By Siranush Adamyan
Danish brewer Carlsberg has agreed to acquire PepsiCo’s bottlers in Armenia and Georgia from investment group Revery, taking over production, sales and distribution of the U.S. company’s soft drinks in both countries.
The deal for JI Pepsi Cola Bottler Armenia requires approval from the Armenian government, Carlsberg said in an October 5 announcement. The group also agreed to buy Georgia’s Iberia Refreshments. Financial terms were not disclosed, Reuters reported.
Revery is associated with the family of former Armenian President Armen Sarkissian. An OCCRP investigation, republished by EVN Report in 2024, found that ownership of Revery Group Limited was transferred in August 2020 to a trust in the name of Sarkissian’s son, Hayk. Armen Sarkissian told OCCRP that Hayk founded the company and that his family had initially invested in it.
The Armenian bottling business was previously owned by the Arsenyan family, which also owns mineral-water producer Jermuk Group. According to FIP’s reporting based on corporate registry records, Ashot Arsenyan’s son Arsen sold half his stake in the bottler in 2013. Hetq reported that the company passed entirely to a British Virgin Islands company associated with the Sarkissian family in January 2017.
Carlsberg plans to group its Armenian and Georgian operations with Azerbaijan to develop its beverage business across the South Caucasus. Its PepsiCo bottling partnership in Azerbaijan is scheduled to begin in 2027.
Once the new agreements take effect, Carlsberg’s PepsiCo bottling partnership will cover 17 markets, including several where operations are due to start in the coming years.
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