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Coca-Cola HBC to expand beverage portfolio
Posted on Thursday, 19 September 2019 10:34
Coca-Cola HBC, through its subsidiary Coca-Cola HBC Italia, has agreed to acquire sparkling beverages business Acque Minerali, also known as Lurisia, from a consortium of investors, including private equity fund IDeA Taste of Italy, for an enterprise value of EUR 88.00 million.
The deal remains subject to certain conditions and is slated to complete by the end of 2019.
Following the transaction, the target’s chief executive, Piero Bagnasco, and Alessandro Invernizzi will remain on the company’s board.
Established in 1940, Italy-based Acque Minerali produces and distributes a range of premium natural mineral water and adult sparkling beverages under the Lurisia brand.
The target’s offerings come in a variety of flavours, including chinotto, aranciata rossa, limonata and gazzosa.
Acque Minerali has partnered with non-profit organisation Slow Food, which focuses on promoting Italian local food and traditional cooking, since 2008.
Through the acquisition, Coca-Cola HBC will expand its beverage portfolio in the target country and offer its customers an authentic Italian brand.
Furthermore, the transaction helps to support the firm’s 24/7 beverage partner strategy.
Coca Cola HBC, a leading bottler of the Coca-Cola Company, posted sales revenue of EUR 3.35 billion for the six months ended 28th June 2019, up 3.8 per cent from EUR 3.23 billion in the corresponding period of 2018.
According to Zephyr, the M&A database published by Bureau van Dijk, Acque Minerali represents the buyer’s second acquisition this year; it picked up Serbia-based chocolate confectionary manufacturer Koncern Bambi for EUR 260.00 million in June.
Zephyr shows the Acque Minerali deal is the biggest transaction targeting a bottled water manufacturer announced worldwide since the beginning of 2019.
The second-largest involved Riverside Partners buying Italy’s La Galvanina for EUR 80.00 million.
© Zephus Ltd