Carlsberg Group is acquiring Iberia Refreshments, the official producer and importer of PepsiCo brands in Georgia. According to the company’s 2025 financial report, Iberia Refreshments generated GEL 123.6 million in revenue, down by 1.07% year-on-year. The company was previously owned by Revery, through British Virgin Islands-registered ELSU.
Most of Iberia Refreshments’ revenue came from the Georgian market, which generated GEL 120.7 million, while exports accounted for GEL 2.9 million. Revenue included GEL 76.7 million from the sale of goods held for resale and GEL 46.8 million from finished products. Carlsberg said the acquisition, together with its planned purchase of J I Pepsi Cola Bottler Armenia, will make Georgia and Armenia part of its operating markets, subject to regulatory approval in Armenia.
Iberia Refreshments ended 2025 with a GEL 2.27 million loss, compared with a GEL 2.45 million loss in 2024. At year-end, its total assets stood at GEL 55.5 million, liabilities at GEL 59.7 million and equity was negative at GEL 4.19 million. Loans and other borrowings totaled GEL 42.4 million.
The company employed 502 people at the end of 2025, down from 539 a year earlier. Iberia Refreshments produces and sells carbonated soft drinks under a PepsiCo franchise agreement, while also importing several PepsiCo products and distributing them through its own network. In 2024, it signed a five-year exclusive bottling and business development agreement with PepsiCo.
