Bulgaria Top Water Bottler Devin 2009 Profit Up 300%

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

Leading Bulgarian mineral water bottler Devin said on Tuesday its net profit for last year increased more than a whopping 300% to BGN 1,1 M on an annual basis as revenues rose faster than costs.

Revenues marked a slight decrease by 1,5%, totaling BGN 67,9 M.

The company said it has significantly boosted its efficiency thanks to investments in the production lines and overhaul of the facilities.

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

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

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.

In January this year Advent International unveiled plans to delist Devin from the Bulgarian Stock Exchange (BSE) upon acquisition of at least 95% of the shares.

Bulgaria's financial regulator gave earlier 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.

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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