CVCI and NBGI Private Equity complete the acquisition of Prestige 96 AD
On March 23rd 2012, investment funds advised by Citi Venture Capital International (CVCI) and by NBGI Private Equity (NBGI) completed the acquisition of Prestige 96 AD (Prestige). The transaction had been announced on January 18th, 2012 and its completion was subject to the fulfilment of certain conditions, including obtaining certain regulatory consents, which have now been received.
Sunil Nair, CVCI Managing Partner and region head for Europe commented: “The founders and management of Prestige have built a very impressive business over the last 15 years, with excellent brands, good margins and world class production facilities. We are looking forward to taking Prestige to the next stage in its life cycle. This buyout is very much part of CVCI’s strategy of backing the consumer in emerging markets. It highlights our continued commitment to high quality businesses with strong market positions serving the consumer in Emerging Europe.”
Yannis Voyatzis, who oversees NBGI Private Equity’s investment activity in Emerging Europe, said: “Prestige, with its leading market position and modern production facilities, is a very attractive business with strong prospects for future growth. We are confident we can play an active role in supporting management’s plan to expand into new areas of commercial activity both in Bulgaria and internationally.”
The current shareholders of Prestige said: “This investment by CVCI and NBGI bears witness to the achievements of Prestige and its management and employees in becoming a leading player in the Bulgarian confectionery sector. This partnership will take the company into a new and exciting period of development, which no doubt will bring enormous benefits to all those involved with Prestige.”
Established in 1996 in Veliko Tarnovo, Prestige is a leading player in the Bulgarian confectionery market. Prestige focuses on the biscuits and wafers segments, where it enjoys leading market positions across all product categories. The company markets well-known brands including “Troy”, “Naya”, “Mirage”, “Prestige”, “Trayana” and “Roden Krai”.www.prestige96.bg