Advent exits Bulgarian group Devin in trade sale

The transaction, which is still subject to approval by the relevant authorities and should be closed in Q1 next year, sees the Devin group valued at €120m.

Since acquiring Devin through a take-private transaction in November 2009, Advent stated that the company made several operational improvements and launched a variety of new products. The group's sales have grown by 30% while EBITDA more than doubled, according to the GP.

Following the transaction, Spadel will become the new majority shareholder in the group. The acquisition of Devin should enable Spadel to further strengthen its existing positions in Belgium, the Netherlands, France and the UK, and is in line with its strategy to market natural water brands with a strong regional identity, such as Spa in Belgium and Brecon Carreg in the UK, the company said in a statement.

Previous funding
In September 2009, Advent acquired 75% of Devin from Austrian investment and real estate company Sovaria Group through a share purchase agreement. The deal, valued at around €22m, was made through a special purpose vehicle known as Advent Water. Devin was controlled by the Austrian investment group Soravia through its private equity arm Moravia Equity – successor to Austria's investment fund Wing Equity. On completion of the deal, Advent was to launch a mandatory takeover bid for the acquisition of the remaining shares listed on the Bulgarian Stock Exchange, with Devin's top three managers retaining a 6.75% stake in the company.

Company
Founded in 1992, Devin is a Bulgarian producer and distributor of bottled water. The company bottles and sells a wide range of products including mineral water, spring water, carbonated mineral water, table water, Granini fruit juices and Red Bull energy drinks. The group has a national distribution network including 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, the group claims.

The group currently employs 478 people and forecasts sales in excess of €46m and an EBITDA of €10.7m for 2016.

People
Advent International – Milan Kulich (director); Chris Muck (managing partner).

Advisers
Buyer – Dentons (legal); Hristov & Partners (legal).

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