Thursday, Jan 9, 2020. 20:34

Iranian investors buy 2 mineral water producers in Romania

Photo by Shark_749/Shutterstock.com

Romanian spirits producer Prodal 94, whose portfolio includes the Stalinskaya (vodka) and Wembley (gin) brands, will take over the local mineral water producers Lipomin and Carpatina, local Business Magazin reported as cited by news site romania-insider.com. The transaction has already received the approval of the Competition Council.

Photo by Shark_749/Shutterstock.com

Prodal 94 is controlled by two businessmen of Iranian origin, Jabbar Kanani and Bagher Karimzadeh. Kanani also controls Agricover, one of the biggest agri-business groups in Romania.

Lipomin and Carpatina are controlled by investment fund Accession II Romania Limited. The two companies produce sparkling and still mineral water under the brands Lipova and Carpatina, and had a combined turnover of RON 30.8 million (EUR 6.5 mln) and 76 employees in 2018, according to data from the Finance Ministry.

Both companies recorded losses in 2018 and have gone through insolvency in the past romania-insider.com said.

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