BURLINGTON, Mass. and FRISCO, Texas, US – Keurig Dr Pepper Inc. announced that BDT Capital Partners, LLC (“BDT”) and its affiliates (collectively, the “BDT Group”) have communicated to KDP that they will distribute a portion of the shares of KDP common stock owned by the BDT Group to certain BDT limited partners that invested alongside BDT’s funds (the “BDT Investors”).
BDT Chairman and CEO, Byron Trott stated, “BDT and its investors have been long-standing partners alongside JAB in KDP, and a number of predecessor and affiliated entities, with certain investments dating back to 2013. The actions announced today are customary and a natural evolution of our investment in KDP and do not reflect any change to BDT’s confidence in KDP’s management team or business strategy.
” Keurig Dr Pepper Board Director and BDT Partner, Genevieve Hovde added, “We continue to be extremely pleased with KDP’s operating and financial performance and look forward to KDP’s upcoming Investor Day and discussions around opportunities for continued value creation that we believe lie ahead.”
To effect the distribution, BDT will distribute approximately 46 million shares of KDP stock that the BDT Group currently holds, representing approximately 3.2% of the outstanding common stock of KDP, to a large number of high-quality investors. Following the distribution, the BDT Group will continue to own approximately 69 million shares of KDP stock, representing approximately 4.8% of KDP.
KDP intends to file a prospectus supplement to its registration statement on Form S-3 (File No. 333-233477) dated August 27, 2019, with the Securities and Exchange Commission (“SEC”) to register the remaining shares held by the BDT Group. In addition, BDT and its affiliates intend to amend BDT’s Schedule 13D currently on file with the SEC to reflect the distribution.
