Purcari Winery acquires stake in Bulgaria's Angel's Estate Winery

Purcari Wineries PLC has announced the signing of the Share Purchase Agreement for a 76% stake in Bulgarian joint stock company Angel’s Estate Winery.

Angel’s Estate is a full cycle winery located near Stara Zagora, in the prominent wine region, Thracian Lowlands. The winery operates circa 100ha of own vineyards and has an annual production capacity exceeding one million bottles, producing wine brands including Angel and Stallion.

Eugen Comendant, COO of Purcari Wineries PLC, said: “The acquisition of Angel’s Estate is a step forward to achieve our vision of becoming wine champion in CEE, acting as a consolidator of a fragmented industry.

“We are adding to our Group a new geography and see it as a huge privilege to build on the millennial wine traditions of Bulgaria, including by expanding the exports footprint of Angel’s Estate. We see strong synergies resulting from Angel’s Estate becoming part of the extended Purcari family and will work on maximising the potential of the business under the new ownership,” Comendant added.

As part of the transaction, the current shareholders of Angel’s Estate will retain a 24% stake in the winery and continue acting as a value-add investor in developing the business. The closing of the transaction is envisaged within two weeks from the signing date.