Bulgarian beverage dealThis article was originally published in Foodnews
ADVENT International, a private equity firm, has bought a 79% stake in Bulgaria's Devin, a mineral water bottler and distributor of soft drinks such as energy drink Red Bull and Granini juice. Advent paid BGN3.06 per share (US$2.33/share), valuing the company at €40.0 million or US$59.6. million. The top management team of Devin will retain their stake of 6.7% as part of the deal. In line with local regulations, Advent will launch a takeover bid for the remaining shares of Devin traded on the Bulgarian Stock Exchange. Advent has several investments in the food and drink sector: Brewery Holdings in Romania, Star Foods in Poland, Uno in Turkey and Graffigna in Argentina.