Bulgaria's leading bottled water producer, Devin, has been acquired by Belgium-based Spadel. The transaction values Devin at €120 million, more than 11 times EBITDA, which signals strong investor interest.
Advent International, the US-based global private equity investor, announced in December that it had agreed to sell its 93.29% interest in Devin. The buyer, Spadel Group, is a family-owned company specializing in the production of mineral and spring water and fruit drinks.
The achieved value of €120 million is about three times the price Advent paid seven years ago to acquire the majority interest. Devin performed very strongly in 2016: revenue increased 10% to €46 million and EBITDA surged more than 30% to €10.7 million.
Over the past seven years since Advent acquired the company, Devin has completed significant operational improvements and launched a variety of innovative products, the fund said in a press release. With the combined effect of these initiatives, sales have increased over 30% and EBITDA has more than doubled during Advent's holding period. Devin currently employs 478 people.
The company bottles and sells a wide range of products including Devin mineral water, Devin spring water, Devin Air carbonated mineral water, Divna table water, Granini fruit juices and Red Bull energy drinks. The group has a well-developed national distribution network, including over 85 partner companies, as well as its own commercial base in Sofia supplying water and drinks directly to retailers. Together with its partners, Devin delivers its products to more than 35,000 retail outlets across Bulgaria.
Bulgaria's leading bottled water producer, Devin, has been acquired by Belgium-based Spadel. The transaction values Devin at €120 million, more than 11 times EBITDA, which signals strong investor interest.
Advent International, the US-based global private equity investor, announced in December that it had agreed to sell its 93.29% interest in Devin. The buyer, Spadel Group, is a family-owned company specializing in the production of mineral and spring water and fruit drinks.
