U.S. Advent, Managers Launch Buyout Bid for 9.9% of Bulgarian Water Bottler Devin

Bulgaria's financial regulator should approve the buyout bid after which it will be publicly announced, Advent said in a statement late on Tuesday.

Advent International owns approximately 83.4% of Devin after wrapping up the acquisition of approximately 79% of the company for 3.06 levs ($2.36/1.56 euro) per share last month. The transaction valued the company at 40 millon euro.

Devin's executive directors own a combined stake of 6.7% in Devin. Advent bought the majority stake from Austrian diversified group Soravia.

Devin (www.devin-bg.com), based in the town of the same name in southwestern Bulgaria, sells mineral, spring and carbonated bottled water, carbonated drinks, ice tea and the Red Bull energy drink.

Advent International (www.adventinternational.com) focuses on international buyouts, strategic restructuring opportunities and growth buyouts. Advent has raised $24 billion in private equity capital and completed buyout and private equity transactions valued at over $45 billion since 1984.

Shares of Devin, part of the broader BG40 index on the Bulgarian Stock Exchange, did not trade on Wednesday. They were last traded on Monday when they closed unchanged at 3.29 levs.

(1 euro = 1.95583 Bulgarian levs)