Szentkirályi founder, Pasquales acquire PepsiCo interests
Levente Balogh, who founded the Szentkirályi mineral water brand in 2003, has teamed up with his Italian partners, the Pasquale family, to acquire PepsiCoʼs holdings in Hungary - Szentkirályi-Kékkúti and Karlovarské minerální vody (KMV), the Pasquale mineral water business in the Czech Republic, revealed on Monday.
Balogh teamed up with the Pasquale family in 2015, merging his Szentkirályi business with their Hungarian bottler Kékkúti in 2016, state news agency MTI recalled.
The acquisition of the PepsiCo businesses in Hungary will make the Szentkirályi-Kékkúti joint venture market leader on the local mineral water and soft drink market, and the leading producer in the region.
Online business news portal vg.hu notes that with the latest deal, Szentkirályi-Kékkúti and KMV will become exclusive distributors and franchise right holders for PepsiCo soft drinks and food products in Hungary.
KMV will also acquire - independently of Balogh - PepsiCoʼs businesses in the Czech Republic and Slovakia.
The acquisitions still require regulatory approval, but are expected to be closed in the first half of 2018.
Vg.hu notes that with the acquisitions, the KMV Group acquires an additional 900 employees and two plants, as a result of which its annual revenues are expected to increase by some USD 189 million.
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