Carlsberg to Acquire PepsiCo Bottlers in Georgia and Armenia

Carlsberg Group is expanding its partnership with PepsiCo to Georgia and Armenia through agreements to acquire the companies currently bottling PepsiCo products in both markets. The move follows the recently announced expansion of the partnership in Azerbaijan and will extend Carlsberg’s soft drinks production and distribution operations across the South Caucasus.

Under the agreements, Carlsberg will acquire Iberia Refreshments in Georgia and JI Pepsi Cola Bottler Armenia from their current owner, Revery. Both companies currently produce and distribute PepsiCo beverages in their respective markets. Once the transactions are completed, Georgia and Armenia will become Carlsberg Group operating markets.

The acquisitions will give Carlsberg responsibility for the production, sale and distribution of PepsiCo’s soft drinks portfolio in both countries. The combined presence across Georgia, Armenia and Azerbaijan will create a regional operating cluster, building on Carlsberg’s existing business in Azerbaijan.

The agreement involving JI Pepsi Cola Bottler Armenia remains subject to regulatory approval from the Government of Armenia. Agreements for both acquisitions have been signed.

Once the latest agreements become effective, Carlsberg will have bottling agreements with PepsiCo in 17 markets. These include the United Kingdom, Ireland, Norway, Sweden, Switzerland, Kazakhstan, Kyrgyzstan, Laos and Cambodia, alongside Denmark, Finland, Estonia, Latvia and Lithuania from 2029, Azerbaijan from 2027, and Georgia and Armenia following completion of the contemplated acquisitions.

Nikos Kalaitzidakis, Executive Vice President, Central and Eastern Europe & India, Carlsberg Group, said, “We’re excited about the expansion of our long-standing partnership with PepsiCo to Georgia and Armenia. About two months ago, we announced the extension of our partnership with PepsiCo to Azerbaijan, and now we’re looking forward to accelerating the PepsiCo business and exploring additional opportunities in Georgia and Armenia. The expanded business will provide a strong platform to further develop a full multi-beverage portfolio across the region.”

Natalia Filippociants, SVP and GM, Internal Beverages Europe, PepsiCo, said, “The Carlsberg Group has been an important strategic bottling partner for PepsiCo over many years, and these agreements give us a stronger route to market in Georgia and Armenia, combining PepsiCo’s portfolio with Carlsberg Group’s capabilities to unlock the next phase of growth. As we continue to grow our beverages business in Europe, this expanded collaboration supports our consumer-centric growth agenda and helps create long-term value for consumers, customers and our business.”

The expansion extends Carlsberg’s role beyond beer into a wider beverage portfolio through its PepsiCo bottling partnerships. The latest agreements will add two markets to its operations once the acquisitions are completed.