Bulgarian water bottler Devin eyes acquisitions in Romania.

By bne IntelliNews July 16, 2010
Bulgarian water bottler Devin does not exclude potential acquisitions of Romanian peers as the company is intent on boosting its presence in the country, Dnevnik daily reported. Devin marketing director and minority shareholder Valentin Ignatov recently told Romanian daily Ziarul Financiar that starting production in Romania was only possible through an acquisition and added that for the time being Devin was focused on raising brand awareness in Romania. When asked by Dnevnik daily, representatives of Devin's owner, Advent International, confirmed they were interested in potential acquisitions in Romania. Advent is keeping an eye on the possibilities for acquisitions in Romania in the mineral water and soft drinks sectors, Albena Vassileva, director at Advent International, told the newspaper. Tsvetan Lazhanski, CEO of Devin, told Dnevnik that currently there are no concrete acquisition targets in Romania. "We have said a long time ago that we are looking at opportunities for acquisitions in Bulgaria and the region, Romania included," Lazhanski noted. In the beginning of 2010, Advent International announced it had allocated a total EUR 150mn for equity investments in central and eastern Europe. The fund acquired 79% in Devin in September 2009 and later on boosted its stake to 95%.

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