10 February 2009, Sofia- Advent International, a leading global private equity firm, announced today that is has raised subscriptions for the sale of shares in Devin AD (“Devin”) representing 7.8% of the share capital, as a result of a public tender offer for approximately 9.9% of Devin. Advent International and Devin’s senior management launched the tender with a combined ownership of 90.1% of Devin. The acquisition of the additional 7.8% of share capital will allow Advent to initiate the process of reducing the remaining minority holdings in Devin and delisting the company in line with Art. 157a of the Public Offering of Securities Act.
The tender offer was launched at BGN 3.5 per share on 11 January 2010 by Advent Water (Luxembourg) s.a.r.l., an entity indirectly wholly owned by funds managed by Advent International.
The tender offer period expired on 8 February 2010 and the settlement of the deal is scheduled for 17 February 2010.
Advent’s advisers in executing the tender offer include Elana Trading (brokerage) and CMS Cameron McKenna (legal).
About Devin AD
The company, 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 locally and expanded into the Romanian market. The Company’s controlling shareholder is Advent International holding approximately 91.2%. The top managers of Devin hold approximately 6.7% of the shares.