Carlsberg Group has agreed to expand its long-standing bottling partnership with PepsiCo into Georgia and Armenia, establishing a multi-beverage production and commercialisation footprint across the South Caucasus.
Under the agreement, Carlsberg will assume responsibility for the production, marketing, sale, and distribution of PepsiCo's soft drinks portfolio in both countries. The transaction follows a similar bottling arrangement announced earlier this year for Azerbaijan, enabling the Danish brewing group to consolidate its regional route to market under a unified operating cluster.
The move marks an expansion of Carlsberg's international commercial relationship with PepsiCo, while accelerating its long-term strategy to scale multi-category beverage operations beyond core beer.
Acquisition of Regional Bottling Assets
To facilitate the commercial rollout across both markets, Carlsberg has entered into definitive agreements to acquire two local bottling businesses from beverage group Revery:
Iberia Refreshments: The established franchise bottler and distributor for PepsiCo beverages in Georgia.
JI Pepsi Cola Bottler Armenia: The authorised PepsiCo production and distribution partner operating in Armenia.
The completion of the Armenian transaction remains subject to regulatory review and customary clearance from the Armenian competition authorities. Once both acquisitions conclude, Georgia and Armenia will transition into fully integrated operating markets within Carlsberg Group.
Financial terms and transaction valuations for the acquisitions were not disclosed.
South Caucasus Multi-Beverage Cluster
The integration of Georgia and Armenia complements Carlsberg's planned entry into Azerbaijan, where the group is scheduled to take over PepsiCo bottling operations beginning in 2027.
By grouping the three neighbouring markets into a single regional cluster, Carlsberg aims to capture procurement and operational synergies across packaging, warehousing, and commercial distribution networks. The integrated footprint allows the business to scale its commercial relationships with regional retailers, on-premise hospitality operators, and wholesale distributors across the Caucasus corridor.
"This expansion provides us with an excellent platform to develop a full multi-beverage portfolio across the region," said Nikos Kalaitzidakis, Executive Vice President for Central and Eastern Europe & India at Carlsberg Group. "Building on our existing presence and infrastructure, we look forward to developing PepsiCo's strong brand portfolio and delivering value for customers and consumers in Georgia and Armenia."
Natalia Filippociants, Senior Vice President and General Manager, Internal Beverages Europe at PepsiCo, highlighted the commercial alignment behind the expansion: "Our partnership with Carlsberg is built on shared ambitions for sustainable, long-term brand development. Expanding our collaboration into Georgia and Armenia will help us unlock the next phase of growth for our beverage brands across the South Caucasus."
Expansion of Carlsberg Global PepsiCo Network
Following the completion of the acquisitions in Georgia and Armenia, Carlsberg's global bottling footprint with PepsiCo will extend to 17 geographic markets.
The long-standing partnership spans a diverse roster of mature and emerging consumer markets:
Current Operating Territories: The UK, Ireland, Norway, Sweden, Switzerland, Kazakhstan, Kyrgyzstan, Laos, and Cambodia.
Scheduled Pipeline Expansions: Azerbaijan is slated to join the network in 2027, followed by Denmark, Finland, Estonia, Latvia, and Lithuania in 2029.
South Caucasus Additions: Georgia and Armenia will formally integrate into the operational network upon regulatory closing.
The transaction reinforces a broader industry pattern among major multinational brewing groups, which are increasingly deploying their industrial bottling infrastructure, logistics networks, and route-to-market scale to co-manufacture and distribute non-alcoholic soft drinks, functional beverages, and ready-to-drink portfolios.
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