24th September 2009 - Devin AD ("Devin" or the "Company"), Bulgaria's leading mineral water bottler and distributor of soft drinks, announced last night in Bulgaria that a Share Purchase Agreement had been signed for the acquisition by Advent International, a global private equity firm, of approximately 75% of the shares of Devin from the Soravia Group of Austria.
Completion of the Share Purchase Agreement is subject to several conditions, including competition approval. Upon completion Advent will launch a mandatory takeover bid, under the relevant local regulations, for the acquisition of the remaining shares in Devin traded on the Bulgarian Stock Exchange. The three top managers of the Company will retain their approximately 6.75% stake in Devin after completion.
Under the Share Purchase Agreement, the purchase price per share is expected to be between BGN 3.06 to BGN 3.17, valuing the equity of the company at between EUR 28 million and EUR 29 million. This valuation is based on a total enterprise value of EUR 40 million, adjusted for the company's anticipated consolidated net debt and working capital as at September 30 2009, to be determined between signing and completion.
Soravia and Advent are acting through Special Purpose Vehicles: Devin Beteiligungs GmbH and Advent Water (Luxembourg) respectively.
Further information will be issued upon completion of the acquisition.
Devin AD, based in the town of Devin in south west Bulgaria, was founded in 1992 and has consistently grown to reach the number one position in the Bulgarian bottled water market with its leading Devin mineral and spring water brands. Over the past two years, the company has also established distribution agreements in Bulgaria for Red Bull and the premium juice brand, Granini, launched the first flavoured water on the local market and entered the Romanian market.
About the Soravia Group
Soravia Group AG is an Austrian company operating in Central, Eastern and Southern Europe with many years’ experience in the real estate development and investment sectors. Its many and varied projects, either already realised or currently in development, range from multipurpose banking complexes, hotels and innovative business start-ups such as Megaboard outdoor advertising, to successful acquisitions such as the auction house Dorotheum.