Dentons advises Spadel on acquisition of a majority stake in Devin, Bulgaria’s leading water bottling company, from Advent
Dentons has advised Group Spadel, a European family-owned company specializing in the production
of natural mineral water, spring water and natural fruit drinks, on the acquisition of a 93.29 percent
stake in Devin AD, the market-leading producer of bottled water in Bulgaria, from private equity firm
Advent International. The transaction was based on an enterprise value of €120 million.
Devin employs 478 people and has 2016 forecasted sales of €46 million and EBITDA of €10.7 million.
The acquisition of Devin will enable Spadel to further extend its position from its existing operations in
Belgium, the Netherlands, France and the UK, in line with its strategy to market natural water brands,
such as Spa in Belgium and Brecon Carreg in the UK, with a strong regional position. Completion of
the transaction is subject to the approval of Bulgarian Commission for Protection of Competition.
Rob Irving, Co-head of Dentons’ global Private Equity group, said: “Spadel is well-known in Europe
for its innovation, sustainability, water resource protection and product development. Dentons is
excited about having helped this quality of an investor make its first investment in the CEE/SEE
The Dentons team on the deal was led by Partner Rob Irving (Budapest), supported by Partner Chris
Watkinson (Budapest/Prague) and Counsel Zita Albert (Budapest), with Associate Ivan Jelocnik
(Budapest). Dentons partnered with Bulgarian law firm Hristov & Partners.