Bulgaria's Devin CEO Named Business Personality of 2009

Tsvetan Lazhanski is chief executive director of Devin and holds a 2.3% stake in the company. Photo by personal archive

Tsvetan Lazhanski, executive director of Bulgaria's top water bottling company Devin, has been elected business personality of the year 2009 in a poll, organized by business weekly Capital and Nova TV channel.

Lazhanski is chief executive director of Devin and holds a 2.3% stake in the company. He holds Executive MBA diploma from INSEAD, based in France and Singapore.

Founded in 1992, Devin has grown into the country’s number one bottled water company with its self-branded product. The drinks company has also established distribution agreements in Bulgaria for Red Bull and the juice brand Granini in the past two years.

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

In September last year US-based global private equity fund Advent International acquired a 79% stake in Devin, buying the stake at a price of BGN 3.06 a share and valuing the company at a total enterprise value of EUR 40 M.

Advent International started to delist leading Bulgarian mineral water bottler Devin from the Bulgarian Stock Exchange (BSE) in February 2010 after the acquisition of more than 95% of its shares.

Bulgaria's financial watchdog gave last week the green light to Advent International squeeze out proposal for approximately 1% of the shares in leading Bulgarian mineral water bottler Devin, the company announced.

The squeeze out proposal will be launched jointly by Advent Water (Luxembourg) s.a.r.l. and Devin’s senior managers, who hold a combined share of 99% of Devin’s capital.

The price has been set at BGN 3.50 per share.

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