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BELGRADE (Serbia), February 18 (SeeNews) - Coca‑Cola HBC has acquired Serbian confectionery company Bambi from funds advised by Mid Europa Partners for an enterprise value of 260 million euro ($294.6 million), it said on Monday.
The completion of the acquisition is expected in the second quarter of 2019 and is subject to customary closing conditions and regulatory approvals, Coca‑Cola HBC said in a statement.
The acquisition adds market-leading iconic brands in a relevant, adjacent category to the Coca‑Cola HBC portfolio in Serbia and in the Western Balkans, as Bambi offers opportunities for revenue synergies through cross-promotion and complementary innovation and cost efficiencies, Coca‑Cola HBC said.
The Bambi business also brings a strong distribution network and product portfolio in strategically important channels such as traditional retail and HoReCa.
"This acquisition represents an excellent opportunity to create additional value for Coca‑Cola HBC, its customers and shareholders. It further strengthens our relevance with customers and allows us to increase our presence in key consumption occasions, such as the start of the day, on the go and at home snacking and refreshment," Zoran Bogdanovic, CEO of Coca‑Cola HBC, said.
Bambi manufactures a range of products including biscuits, wafers and savoury snacks. The company’s brands include Bambi, Plazma, Wellness, Zlatni Pek, and Josh. In 2018, Bambi recorded revenue of 80 million euro, of which more than two-thirds are generated in Serbia and the rest predominantly in the Western Balkans.
($ = 0.882669 euro)