Spadel acquired a majority stake in Devin AD, Bulgaria's market leader in bottled water. Spadel's largest deal ever also instantly adds 20 % turnover to its revenue.
Turnover up 20 %
Spadel will obtain 93.29 % of Bulgarian Devin's shares from private equity fund Advent International. The company employs nearly 500 people and expects a 46 million euro turnover for 2016. The acquisition fee is based on a 120 million euro company value.
“Devin's acquisition allows Spadel to strengthen its European position and adds another geographical pillar, alongside its activities in Belgium, the Netherlands, France and the United Kingdom. It fits the strategy to commercialize natural water brands with a strong regional accent perfectly and it also confirms the group's ambition to create profitable and sustainable growth", CEO Marc du Bois said.
Thanks to the deal, Spadel's turnover jumps up 20 % instantly, thanks to Devin's 40 % market share in Bulgaria, where bottled water consumption is still on the rise.