Belgian Spadel Group Takes Over Devin

The American Investment Fund Advent International is selling its share of 93.29% in the venture for the bottling of mineral water and manufacturing of soft drinks Devin.

The buyer is the family company Spadel Group based in Belgium, reported Kapital Daily.

This is one of the biggest deals of the year since the estimated value of the venture is EUR 120 M. This is over 11 times the gross profit - a record-high.

For 2016, it is expected sales to grow by 10% year-on-year to EUR 46 M, while earnings before interest, taxes, depreciation and amortisation (EBITDA) are expected to reach EUR 10.7 M.

The deal must be approved by the Commission for Protection of Competition (KZK).