Szentkirályi partners with Italian strategic investor
Hungarian mineral water bottler Szentkirályi Ásványvíz has merged into a joint venture majority-owned by Italyʼs Pasquale family, the owners announced in Budapest yesterday. Szentkirályi owner Levente Balogh, who holds the minority stake in the JV, dubbed Central European Mineral Water Holding (CEMW), said his company had wanted to become a multinational for years, but had not found the right strategic investor in Hungary.
A number of investors were interesed in buying Szentkirályi, but the Pasquale family was the only one that saw to the businessʼs further development as a strategic investor and an equal, he added. He said capacity developments would be necessary for which the owners would supply funding. Balogh has been named chairman of CEMW.
Alessandro Pasquale said the future of the JV would be based on shared values, experience gained on different markets and the traditions of the Pasquale and Balogh families. Expanding the product palette, exporting the Hungarian brands and joint acquisitions are also planned, he added. The Pasquale family recently acquired Hungarian mineral water bottler Kékkuti Ásványvíz from Nestle through its Czech bottler Karlovarske Mineralni Vody.
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