Spadel Is New Owner of Devin

Belgian company Spadel is the new owner of Devin as of March  in a deal for EUR 120 M.

The new owner bought the majority share from US fund Advent at an estimate of the bottling company to the amount of 11 times the gross profit.

There was a total management overhaul after the deal – there is no longer a Supervisory Board. Tomas Krenbauer will keep his position on the Board of Directors and has been appointed CEO.

Besides Belgium, Spadel sells its products in France, Holland, Portugal and Great Britain. Its brands include SPA, BRU etc.

Advent held 93.3% while the remainder of the shares was distributed among three natural persons – Valentin Ignatov, Georgi Serafimov and Tsvetan Lazhanski but these are now the property of Spadel as well, showed data from the Commercial Register.

The Devin deal was one of the biggest announced last year. Besides its strong market position, the record-high estimate of EUR 120 M was obtained due to strong competition. Czech KMV, Serbian Danube Foods Group and Polish Maspex (which bought juice company Queens) were among the candidates for the deal.