Will Pepsi Refranchise?

Dear Client:  This very week in 2017, Coca-Cola announced the completion of its massive U.S. bottler refranchising effort. Coke had spent the last decade or so famously reshaping North America from a largely company-owned system (Coca-Cola Refreshments) back to a locally owned, franchise bottler network—its “21st Century Beverage Partnership Model.” Key independent partners now include Reyes Coca-Cola Bottling, Swire Coca-Cola USA, Liberty Coca-Cola Beverages, Coca-Cola Beverages Florida, and Arca Continental’s Coca-Cola Southwest Beverages, among others.  In Coke's own words at