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Thu, Feb 09 2012
Bulgarian water bottler Gorna Banya sold to Armenians for 25M euro
Photo: Georgi Kozhuharov
Bulgarian water bottling company Gorna Banya has been sold for almost 25 million euro to Armenian nationals Gagik and Djavair Tsarukyan, according to the trade registry.
Evgeni Goranov, one of the company’s former owners, confirmed to Dnevnik that the deal was struck at the end of last week.
The other partners that have divested of their stakes in the water bottler are Pavlin Ivanov and Roumen Tsvetkov.
About 20 million euro of the amount will be channeled to debt payments, Goranov said, noting that the company owes 12 million euro in long-term banking loans and a further four million euro in short-term funding.
It should pay a separate sum of about 3.5 million euro to a UK investment fund.
A further million euro has been deposited with a guarantee fund to cover possible future payments. The monies will be left there until March 30, according to Goranov.
Gorna Banya generated total revenue of more than 36 million leva for 2008. Short-term liabilities for the period stood at 14.9 million leva and the long-term at 9.6 million leva.
Gagik Tsarukyan is the owner of Armenia-based company Multi Group Concern. Local media describe him as an influential politician and businessman. A former wrestler, boxer and arm wrestler, he has a holding company that comprises construction, telecommunications, transportation, and food businesses, among others.
Gorna Banya is the entrepreneur’s first Bulgarian investment. It will be managed by Zaven Asadurov, according to the trade registry.
Asadurov was not immediately available for comment.
Gorna Banya Bottling Company holds 25-year concessions for three mineral springs in the eponymous Sofia neighbourhood, whose term will be extended to 35 years with the contract updates being implemented by the environmental ministry.
Gorna Banya’s sale is the first deal to be completed in the Bulgarian water bottling sector the year. One of the company’s nearest rivals, Devin, is in the final stage of selling 75% of its capital after in end-September current majority owner Austria’s real estate developer Soravia Group put pen to paper with the exclusive candidate, US buyout firm Advent International.
Evgeni Goranov, one of the company’s former owners, confirmed to Dnevnik that the deal was struck at the end of last week.
The other partners that have divested of their stakes in the water bottler are Pavlin Ivanov and Roumen Tsvetkov.
About 20 million euro of the amount will be channeled to debt payments, Goranov said, noting that the company owes 12 million euro in long-term banking loans and a further four million euro in short-term funding.
It should pay a separate sum of about 3.5 million euro to a UK investment fund.
A further million euro has been deposited with a guarantee fund to cover possible future payments. The monies will be left there until March 30, according to Goranov.
Gorna Banya generated total revenue of more than 36 million leva for 2008. Short-term liabilities for the period stood at 14.9 million leva and the long-term at 9.6 million leva.
Gagik Tsarukyan is the owner of Armenia-based company Multi Group Concern. Local media describe him as an influential politician and businessman. A former wrestler, boxer and arm wrestler, he has a holding company that comprises construction, telecommunications, transportation, and food businesses, among others.
Gorna Banya is the entrepreneur’s first Bulgarian investment. It will be managed by Zaven Asadurov, according to the trade registry.
Asadurov was not immediately available for comment.
Gorna Banya Bottling Company holds 25-year concessions for three mineral springs in the eponymous Sofia neighbourhood, whose term will be extended to 35 years with the contract updates being implemented by the environmental ministry.
Gorna Banya’s sale is the first deal to be completed in the Bulgarian water bottling sector the year. One of the company’s nearest rivals, Devin, is in the final stage of selling 75% of its capital after in end-September current majority owner Austria’s real estate developer Soravia Group put pen to paper with the exclusive candidate, US buyout firm Advent International.
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Water deal
Advent International will pay a premium of 40 per cent over Devin’s traded price
Devin bottling company makes up ground
Total revenue for the first trimester stands at 14.1 million leva. The company reported 7.8 per cent growth in retail at a time when, traditionally, firms involved in water and soft drinks have a slow start - the cold months before summer.
MANAGER PROFILE: Divine water
Devin is among the most popular and well-known Bulgarian brands. Devin AD was founded in 1992 as a limited liability company part-owned by the Municipality of Devin (near Smolyan, in southern Bulgaria). It became a joint stock company in 1999 with 100 per cent private capital. In 2006 it was purchased by Austrian investment fund Soravia Equity. Devin's products include mineral water, spring water, carbonated and
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Appointments
British Council
Lyubov Kostova was appointed country manager of British Council Bulgaria effective January 1, replacing Tony Buckby, who left in October 2011 to take a similar position at British Council Greece. Kostova has been with British Council Bulgaria for 11 years, as public communications manager and, since 2008, as the head of project and partnerships department. Prior to joining the British Council, Kostova was head of international activities at the National Academy for Theatre and Cinema Arts (NATFIZ). She has a degree in Indian studies from Kliment Ohridski Sofia University.
CEZ
Stefan Apostolov is the new chief executive of CEZ Razpredelenie Bulgaria, the power transmission subsidiary of Czech energy company CEZ in the country. He replaces interim chief executive Ales Damm, who remains the chairperson of the CEZ Razpredelenie management board. Apostolov has 30 years of experience in the energy sector, joining CEZ in 2007 as director of customer service and was later appointed as head of business development. Apostolov has a master's degree in electric systems from the Belorussian National Technical University in Minsc, management diplomas from Open University London and New Bulgarian University, as well as a master's degree in business administration from Plovdiv University.
BASF Bulgaria
Valentina Dikanska is the new general manager of chemical industry giant BASF subsidiary in Bulgaria, taking over from Herbert Fisch, BASF vice president for Southeastern Europe. Dikanska, who started her career as an expert in the Finance Ministry, joined BASF Bulgaria as director of finance and administration in 2002. She becomes the first Bulgarian to hold the top management position in the company in its 40-year history on the Bulgarian market. Dikanska holds a master's degree in economics from the University for National and World Economy in Sofia.
Rompetrol Bulgaria
Alexander Albin has been appointed chief executive of fuel distributor Rompetrol Bulgaria, replacing Nichita Sorin, who left to become chief executive of Rompetrol Gaz in Romania. Albin was previously chief executive of Rompetrol Georgia. He has more than 15 years of experience in the oil and gas industry; prior to joining Romania's oil group Rompetrol in 2008 as an adviser, he oversaw operations at Atyrau refinery in Kazakhstan, owned by Rompetrol's parent company KazMunaiGaz. He previously held top management positions at two other leading Kazakh oil and gas companies.
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Another Oligark who has betrayed the Armenian people gets richer while selling the Armenian people down the river. Very inspirational. He has destroyed the very things Antranig Ozanian fought for. I am very curious to know which bottling company and which food companies he owns so as to boycot in the U.S.