Coca‑Cola HBC has agreed to acquire Serbian confectionery business Bambi for an enterprise value of €260m ($294m).

Subject to certain customary and closing adjustments, the deal is expected to be completed in the second quarter of this year.

Coca Cola HBC CEO Zoran Bogdanovic said: “This acquisition represents an excellent opportunity to create additional value for Coca Cola HBC, its customers and shareholders. It 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.”

“It further strengthens our relevance with customers and allows us to increase our presence in key consumption occasions.”

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

In 2018, Bambi recorded nearly €80m ($67m) of revenue, two thirds of which was generated in Serbia and the remaining in the Western Balkans.

Bambi will offer new opportunities for revenue synergies via cross-promotion, complementary innovation and cost-efficiencies.

Coca‑Cola HBC said the Bambi also brings a better distribution network and product portfolio in strategically important channels like traditional retail and HoReCa.

As a bottler for The Coca‑Cola Company, Coca-Cola HBC has an annual sales volume of more than two billion unit cases.

The company, which operates in 28 countries serving over 600 million people, offers a range of primarily non-alcoholic, ready-to-drink beverages in the sparkling, juice, water, sport, energy, tea and coffee categories.