Coca-Cola Hellenic Bottling Company (CCHBC) has acquired Serbian confectionery company Bambi in a deal valued at €260 million.

Bambi, which was formed in 1967, manufactures a range of products, including biscuits, wafers and savoury snacks. Its brands include Bambi, Plazma, Wellness, Zlatni Pek, and Josh.

According to the company, Bambi had 2018 annual sales of €80m ($90m), with more than two third of the revenue generated from Serbia and the rest coming from the Western Balkans.

Coca-Cola said the acquisition adds “market-leading” brands in a relevant, adjacent category to its portfolio in Serbia and in the Western Balkans, which are among its fastest-growing territories.

It added that Bambi offers opportunities for revenue synergies through cross-promotion and complementary innovation and cost efficiencies. It will also bring a “strong” distribution network and product portfolio in channels such as traditional retail and the foodservice industry.

Commenting on the acquisition, Zoran Bogdanovic, CEO, Coca-Cola HBC, said: “This acquisition adds iconic, complementary consumer brands to our portfolio of leading beverage brands, as well as consumer-focused innovation capabilities.

“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.”

Switzerland-based Coca-Cola HBC, is one of The Coca-Cola Company’s largest bottlers; covering 28 countries including Ireland, Italy, Russia and Nigeria.