L ast September, American buyout firm Advent International purchased a 79% stake in Devin AD from Austria’s Soravia Group, with plans to acquire the remaining shares in a takeover bid. Now Advent is poised to delist the Bulgarian water bottler from the Bulgaria Stock Exchange after it completes the acquisition of 95% of company shares. The Bulgarian government has approved Advent’s proposal which designates Elana Trading to complete the buyout and the sets the price Advent will pay at BGN 3.50 per share.
A summary of tender offer was expected to be published in mid-January, lasting 28 from the date of publication. Advent, along with Devin Senior management, acted jointly in the tender offer. The two parties combined own just over 90% of Devin’s capital. In addition to Devin, Advent has been actively adding to its food and beverage holdings in Central and Eastern Europe with the acquisitions of Poland’s Star Foods, Romania’s Brewery Holdings, and Turkey’s Uno bakery.
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.
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.
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.
