Advent to Delist Top Water Bottler Devin from Bulgaria Stock Exchange

Business | January 8, 2010, Friday // 14:07|  views

Bulgaria's leading water bottling company Devin has a new owner - global private equity fund Advent International. File photo

US-based Advent International has unveiled plans to delist leading Bulgarian mineral water bottler Devin from the Bulgarian Stock Exchange (BSE) upon acquisition of at least 95% of the shares.

Bulgaria's financial regulator gave on Thursday the green light to Luxembourg-based Advent Water to buy out the 21% stake it does not own yet in Devin.

The buyout will be completed through Sofia-based Elana Trading investment intermediary, the Financial Supervision Commission (FSC) said in a statement.

The price has been set at BGN 3.50 per share. Advent Water is the special purpose vehicle set up by US-based Advent International for the acquisition of Devin.

The tender offer will be launched jointly by Advent and Devin’s top managers, who hold a combined share of 90.1% of Devin’s capital.

A summary of tender offer is expected to be published in Dnevnik and Pari newspapers on 11 January including a reference to the complete text of tender offer.

The tender offer will be valid for 28 days from the date of publication and is part of the process of reducing remaining minority holdings in Devin and delisting the Company upon acquisition of at least 95% of the shares, Devin International said in a statement.

In September last year Advent International acquired a 79% stake in Bulgaria's leading water bottling company Devin, majority owned by Austria's Soravia Group.

Advent bought the stake at a price of BGN 3.06 a share, valuing the company at a total enterprise value of EUR 40 M.

Soravia acquired full control of Devin and distributor Devin Royal in 2005 for an undisclosed sum.

Advent has been active across Central Europe for 15 years and has already made several investments in the food and drink sector Brewery Holdings in Romania, Star Foods in Poland, Uno in Turkey and Graffigna in Argentina. It is banking on further growth for Devin.

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.

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Tags: Devin, Advent


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