Drinks manufacturer Spadel had already received approval from the Bulgarian Bureau of Competition on 16 February and has now announced it has finalized its Devin acquisition.
20 percent turnover increase
“Devin's take-over 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 company's strategy to commercialize natural brands with a strong regional character and confirms the group's ambition to create profitable and sustainable growth", it writes in a press release.
Devin's acquisition was announced in December 2016 when Spadel reached a deal with private equity fund Advent International to acquire 93.29 % of shares. Every other smaller shareholder has since struck a deal with Spadel as well.
Devin employs 500 people and generates a 46 million euro turnover, which will give Spadel's turnover an instant 20 % boost. Devin has a 40 % market share in Bulgaria and that may rise seeing how bottled water consumption continues to grow in the region.