Much of this activity is focused at the mid-tier level - defined by Canadean as companies other than the multinationals having annual sales of more than 100 million litres. Acquirors include mid-tier companies themselves, with one of the most active being the Dutch company, Refresco Holdings. Backed by an Icelandic investment consortium following its disposal by 3i, it has embarked on an ambitious acquisition programme with recent purchases including the "Pampryl" fruit beverage business in France from Orangina Schweppes and Histogram in the UK. The multinationals have also been active: Coca-Cola and PepsiCo have made eight acquisitions between them in the European water and juice/nectars markets over the last two years, as they seek to build their presence in the faster-growing non-carbonates sectors. The rising profile of the European mid-tier companies and their increasing attractiveness as acquisition targets, are supported by their solid outperformance in terms of sales and market share. Not only have the medium-sized players overtaken the multinational beverage companies in total share of sales, but they have also stolen share from the once dominant local operators.