PepsiCo, Inc and Mattoni 1873 formally became the 100 percent owners of Serbia’s carbonated mineral water producer Knjaz Milos on Tuesday, the Beta news agency reported, after the acquisition process started in March pending the Anti-Monopoly Commission approval.
On Tuesday, the purchase was formalised in the Czech Republic embassy in Belgrade by signing the ownership contract agreed upon five months ago.
PepsiCo, Inc. is American multinational food, snack, and beverage corporation, while Mattoni 1873, the Karlovarské minerální Vody (KMV) a. s. is the largest producer of mineral and spring water in the Czech Republic.
The acquisition approved by the Commission covers Knjaz Milos production covers capacities in Serbia as well as to the company’s brands ‘Knjaz Milos’, ‘Aqua Viva’, ‘Guarana’, ‘ReMix’ and ‘Gusto.’
The cost has not been made public.
Headquartered in central Serbia’s town of Arandjelovac, Knjaz Milos has over 200 years of business history and is one of the largest producers of mineral water, non-alcohol and energy drinks in the country.
It has been owned by Mid Europe Partners investment fund from London since 2015 and its representative Andrej Jovanovic said on Tuesday that Knjaz Milos productivity and efficiency rose two and a half times in four years.
KMV CEO Alessandro Pasquale said his company “came to stay” in Serbia and that he hoped it would help Knjaz Milos to prosper.
A PepsiCo representative Christophe Guille said that his company partnership with KMV had been successful so far as was the Knjaz Milos acquisition.
He added that PepsiCo had decades of business experience in the global market.
“PepsiCo’s vision is to become the global leader in producing food and beverage,” he said.
Milos Stojisavljevic, Knjaz Milos CEO, said the company finally got a strategic partner with the European and world experience in the business.
According to him, the company with 800 employees, expects a net turnover of 70 million Euros this year.