Advent International agrees to sell Devin, Bulgaria’s leading bottled water producer, to Spadel

LONDON, 19 December 2016 – Advent International, one of the largest and most experienced global private equity investors, today announced that it has agreed to sell its 93.29% interest in Devin AD (“Devin” or “the Company”), the leading producer and distributor of bottled water in Bulgaria, to Spadel, a European family-owned company specialising in the production of natural mineral water, spring water and natural fruit drinks. The transaction values Devin at €120 million Enterprise Value and is subject to the approval of the Bulgarian Commission for Protection of Competition.

Founded in 1992 and based in Sofia, Devin bottles and sells a wide range of products including mineral water, spring water and table water. Together with its national network of distribution partners, the company delivers its products to more than 35,000 retail outlets across Bulgaria.

Since acquiring Devin through a public-to-private transaction in November 2009, Advent has worked with the company’s management team to strengthen the business and accelerate growth. Over the past seven years, Devin has completed significant operational improvements and launched a variety of innovative new products. With the combined effect of these initiatives, sales have increased over 30% and EBITDA has more than doubled during Advent’s holding period.

“We are proud of what Devin’s management team and employees have achieved during our ownership,” said Chris Mruck, a Managing Partner at Advent International. “By enhancing its operations and expanding its product offering, Devin has solidified its leadership position in the Bulgarian bottled water market.”

Thomas Krennbauer, CEO of Devin, commented, “We appreciate Advent’s support over the years in developing Devin’s business and driving revenue and earnings growth. We believe our company is an excellent strategic fit with Spadel, and we look forward to becoming part of their growing European network.”

Milan Kulich, a Director at Advent International, said, “With its state-of-the-art production facilities and highly efficient distribution network, Devin is well-positioned for further growth as part of Spadel, a proven operator in the beverage sector. We wish the company continued success in the future.”

ABOUT DEVIN

Devin is the leading producer and distributor of bottled water in Bulgaria. The company bottles and sells a wide range of products including Devin mineral water, Devin spring water, Devin Air carbonated mineral water, Divna table water, Granini fruit juices and Red Bull energy drinks. The group has a well-developed national distribution network, including over 85 partner companies, as well as its own commercial base in Sofia supplying mineral and spring water and soft drinks directly to retailers. Together with its partners, Devin delivers its products to more than 35,000 retail outlets across Bulgaria.

For more information, visit: www.devin-bg.com

ABOUT ADVENT INTERNATIONAL

Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in more than 315 private equity transactions in 40 countries and, as of September 30, 2016, had €37 billion in assets under management. With offices on four continents, Advent has established a globally integrated team of over 190 investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; healthcare; industrial; retail, consumer and leisure; and technology, media and telecom. After more than 30 years dedicated to international investing, Advent remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.

For more information, visit: www.adventinternational.com

ABOUT SPADEL

OMERS Spadel is a European family-owned company specialized in the production of natural mineral water, spring water and natural fruit drinks. It is the market leader in the Benelux and has a strong regional position in France and the United Kingdom. The brands of Spadel are: Spa (Spa-Monopole, Belgium), Bru (Lorce, Belgium), Wattwiller (Wattwiller, France), Carola (Ribeauvillé, France) and Brecon Carreg (Trapp, Wales). In 2015, Group Spadel employed 733 people and realized a turnover of €241.9 million. It realized a total volume of 605 million litres.

For more information, visit:
www.spadel.com

Media contacts

Advent International
Fergus Wheeler/Louisa Feltes/Jess Gill
FTI Consulting
+44 203 727 1000
adventinternational@fticonsulting.com

Devin
Elina Tsankova
Devin AD
+359 89 792 1095
Tsankova_E@devin-bg.com

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