Emerging markets private equity investor CVCI, a subsidiary of the alternative asset management division of investment bank Citigroup, has acquired a 37% stake in Huvepharma, the Bulgarian animal health company announced.

The price of the deal is EUR 75 M.

The purchase was wrapped up on November 30 after it got a seal of approval by the European Commission.

The deal involves a primary issuance as well as a stake purchase from controlling shareholders, including Advance Properties, a Bulgarian investment holding company.

Huvepharma is a manufacturer of pharmaceuticals for the livestock market, specializing in the poultry, swine and cattle segments. It also produces nutritional feed additives and niche veterinary products. 65% of Huvepharma's produce is exported to the EU and North America.

Huvepharma is the majoring shareholder of Biovet Peshtera, a leading European manufacturer and marketer of medicated and nutritional feed additives, enzymes, bulk active substances and pharmaceuticals for animal productivity and health.

The company offers intermediates, active ingredients and medicines for the human pharmaceuticals industry as well as enzymes, enzyme complexes and other ingredients for the baking, wine, brewing, detergents, and textiles industries.

The news about the CVCI investment into Huverpharma caused the shares of its subsidiary Biovet to skyrocket on the Bulgarian Stock Exchange gaining 5.4%.

Huvepharma is controlled by brothers Kiril and Georgi Domuschiev, whose KG Maritime Shipping in a consortium with the Duesseldorf-based German company Martrade Shipping & Transport GmbH purchased in 2008 Bulgaria's state sea shipping company, Navigation Maritime Bulgare (aka NAVIBULGAR).

The acquisition of 37% in the Bulgarian animal health company Huvepharma by Citi Venture Capital International (CVCI) is the third biggest deal on the mergers and acquisitions (M&A) market in Bulgaria last year.