Purcari Wineries, a leading producer of wine and spirits in Romania and Moldova, has announced that it has acquired a 76% stake in Bulgarian wine producer Angel’s Estate.
Angel’s Estate, located near Stara Zagora, in the Thracian Lowlands – one of the most prominent wine regions in Bulgaria – operates around 100 hectares of vineyards and has an annual production capacity of more than one million bottles.
It owns the Bulgarian wine brands Angel and Stallion.
As part of the transaction, the current shareholders of Angel’s Estate will retain a 24% stake in the winery and together will continue to act as a ‘value-add[ed] investor’ in further developing the business, Purcari noted in a statement.
Market Consolidation
“The acquisition of Angel’s Estate is a step forward to achieve our vision of becoming the indisputable wine champion in CEE, acting as a consolidator of a fragmented industry,” commented Eugen Comendant, chief operating officer, Purcari Wineries.
“We are adding to our group a new geography and see it as a huge privilege to build on the millennial wine traditions of Bulgaria, including by expanding the exports’ footprint of Angel’s Estate. We see strong synergies resulting from Angel’s Estate becoming part of the extended Purcari family and will work on maximising the potential of the business under the new ownership.”
Purcari Wine Brands
Purcari Wineries owns a number of wine brands, including Purcari, Crama Ceptura, Bostavan, Bardar, and Domeniile Cuza, and holds around 30% of the premium wine segment in Romania. It is also the largest wine exporter from Moldova, delivering to more than 40 markets.
Since February 2018, the group has been listed on the Bucharest Stock Exchange.
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