Soravia Group Divests Majority Holding in Devin AD
On November 19, 2009 Advent International, the global private equity firm, announced the acquisition from the Soravia Group of Austria and certain individual shareholders approximately 79% of the shares of Devin AD, Bulgaria’s leading mineral water bottler and distributor of soft drinks. Devin was founded in 1992 and has consistently grown to reach the number one position in the Bulgarian bottled water market with its leading Devin® mineral and spring water brands. Over the past two years, the company has also established distribution agreements in Bulgaria for Red Bull® and the premium juice brand Granini®, launched the first flavoured water locally and expanded into the Romanian market.
Devin’s shares are traded on the Bulgarian Stock Exchange and the buyer will launch a takeover bid for the remaining shares of Devin in line with local regulations. Devin’s group includes two subsidiaries — Devin Royal EAD and Atlantic Devine EAD.
Borislav Boyanov & Co has been advising Soravia Group since the acquisition of Devin in 2006 and in the pursuit of other business opportunities in the food & drinks sector in Bulgaria and the South East Europe Region and has acted as corporate counsel for Devin. The firm has advised Soravia Group on all aspects of the transaction and continues to provide legal services to the Devin group of companies with respect to the post closing steps of the transaction.
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