Hungarian mineral water bottler eyes expansion
In alliance with Italy’s Pasquale family, Hungarian mineral water magnate Levente Balogh is planning to expand his business through acquisitions in the region, Hungarian business daily Világgazdaság reported today.
Balogh told the paper that negotiations are currently ongoing in several countries about the possible expansion, involving potential acquisitions in Europe, with a special focus on Central Europe in the first round. He added that he plans to purchase other brands, potentially acquiring market leaders or top three players in neighboring countries.
Balogh and the Pasquales, previously competitors, established a joint venture entitled Central European Mineral Water Holding (CEMW), acquiring Szentkirályi and its Hungarian peer Kékkúti a year ago from Nestlé. Balogh told the paper that CEMW also aims to stabilize its positions on existing markets.
Balogh noted that competition in the sector is fierce, regardless of the fact that Szentkirályi and Kékkúti together hold a market share of 38%, which the founder hopes will reach 40%.
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