- Coca-Cola HBC said Monday it had acquired Serbia-based confectionery business Bambi from funds advised by Mid Europa Partners in a deal worth €260m.

Bambi, manufactures of a range of products including biscuits, wafers and savoury snacks was established in 1967. The company's brands include Bambi, Plazma, Wellness, Zlatni Pek, and Josh. Its main biscuit brand, Plazma, ranked first in brand recognition in Serbia.

In 2018, Bambi recorded revenue of about €80m, of which more than two thirds were generated in Serbia and the rest predominantly in the Western Balkans. Bambi enjoyed strong profitability and its earnings (EBIT) margin was nearly three times higher than that of Coca-Cola HBC, the company said.

The transaction was expected to be completed in the second quarter of 2019, subject to customary closing conditions and regulatory approvals.

'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,' said Zoran Bogdanovic, CEO of Coca-Cola HBC.

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