CVCI, NBGI Private Equity to Buy Bulgarian Confectionary Co
Citi Venture Capital International (CVCI) and NBGI Private Equity (NBGI) have signed an agreement for the acquistion of Bulgarian confectionary company Prestige 96 OOD, a leader on the local market.
Prestige's existing shareholders will retain a minority stake, the company said.
The deal price was not disclosed, but analysts have commented that the Bulgarian company assets are worth EUR 30-40 M.
The sale is expected to be concluded in a month after it receives green light from the anti-trust watchdog.
"This buy-out is very much part of CVCI's strategy of backing the consumer in emerging markets. It highlights our continued commitment to high quality businesses with strong market positions serving the consumer in Emerging Europe," Sunil Nair, CVCI managing partner and region head for Europe, commented.
Prestige 96 was established in 1996 in Veliko Tarnovo. It focuses on the biscuits and wafers segments of the market with a share betwen 30-50%, according to unofficial information.
Its most popular brands include Troy, Naya, Mirage, Prestige, Trayana and Roden Krai.
This will be CVCI's third transaction in Bulgaria after the buyout of mobile telecom operator Mobiltel in 2002 and the investment into animal health company Huvepharma in 2010.
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