After confirming in May that Bulgarian bottled water producer Devin was on the sale block, the Soravia Group has now entered exclusive talks with Global private equity firm Advent International. The talks, which began on July 13th, are aimed at creating a deal to give Advent an 82% stake in Devin including Soravia’s 75.3%. At least three other potential buyers have been angling for position in case the deal falls through.Argus Capital and Balkan Accession Fund have been mentioned as two of the others buyers, the third is unknown.
Although not confirmed the price tag is estimated to be eight times Devin’s EBITDA, which would be approximately 42 million leva at the current stock price.
Devin AD (www.devin-bg.com)
Devin AD began in 1992 as a limited liability company owned by the municipality of Devin, Bulgaria and local investors. It has since grown to become Bulgaria’s leading bottled water provider with a market share of over 33%, and since 2007, a public company listed on the Bulgarian Stock Exchange. Employing more than 500 people, Devin bottles and markets spring water, mineral water, and non-carbonated soft drinks.
Advent International (www.adventinternational.com)
Founded in 1984, Advent International is one of the world’s leading global buyout firms, with buyout offices in 15 countries on four continents. Advent practices a strategy of acquisition through buyouts and is active in the business & financial services, consumer & leisure, healthcare, industrial, media, retail, technology, and telcom sectors. Based in Boston, the firm maintains offices in fifteen countries on four continents, employing over 260 people.
Since inception, Advent has raised USD 24 billion in private equity capital and completed more than 200 buyout and private equity transactions valued at over USD 36 billion in 35 countries.
Advent International has been investing across Central & Eastern Europe since 1994 and has local offices in Warsaw, Prague, Bucharest and Kiev. In April 2008, the firm announced the closing of its fourth fund for the region, ACEE IV, at € 1 billion.