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.
Existing investors including Softbank and Lakestar reinvest in the tourism booking platform
Andera has reinvested and Prenax has acquired LM Information's subscription management business
Sale ends a six-year holding period for KCP, which backed the company with a £3.3m investment
Danish internet company could reportedly be listed at a valuation of $1bn