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Coca-Cola HBC to buy Italian mineral water maker Acque Minerali

Coca-Cola HBC AG said Sept. 18 that it agreed to acquire Italian mineral water and sparkling beverages maker Acque Minerali S.r.l. for an enterprise value of €88 million.

Switzerland-based Coca-Cola HBC said the transaction was made through its Italian subsidiary, Coca-Cola HBC Italia S.r.l, in conjunction with Coca-Cola Co. Coca-Cola HBC is 23.47% owned by the U.S. soft drinks giant, according to S&P Global Market Intelligence.

The Swiss company bottles beverages under the Coca-Cola brand. Meanwhile, Acque Minerali is a producer and distributor of natural mineral water and adult sparkling beverages under the Lurisia brand. It also offers still and sparkling water in PET and glass packaging, as well as beverages inspired by authentic Italian recipes with flavors such as Chinotto, Gazzosa, Aranciata, Aranciata Rossa, Aranciata Amara, Limonata and Tonica.

Coca-Cola HBC will acquire Acque Minerali from Eataly Distribuzione S.r.l., the Invernizzi family, and private equity fund Idea Taste of Italy Fund, which is managed by Dea Capital Alternative Funds SGR SpA.

The deal is expected to close by the end of 2019, subject to certain conditions. Coca-Cola HBC said the move complements its existing portfolio in Italy and added that it's a strong fit for the company's 24/7 beverage partner strategy.

Following the transaction, Piero Bagnasco, CEO of Acque Minerali's Lurisia brand, as well as Alessandro Invernizzi will remain on the board of the company. Bagnasco and Invernizzi are both representatives of two of the selling shareholders.