Purcari Wineries closes the acquisition of Angel's Estate Winery in Bulgaria.

Source image:

website of Angel's Estate Winery.

October11 (SeeNews)-

Moldova-based, Bucharest Stock Exchange-listed wine producer Purcari Wineries [BVB:WINE] said it has completed the acquisition of a 76% stake in Angel's Estate Winery in Bulgaria, entering a new market. The deal, which was announced in late September, is another step toward Purcari's goal of becoming an industry leader in Central and Eastern Europe (CEE), the buyer said in a press release Monday. Its value was not disclosed.

"We see strong synergies arising from Angel's Estate joining the extended Purcari family and will work to maximize the potential of the business under new ownership," Purcari Wineries chief operating officer Eugene Komendant said.

Purcari Wineries recorded revenue growth of 21.8% in 2021 to LE248.1 million ($48.8 million/50.3 million euros) with an earnings before interest, taxes, depreciation, amortization and amortization (EBITDA) margin of 30%, according to an investor day presentation last week.

The Bulgarian company's existing shareholders will retain the remaining 24% stake and participate in future investments to grow the business, according to a previous statement.

The 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 more than 100 hectares of red and white varieties near Stara Zagora, in Bulgaria's south-central wine region, the Traki Plain. (1 Romanian leu = 0.2025 euro)