Soft drink bottler Coca-Cola HBC is to buy Serbian biscuit and confectionery maker Bambi for an enterprise value of EUR 260 m from private equity investor Mid Europa Partners. The deal to buy Bambi is expected to close in the second quarter of 2019.

The Swiss-based company, which bottles and sells Coca-Cola beverages in 28 countries, says Bambi had revenue of around EUR 80 m in 2018, of which more than two-thirds were earned in Serbia and the rest in the Western Balkans. Bambi, founded in 1967, makes biscuits, wafers and savoury snacks.

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.