Devin shareholder says only an acquisition would allow it to start local production

Devin, the biggest water bottler in Bulgaria, wants the Romanian market to bring it one third of its business in five years’ time, and does not rule out local acquisitions.
“Starting local production would be possible only in the wake of an acquisition, because the Devin brand is connected to the water sources we exploit in Devin, Bulgaria. For the time being we are focusing on increasing the brand’s awareness and volumes exported to Romania,” said Valentin Ignatov, marketing and sales manager, and minority shareholder of Devin.
Nine months after American investment fund Advent took over control of the company, Ignatov – one of Devin’s three founders – says the shareholder change will accelerate the company’s development in the region, with Romania being its biggest foreign market.
The producer, with over 40 million euros in turnover, targets a 10% market share in Romania over the next five years, which could bring it over 30 million-euro sales on the Romanian market.
“A transaction could see us record over 50% of our business in Romania in five years’ time, compared with the current 30% target, but only Advent representatives can say if there is an acquisition strategy,” Ignatov added.