BULGARIA – Advent sips EUR 40m Devin

Advent International's Central & Eastern European team has completed the acquisition of a 79% stake in Bulgarian bottled water business Devin AD. The company is listed on the Bulgarian Stock Exchange and the shares were acquired from Austria's Soravia Group and individual shareholders for a price of BGN 3.06 per share, corresponding to an enterprise value for the entire business of EUR 40m. The price was at the bottom of the BGN 3.06-3.17 range stipulated in the Share Purchase Agreement earlier this year.