In a move that’s sent ripples through Central and Eastern Europe’s wine industry, Polish food and beverage titan Maspex has snapped up a controlling 72.7% stake in Romania-listed Purcari Wineries for RON 604 million (about €120 million), valuing the premium wine producer at €167 million. The deal, finalized through a voluntary public takeover on the Bucharest Stock Exchange, marks Maspex’s latest leap into the alcoholic beverage sector, cementing its ambition to dominate the region’s high-end drinks market. With Purcari’s storied vineyards and Maspex’s global reach, this acquisition could redefine how Central European wines compete on the world stage.
Maspex, a powerhouse with a €3.7 billion turnover in 2024 and operations in 80 countries, has been steadily building its alcohol portfolio, scooping up iconic brands like Żubrówka vodka and Becherovka liqueur in recent years. Its Romanian arm, a market leader in juices, mineral water, and snacks, now adds Purcari’s 2,000 hectares of vineyards across Romania, Moldova, and Bulgaria to its arsenal. Purcari, known for its award-winning Château Purcari label, reported RON 382.4 million (€76.1 million) in revenue last year, up 3%, with a 13% surge in its core wine segment. Despite a 10% dip in net profit to RON 57.3 million due to one-off costs, its EBITDA climbed 7% to RON 107 million, signaling robust fundamentals. With first-quarter 2025 revenue up 12%, Purcari’s growth trajectory aligns perfectly with Maspex’s vision to scale its brands globally.
The deal’s structure reveals a strategic dance between ambition and caution. Maspex, which held a 1.6% stake before the bid, now commands 72.7% of Purcari’s shares, leaving a mere 2.3% free float after founder Victor Bostan locked in his 15.1% stake until 2027 under a put-call option agreement. This setup ensures stability while giving Maspex room to leverage its distribution muscle to push Purcari’s wines into new markets, from Asia to North America. Bostan, who partially cashed out 5% of his stake, hailed the partnership as a “natural step” for Purcari’s global aspirations, rooted in its 1827 heritage. Maspex’s CEO, Krzysztof Pawiński, echoed this, calling Purcari an “ideal addition” to a portfolio built on tradition and market clout. Grzegorz Grabowski, Maspex Romania’s general manager, emphasized synergies, noting plans to amplify Purcari’s export potential while retaining its seasoned management team.
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This acquisition, Maspex’s fourth in Romania and 22nd overall, underscores a broader trend of consolidation in the alcohol sector, where giants like Maspex and Campari (which recently divested Cinzano for €100 million) are reshaping portfolios to capture premium demand. Central and Eastern Europe’s wine market, long overshadowed by France and Italy, is gaining traction as consumers crave distinctive, high-quality offerings. Purcari, with its 44% stock surge this year and a projected 12-17% revenue boost in 2025, is well-positioned to ride this wave. Yet, the shrinking free float raises questions about market liquidity, a point investors will watch closely as regulatory approvals wrap up.
Maspex’s bold bet on Purcari isn’t just about adding another trophy to its shelf—it’s a calculated move to elevate Central European wine on the global stage. By blending Purcari’s craftsmanship with Maspex’s distribution prowess, this partnership could uncork new opportunities, challenging established wine regions while pouring fresh energy into an evolving market. As the deal awaits final approval, the industry is already raising a glass to what’s next.
