Home / News / CMS advises Advent International on sale of Devin...

CMS advises Advent International on sale of Devin AD to Spadel Group


CMS has advised Advent International, one of the largest and most experienced global private equity investors, on the sale of Devin AD, a Bulgarian company dedicated to bottling and selling of mineral water, spring water, table and carbonated water and non-carbonated soft drinks, to Spadel Group, a European family-owned company specialising in the production of natural mineral water, spring water and natural fruit drinks. The transaction values Devin at €120 million Enterprise Value and is subject to the approval of the Bulgarian Commission for Protection of Competition.

Devin holds the concession for use of springs in the Rhodope Mountain, from which it bottles its DEVIN® mineral water. The company has at its disposal a well-developed national distribution network, including over 85 partner companies, as well as its own commercial base in Sofia which supplies mineral, spring water and soft drinks directly to the outlets.

The team was led by David Butts, co-head of International Private Equity, managing partner of CMS Sofia and Advent’s relationship partner, corporate partner Atanas Bangachev and International Private Equity senior associate Valentina Santambrogio and included Graham Conlon, Veliko Savov, Alexander Rangelov and various other lawyers working from CMS offices across CEE and London.

David Butts commented: “Having advised on the acquisition by Advent of Devin back in 2009, and having worked on various matters involving Devin since, it has been a real pleasure to see Devin grow and consolidate its position over the years, and to help Advent reach a successful exit."

Chris Mruck, Partner at Advent International said: "CMS provided seamless advice through the whole process, from vendor’s due diligence, to preparation of the company for the auction, including coordination of staple W&I, and eventual negotiations with Spadel, and we are very grateful for all their support and dedication over the past few months in helping us achieve this great outcome."

Related people

David Butts