Carlsberg Breweries A/S has entered an agreement to acquire 67 per cent of the Bulgarian brewery Pirinsko Pivo. The shares are sold by a group of institutional and private investors.
End of June this year, Carlsberg Breweries acquired 59% of the Bulgarian brewery Shumensko Pivo, and the acquisition was approved by the competition authorities 25 July 2002. The acquisition of the majority shareholding in Pirinsko Pivo is a natural step for Carlsberg Breweries wishing to further strengthen its position in Bulgaria.
The acquisition is subject to approval by the Bulgarian competition authorities.
Pirinsko Pivo is a public company and as majority shareholder of Pirinsko Pivo, Carlsberg Breweries is obliged under Bulgarian law to make a public offer for the remaining share capital.
Pirinsko Pivo, which is situated in Blagoevgrad 100 km south of the capital Sofia, has over the last few years experienced substantial growth and today has a market share of 12 per cent of a total market of approx. 4.5 million hectolitres beer. The Bulgarian per capita consumption is 54 litres.
The Pirinsko brand is positioned in the standard price segment, and therefore supplements the higher priced Shumensko brand, as well as the Carlsberg and Tuborg brands.
Following completion of the deal, Carlsberg Breweries will evaluate the possibilities of integrating Pirinsko and Shumensko in order to further strengthen the competitive position and efficiency and at the same time establish a stronger platform for the promotion of the Carlsberg and Tuborg brands as well as increase the current combined market share of 20 per cent.
2001 facts about Pirinsko Pivo
USD 8,10 million
410,000 hl beer
Number of employees
Pirinsko Pivo was established in 1969. Most of the shares in the company were sold during the Bulgarian privatisation in 1997.
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