December 9 (SeeNews) - Bulgarian producer and distributor of organic products Smart Organic [BUL:SO] said that talks for the acquisition of an unnamed German competitor continue, as its sales hid record highs in the last two months.
During the due diligence process, some questions have emerged requiring an additional audit, and they are expected to be clarified by the end of December, which will help achieve maximum return on investment as well as maximum protection of Smart Organic shareholders' interests, the company said in a statement on Wednesday.
The planned acquisition will be financed with proceeds from the the company's initial public offering (IPO) held on the Bulgarian Stock Exchange last month, in which Smart Organic raised some 5.9 million levs ($3.4 million/3 million euro), the company said earlier.
Meanwhile, Smart Organic is analysing other investment opportunities, including buying production lines, speeding up the project for construction of the company's new production building near Sofia, as well as acquiring more attractive companies, and plans to decide on these opportunities by the end of January 2022, it added in the Wednesday statement.
Smart Organic's sales grew 28% on the year in October, to 4.9 million levs, and 46% in November to 4.8 million levs, the highest monthly sales revenues in the company's history, it said.
Smart Organic was founded in Sofia in 2009 and is currently among the leading producers and distributors of organic food in Europe. Through its network of distributors and retailers, the company's products are available in more than 60 countries worldwide - in the EU, as well as in Asia and the Americas, according to information published on Smart Organic's website.
The company is making most of its products at its own factory in Sofia which spreads on over 6,000 sq.m.
(1 euro = 1.95583 levs)