Coca‑Cola HBC AG said it will acquire Acque Minerali S.r.l., a privately-held natural mineral water and adult sparkling beverages business in Italy.
The acquisition is being made through Coca-Cola HBC’s wholly-owned subsidiary, Coca-Cola HBC Italia S.r.l.
The acquisition is being made in conjunction with The Coca-Cola Company, in-line with previous similar acquisitions (the “Transaction”). The selling shareholders are the private equity fund IDeA Taste of Italy, managed by DeA Capital Alternative Funds SGR S.r.l., the Invernizzi family, and Eataly Distribuzione S.r.l. The total enterprise value payable by Coca-Cola HBC and The Coca-Cola Company, subject to customary closing adjustments, amounts to €88 million.
The company announced in the statement that the completion of the acquisition is subject to certain conditions and is expected by the end of 2019. As part of the Transaction, Piero Bagnasco, CEO of Lurisia, and Alessandro Invernizzi will remain on the board of directors of Acque Minerali. Both are representatives of two of the selling shareholders.