Local Dentons office advises on Spadel acquisition



European mineral water concern Group Spadel’s acquisition of a 93.29% stake in Devin AD, the leading producer of bottled water in Bulgaria, from private equity firm Advent International was advised by the Hungarian office of Dentons, says a press statement sent to the Budapest Business Journal Tuesday. The transaction was based on an enterprise value of EUR 120 million.

The Dentons team on the deal was led by Partner Rob Irving (based in Budapest), supported by Partner Chris Watkinson (Budapest/Prague) and Counsel Zita Albert (Budapest), with Associate Ivan Jeločnik (Budapest). Dentons partnered with Bulgarian law firm Hristov & Partners on the deal.

Devin, which employs a staff of 478, expects sales this year to reach EUR 46 million, with a forecast of EUR 10.7 mln EBITDA. Through the acquisition, Spadel, a European family-owned company specializing in the production of natural mineral water, spring water and natural fruit drinks, expects to further extend its position from its existing operations in Belgium, the Netherlands, France and the U.K., in line with its strategy to market natural water brands, such as Spa in Belgium and Brecon Carreg in the U.K., with a strong regional position. Completion of the transaction is subject to the approval of the Bulgarian Commission for Protection of Competition. 

“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 region,” said Rob Irving, co-head of Dentons’ Global Private Equity group.


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