Coca-Cola HBC, which bottles Coca-Cola products in Europe, has agreed to buy Italian mineral water maker and sparkling beverage company Lurisia in a deal worth €88 million ($97 million), it said on Wednesday.
The acquisition, made together with global beverage group Coca-Cola, will allow the London-listed group to add premium Italian brands to a portfolio which already includes iced teas and plant based drinks.
In addition to mineral water sourced from a spring in the mountains, Lurisia sells sparkling beverages based on ingredients sourced in Italy such as Chinotto and Gazzosa.
Coca-Cola HBC will buy the company from a group of investors, which include Italian private equity fund IDeA Taste of Italy and food retailer Eataly Distribuzione.
As part of the transaction, Lurisia CEO Piero Bagnasco and Alessandro Invernizzi will remain on the board of the company, the buyer said in a statement.