After several months of searching, Austrian investor Soravia Group has reached a deal to sell it’s stake in Devin AD to private equity firm Advent International, who will purchase a 75% stake in the Bulgarian beverage company through a share purchase. A takeover bid will follow to acquire all the remaining shares except the 6.75% Devin management will retain.
Based on an equity value of €28million to €29 million, Advent will likely pay between BGN 3.06 and BGN 3.17 per share.
Devin AD (www.devin-bg.com)
Located in western Bulgaria, Devin AD is the leading producer of bottled mineral water and spring water in Bulgaria. The company also sells carbonated drinks and has distribution agreements with other producers like Red Bull and Granini.
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. Devin was founded in 1992 and currently employs more than 500 people.
Soravia Group AG (www.soravia.at)
Soravia Group is an Austrian investment company involved real estate acquisition & development and equity investment. Since its start in the late 1980s Soravia has prided itself in its approach of diversification and marketing, particularly in the real estate division.
The company is active in most of Europe and employs approximately 900 people.
Advent International (www.adventinternational.com)
Founded in 1984, Advent International is one of the world’s leading global buyout firms, with buyout offices operating in 23 countries. Since inception, The Company’s strategy is based primarily on buyout opportunities and turnarounds in a variety of sectors. Advent employs 280 people including 140 investment professionals.
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.