Carlyle sells Dr Pepper/Seven Up

Carlyle is selling its 53% stake in drinks business Dr Pepper/Seven Up bottling Group (BG) to its joint venture partner Cadbury Schweppes in a $353m (£198m) cash transaction. Cadbury will also acquire the remaining shares held by management and employees for an additional $19m (£11m) to gain full control of the group. The combined transactions will increase Cadbury Schweppes’ stake in BG from 45% to 100%.

Cadbury and Carlyle backed the drinks business in 1998 when they bought the group for $724m. BG, which is the largest independent bottler in the US, had revenues of $2.0bn and underlying EBITDA of $204m in 2005.