Purcari Wineries acquires control of Angel'\''s Estate Winery in Bulgaria.

Purcari Wineries, a company based in Moldova and listed on the Bucharest Stock Exchange, has announced its entry into the Bulgarian market, by acquiring a 76% controlling stake in the local Angel'\''s Estate Winery. This is done in order to develop Purcari's export potential. The remaining 24% stake will be retained by the shareholders of the target company, who will also participate in future investments to develop the business. The financial terms of the transaction were not disclosed. The deal is expected to be finalized in the next two weeks.

Angel'\''s Estate Winery is located near Stara Zagora, in southern Bulgaria. The winery has 100 hectares of vineyards and a 14,000 square meter wine cellar. The company's annual production exceeds''million bottles.

"The acquisition of Angel's Estate is a step towards our goal of becoming the unequivocal leader of the Central and Eastern European wine industry, acting as a consolidator of a fragmented market," said Eugen Comendant, COO Purcari Wineries. He added that there are strong synergies between the two companies and Purcari's broad reach is likely to maximize the potential of the combined business.

Founded in 1827, Chateau Purcari manages more than 1,350 hectares of vineyards and has six production sites in Romania and Moldova. It has about 30% share in the premium wine market in Romania, and''it is the largest exporter of wine from Moldova, supplying more than 40 countries. The company was listed on the Bucharest Stock Exchange in 2018.

In the first half of 2022, Purcari's revenue in Romania, Moldova, Poland, Ukraine and Asia rose 16% year-on-year to 123.8 million lei ($23.9 million / 25 million euros). Net profit for the period increased by 2% year-on-year to 20.87 million lei.