June 19 (SeeNews) - Coca‑Cola HBC has completed the acquisition of Serbian confectionery producer Bambi and will include the company in its consolidated financial statements, it said on Wednesday.
The acquisition adds market-leading, iconic brands in a relevant, adjacent category, creating opportunities for revenue synergies, complementary innovation and cost efficiencies, Coca‑Cola HBC said in a statement.
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The Bambi business also brings a strong distribution network, including chilled distribution, in strategically important channels such as traditional retail and HoReCa, Coca-Cola HBC noted.
"I would like to welcome the Bambi team to the Coca‑Cola HBC family. We have exciting times ahead as together we look to create value for our customers and ourselves, by strengthening 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.
In February, Coca‑Cola HBC said it acquired Bambi from funds advised by Mid Europa Partners for an enterprise value of 260 million euro ($291.2 million).
Bambi manufactures a range of products including biscuits, wafers and savoury snacks. The company’s brands include Bambi, Plazma, Wellness, Zlatni Pek, and Josh. In 2018, Bambi recorded revenue of 80 million euro, of which more than two-thirds are generated in Serbia and the rest predominantly in the Western Balkans.
($ = 0.892873 euro)