Slovenian brewer Pivovarna Laško has signed an agreement with local fund management company Kofola Družba za Upravljanje and Czech carbonated soft drink producer Kofola, as the guarantor, for the sale of 3,812,023 shares (75.31% of the total) of bottled mineral water producer Radenska.
Kofola bought one of the best performing segments of the indebted Laško group in cooperation with Slovenia's P&P group, owned by the Poli? family, for €51.8 million. The sale process started in September 2013 and was completed after an two-stage international tender. The sale should be completed within the next three months, subject to conditions precedent being met by the seller and the buyer. Kofola Družba za Upravljanje shall pay to Pivovarna Laško a price of €13.59 per Radenska share.
Kofola is the second biggest Czech bottling company and the purchase of Radenska will strengthen its position in the South East Europe region. Kofola produces and bottles a range of beverages at seven production facilities in the Czech Republic, Poland, Slovakia and Russia. Last year, it achieved €245 million in sales revenue and €77 million in gross profit.
For its part, Radenci-based soft drinks maker Radenska is best known as the maker of the namesake mineral water, which is one of the best known brands in Slovenia. Last year it earned €31 million and had an operating profit of €4.7 million. The company employs 200 people and annually sells 100 million liters of mineral water and other soft drinks.
Pivovarna Laško, which even after the sale of shares in Slovenian retailer Mercator still has high liabilities to banks, is hoping to improve its financial situation with the proceeds from the sale of Radenska.
