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Home > PE News > By Type > Deals

Advent International in buy-out of Bulgarian bottled water business Advent International in buy-out of Bulgarian bottled water business

19 Nov 2009. Source: AltAssets
Buy-out house Advent International has acquired 79 per cent of Bulgarian mineral water bottler and soft drink distributor Devin from Austria’s Soravia Group. The deal has been priced at BGN3.06 (€1.6) per share and values Devin at €40m.

Whilst Devin’s management team will retain its 6.7 per cent share, Advent will launch a takeover bid for the remaining shares of Devin traded on the Bulgarian Stock Exchange.

Founded in 1992, Devin has grown into the country’s number one bottled water company with its self-branded product, according to Advent. The drinks company has also established distribution agreements in Bulgaria for Red Bull and the juice brand Granini in the past two years.

Devin’s management team will be supported by Advent International operating partner Matthew Litobarski, former president of Cadbury Schweppes Europe, who will join as non-executive chairman of the board.

Related Advent investments include Brewery Holdings in Romania, Star Foods in Poland and Uno in Turkey.

Copyright © 2009 AltAssets

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