Purcari Wineries signs a deal with the Bulgarian winery Angel's Estate Winery

Image source: the Angel's Estate Winery website.

Oct. 11 (SeeNews) - Bucharest-listed Moldovan winery Purcari Wineries [BVB:WINE] announced that it has completed the acquisition of a 76% stake in Bulgaria's Angel's Estate winery, entering a new market.

In a press release issued Monday, the buyer said the deal, which was announced in late September, is another step toward Purcari's goal of becoming the industry leader in Central and Eastern Europe (CEE). However, the value of the deal was not disclosed.

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"We see the strong synergies that arise with the addition of Angel's Estate to the extended Purcari family and will work to maximize the potential of the business under the new ownership," said Purcari Wineries CEO Eugene Commandant.

Purcari Wineries raised revenue 21.8% to 248.1 million lei ($48.8 million/50.3 million euros) in 2021, with earnings before interest, taxes, depreciation, amortization and amortization (EBITDA) at 30%, according to an investor day presentation last week.

According to the previous announcement, the existing shareholders of the Bulgarian company will retain the remaining 24% ownership and will participate in future investments to grow the business.

Purcari Group manages more than 1,350 hectares of vineyards and six facilities in Romania and Moldova, where it produces wine and brandy for domestic consumption and export to more than 40 countries. The company was listed in Bucharest in February 2018. In addition to founder and shareholder Victor Bostan, it is also backed by a number of institutional investors including Conseq, East Capital, Franklin Templeton, Fiera Capital, Horizon Capital and Norges Bank.

Angel's Estate winery owns new vineyards of over 100 hectares, including both red and white varieties, near the town of Stara Zagora, in the south-central region of Bulgarian winemaking - the Traki Plain.

(1 Romanian leu = 0.2025 euro)