Pepsi’s Business in Armenia, Owned by Armen Sarkisian’s Family, Is Being Transferred to Carlsberg
Danish company Carlsberg is preparing to acquire PepsiCo’s production business in Armenia and Georgia. Radio Liberty reports this, citing a statement by Carlsberg.
As a result of the deal, Carlsberg will be responsible for the bottling and sale of PepsiCo products in the two countries. The company has stated that entering the Armenian and Georgian markets will allow it to form a “strong cluster” in the South Caucasus, combining its operations in the region with its business in Azerbaijan. Earlier, Carlsberg signed a similar agreement in Azerbaijan, taking over PepsiCo’s bottling operations in that country.
Who Owns Pepsi’s Business in Armenia?
According to Radio Liberty, PepsiCo’s representative in Georgia is Iberia Refreshments, while in Armenia it is “Jermuk International Pepsi-Cola Bottler Armenia.” Both companies belong to Revery Group.
The founder and CEO of Revery Group is Hayk Sarkisian, the son of former Armenian President Armen Sarkisian. Kazakh businessman Almas Sultangazin, a major businessman and one of Armen Sarkisian’s business partners, is also among the shareholders of “Jermuk International Pepsi-Cola Bottler Armenia.”
The Sarkisians’ business ties with Carlsberg are not new. Their company “Premier Foods” is the official representative of Carlsberg beer in Armenia.
The agreements for the acquisition of PepsiCo’s business in Armenia and Georgia have already been signed, but the deal still needs to receive approval from the relevant Armenian authorities. In particular, approval from the Competition Protection Commission is required to carry out the transfer of shares.
Carlsberg Group Vice President Nikos Kalaitzidakis stated that the company intends to accelerate the development of PepsiCo’s business and explore additional opportunities in Armenia and Georgia.
Pepsi’s Armenian Business with Billions of Drams in Turnover
PepsiCo’s main competitor in Armenia is Coca-Cola. Radio Liberty notes that, according to data from Coca-Cola’s Armenian company, it holds a 76 percent share of the non-alcoholic beverages market.
In addition to Pepsi, the product portfolio of “Jermuk International Pepsi-Cola Bottler Armenia” includes the Mirinda, 7Up, and Max Power brands. The company also imports and sells Lays, Doritos, and Chitos chips.
Since 2011, the company has invested in two production lines for beverages. According to its 2025 financial report, the company’s revenue from beverage sales alone exceeded 5.8 billion drams.
Jyske Bank analyst Haider Anjum told Reuters that the importance of the deal for investors is determined not so much by the size of the Armenian and Georgian markets as by the deepening business relationship between PepsiCo and Carlsberg.
Carlsberg was founded in 1847. Although the company is best known for beer production, it also has a wide range of soft drinks and operates in around 150 markets worldwide. The company is considered one of the four largest brewing groups in the world.