
BULGARIA - Mezzanine Management backs bottled water firm
Mezzanine Management, the independent mezzanine and private equity provider, has announced that its Central European fund, Accession Mezzanine Capital (AMC), has backed the institutional buyout of the Devin Group, the largest bottled water company in Bulgaria, from a group of Bulgarian investors. The transaction value is undisclosed. Wing Equity Investment AG, an Austrian private equity investor focusing on investments in food and beverage companies in South Eastern Europe, provided the majority of the equity funding for the transaction.
In Bulgaria, per capita bottled water consumption is around 60 litres per year, compared to an average of approximately 110 litres in Western Europe.
AMC’s investment in Devin follows its recent investments in Jet Finance International, Bulgaria’s leading provider of consumer loans for the purchase of retail goods and small cash loans, and ZABERD, the leading traffic engineering services business in Poland. In addition, in January 2006, AMC announced its first realisation following the option granted by Advent International to Novator Holdings to acquire Viva Ventures Holdings GmbH, which owns 65% of The Bulgarian Telecommunications Company.
Advisers on this transaction were Dorda Brugger Jordis, Vienna (legal), and PricewaterhouseCoopers, Vienna and Sofia (financial and tax due diligence).
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