Varun Beverages (VBL), PepsiCo’s largest bottling partner globally outside the US, has agreed to acquire South Africa-based beverage maker Twizza at an enterprise value of ZAR 2,095 million (around Rs 1,118.7 crore), as it deepens its push in the African market.
The transaction will be executed through VBL’s South African subsidiary, The Beverages Company Proprietary Limited (BevCo), and will involve the acquisition of 100% of Twizza’s share capital. The consideration will be paid entirely in cash, the company said in a regulatory filing on Sunday.
About Twizza
Twizza manufactures and distributes its own portfolio of non-alcoholic beverages and operates three manufacturing facilities located in Cape Town, Queenstown and Middelburg. Together, these plants have an annual production capacity of about 100 million cases. The company also has backward integration capabilities at all its plants, including five preform lines and one closure line.
For the financial year ended 31 March 2025, Twizza reported a turnover of ZAR 1,689 million, equivalent to about Rs 9,010 crore.
VBL said the acquisition will help BevCo strengthen its footprint in South Africa by leveraging Twizza’s manufacturing base and integrated facilities. Upon completion, Twizza will become a step-down subsidiary of Varun Beverages. The deal is subject to regulatory and other customary approvals and is expected to be completed on or before 30 June 2026.
Previous acquisitions
The proposed buyout builds on VBL’s recent expansion in Africa. The company acquired The Beverage Company, South Africa, with its wholly owned subsidiaries, including BevCo, in March 2024.
Separately, in November 2024, VBL entered into agreements to acquire 100% stakes in Tanzania Bottling Company SA and SBC Beverages Ghana at an equity value of $154.5 million and $15.06 million, respectively. Both entities are part of PepsiCo’s bottling operations.
In Morocco, Varun Beverages’ wholly owned subsidiary has also signed an agreement to manufacture and package Cheetos, in addition to distributing PepsiCo’s snack brands such as Lay’s, Cheetos and Doritos in the country.
In 2024, Varun Beverages reported revenue of Rs 20,007.7 crore and sold 1,124 million cases globally, underscoring its position as one of PepsiCo’s largest franchise partners worldwide.
Varun Beverages share price
Varun Beverages’ share price has jumped nearly 2% in early trade on Monday. The stock is up over 5% in the last 1 month. However, it is down over 26% in 2025 so far.