Valvis re-enters mineral water market seven years after selling Dorna to Coca-Cola

Seven years after selling Dorna to Coca-Cola, Jean Valvis re-enters the mineral water business, a 300 million-euro market, with a greenfield investment in a plant located 20 kilometres away from Vatra Dornei and a brand - Aqua Carpatica - dedicated both to the external and the Romanian market. The businessman, who collected over 120 million euros from creating and later selling the Dorna (to Coca-Cola in 2002) and the LaDorna brand (to Lactalis in 2008) will invest 12.5 million euros in the new mineral water business and says 80% of the sum will be financed by a Romania-based bank. Valvis, a Swiss of Greek origin, made money and his name on the Romanian market. "The overall investment in building the plant, sustaining distribution, the working capital and the marketing budget for the first year will amount to 12.5 million euros. Currently I am holding talks with two financing entities. Both have offered very good, competitive interest rates," said Valvis, who did not give the name of the banks, but specified they were two Romania-based entities. The remaining 20% of the investment will be covered by the company's own funds. Mineral water consumption in Romania is 61 litres per capita, compared with the 130 litre-per-capita European average, with the top three local bottlers being Romaqua with Borsec (a group held by Octavian Cretu), Coca-Cola HBC Romania with Dorna and European Drinks with Izvorul Minunilor (a group controlled by Ioan and Viorel Micula brothers).