup, further showcasing their engagement in the food and beverage sector. These transactions highlight DLF Venture's active role in the beverage industry, making them a relevant player in the soft drink manufacturing context.


13. V3 Ventures

  • Website: v3.ventures
  • Type: Venture Capital
  • Headquarters: Brussels, Brussels, Belgium
  • Founded year: 2022
  • Headcount: 1-10
  • Number of deals in 2024: 9
  • LinkedIn: v3-venture

V3 Ventures is a venture capital firm based in Brussels, Belgium, founded in 2022. The firm specializes in investing in early-stage consumer businesses across various sectors, including wellness, food, and lifestyle. V3 Ventures aims to support founders by providing capital and strategic guidance to help them build strong brands and achieve growth. Notably, they have participated in funding rounds for Go Zero, a brand that emphasizes health-conscious products, raising significant amounts in both seed and Series A rounds. This involvement indicates their interest in consumer brands that align with current market trends, including those relevant to the soft drink industry.


14. Convent Capital

  • Website: conventcapital.nl
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2011
  • Headcount: 1-10
  • Number of deals in 2024: 2
  • LinkedIn: convent-capital

Convent Capital is a venture capital firm based in Amsterdam, Netherlands, founded in 2011. The firm specializes in sustainable investments and growth capital provision, primarily targeting small to medium-sized enterprises in the Benelux region and innovative companies within the AgriFood sector. Convent Capital aims to enhance sustainability efforts and support growth in its portfolio companies. Notable transactions include their lead investment in ChainCraft, which raised EUR 11 million to develop an industrial-scale plant, potentially relevant to the beverage industry. Additionally, they participated in a Series C funding round for BE WTR, which, while not directly a soft drink manufacturer, operates in the broader beverage space. These investments reflect Convent Capital's commitment to supporting innovative and sustainable practices in food and beverage production.



Soft Drink Manufacturing Insights: Key Investors in Benelux


InvestorHeadquarterSizeFoundedDeals 2024
CvcLuxembourg1001-5000200516
The HEINEKEN CompanyAmsterdam, North Holland, Netherlands10001+18634
AzelisAntwerp, Flanders, Belgium1001-500020015
PeakBridgeLuxembourg11-5020188
VerlinvestBrussels, Brussels, Belgium11-5019955
Jab Holding Company LLCAmsterdam, North Holland, Netherlands10001+20071
RefrescoRotterdam, South Holland, Netherlands10001+19994
Wessanen Benelux (B Corp)Amsterdam, North Holland, Netherlands51-20017650
SpadelBelgium1001-500019210
SofinaBrussels, Brussels, Belgium51-20018984
GimvAntwerp, Flanders, Belgium51-20019808
DLF VentureLuxembourg1-1020160
V3 VenturesBrussels, Brussels, Belgium1-1020229
Convent CapitalAmsterdam, North Holland, Netherlands1-1020112


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