Soft drink bottler Coca-Cola HBC is to buy Serbian biscuit and confectionery maker Bambi for an enterprise value of €260 million (US$294 million) from private equity investor Mid Europa Partners. The deal to buy Bambi is expected to close in the second quarter of 2019, according to the company.

       The Swiss-based company, which bottles and sells Coca-Cola beverages in 28 countries, says Bambi had revenue of around €80 million in 2018, of which more than two-thirds were earned in Serbia and the rest in the Western Balkans.

       Bambi was founded in 1967 and makes biscuits, wafers and savory snacks. The company’s brands include Bambi, Plazma, Wellness, Zlatni Pek and Josh.

       Bambi had “strong” profitability and a margin on earnings before interest and taxation that was nearly three times higher than that of Coca-Cola HBC.

       Shares of Coca-Cola HBC fell last week after it warned of higher finance costs on its existing borrowing and weak consumer spending in several of its markets this year, according to Reuters.

       “This acquisition represents an excellent opportunity to create additional value for Coca-Cola HBC, its customers and shareholders. It adds iconic, complementary consumer brands to our portfolio of leading beverage brands, as well as consumer-focused innovation capabilities,” says Zoran Bogdanovic, CEO of Coca-Cola HBC.

       “It further strengthens our relevance with customers and allows us to increase our presence in key consumption occasions, such as the start of the day, on-the-go and at home snacking and refreshment,” he adds.

       “Bambi offers opportunities for revenue synergies through cross-promotion and complementary innovation and cost efficiencies. The Bambi business also brings a strong distribution network and product portfolio in strategically important channels such as traditional retail and HoReCa,” a Coca Cola HBC statement read.