Purcari acquires a controlling stake in Bulgarian winery Angel's Estate.

Purcari Wineries, a leading wine and spirits producer in Romania and Moldova, announced the acquisition of a 76% stake in Bulgarian wine producer Angel's Estate. Angel's Estate, located near Stara Zagora, in the Traki Lowlands, one of Bulgaria's most famous wine regions, farms about 100 hectares of vineyards and has an annual production capacity of more than one million bottles. The winery owns the Bulgarian wine brands Angel and Stallion. As part of the deal, Angel's Estate's current shareholders will retain a 24% stake in the winery and continue to act as a "valued investor" in the development of the business, Purcari said in a statement.

"The acquisition of Angel's Estate is a step forward in realizing our goal of becoming the undisputed wine market leader in Central and Eastern Europe, acting as a consolidator of a fragmented industry," commented Evgen Komendant, CEO of Purcari Wineries. "We are adding a new geography to our group and consider it a great privilege to build on Bulgaria's millennia-old winemaking tradition, including the expansion of Angel's Estate exports.

Purcari Wineries owns several wine brands, including Purcari, Crama Ceptura, Bostavan, Bardar and Domeniile Cuza, and has about 30% of the premium segment of the wine market in Romania. It is also the largest exporter of wine from Moldova and supplies products to more than 40 countries. The group has been traded on the Bucharest Stock Exchange since February 2018.

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Article by Stephen Wyne-Jones. Click "subscribe" to subscribe to ESM: European Supermarket Magazine.

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