The Coca-Cola Company has moved its global refranchising efforts to Canada with an announcement it will sell Coca-Cola Refreshments Canada (CCRC), its Canadian bottling and distribution assets, to a new joint venture.
A non-binding letter of intent was announced on March 9 between Coca-Cola and the new joint venture, which is led by Larry Tanenbaum O.C., a prominent Canadian sports businessman and philanthropist, and Junior Bridgeman, a retired NBA player and current president of Heartland Coca-Cola Bottling Co. of Kansas City.
CCRC operates in all Canadian provinces and territories, with around 5,800 employees, five production facilities and over 50 sales and distribution centres.
The transaction is expected to close in the second half of this year.
