July 11 (SeeNews) - Bulgarian organic products company Smart Organic [BUL:SO] said that it has acquired local biodegradable packaging supplier Biopack for 218,000 levs ($112,690/111,460 euro).
As part of the transaction, which did not require external financing, Smart Organic majority shareholder and CEO Yani Dragov transferred 1,500 of his shares, the buyer said in a bourse filing on Friday.
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Plovdiv-based Biopack supplies fully compostable and biodegradable carton fibre and plant-based food containers and packaging, including cups, straws, cutlery and carrier bags. The company booked a net profit of 59,000 levs on sales of 327,000 levs in 2021.
The acquisition is expected to enable Smart Organic to expand its client portfolio in the hospitality and food service sector.
In a separate statement on Friday, Smart Organic said that Dragov divested 32,662 shares in an off-market transaction as part of a company acquisition deal.
Last week, Smart Organic announced the acquisition of a 70% stake in domestic smoothie producer Santulita, with an option to buy the remaining 30% within four to six years.
Shares in Smart Organic, which has a market capitalisation of 180.4 million levs, closed flat at 17.50 levs in their most recent trading session on Friday.
(1 euro = 1.95583 levs)