Devin EAD (Bulgaria)

Bulgarian water bottling company Devin was established in 1992 as a joint-venture between local individuals and the municipality of Devin, a small town in the south of the country. In 1999, the firm was transformed into a privately-owned enterprise. Devin offers mineral water, spring water, carbonated and fruit-flavoured soft drinks and juices in plastic and glass packages varying from 0.33 litres to 19 litres in volume. The bottling plant comprises 5 bottling units and 10 bottling lines with overall capacity of 60,000 bottles per hour. The company holds concession rights for drillings 3 and 5 in the region of the town of Devin. It also has licence to draw water from Baldaran spring.
In December 2005, Bulgarian authorities allowed Austrian private equity fund Wing Equity Management to buy 100% of Devin and distributor Devin Royal for an undisclosed sum. In July 2007, Devin raised EUR 10.1 million from its initial public offering, which was priced at EUR 3.1 a share. Almost 50% of the issue was subscribed by foreign companies and individuals. In August, same year, Devin AD increases its capital and becomes a public company. November 2009, Luxembourg-based Advent Water, part of the US Advent International Corporation, wrapped up the acquisition of 79% of Devin and its subsidiaries. In February 2010, Advent Water raised its stake in the company to 97.92% and in June Devin was delisted from the Bulgarian Stock Exchange.