Polish food group Maspex has completed the acquisition of 80% of Karpatski Mineralni Vody group of companies, one of Ukraine’s largest producers of bottled water and non-alcoholic beverages. This was reported by the company’s founder and CEO Serhii Ustenko, who retained a 20% stake in the business. According to him, the deal was closed on 1 June.
Karpatski Mineralni Vody group includes the Karpatska Dzherelna mineral water brand, Sokovynka juice-containing drinks and Gonzo snacks. Following completion of the transaction, operational management of the company will remain with the existing management team, while the Polish investor will exercise control through corporate and supervisory mechanisms.
The parties have not disclosed the financial terms of the transaction. However, market participants estimate the deal value at between $30 million and $50 million. According to Mykola Kmit, co-founder of IDS Group, this valuation corresponds to the scale of the business and its market position. Mykhailo Hranchak, Managing Director of LV Capital, noted that the mineral water segment remains one of the most promising categories in the food industry, while similar assets are typically valued at around 7–9x EBITDA.
According to YouControl, the revenue of Trading House Karpatski Mineralni Vody LLC amounted to UAH 2.2 billion in 2025, up 13% compared with the previous year. Another company within the group, Karpatski Mineralni Vody LLC, more than doubled its revenue to UAH 523.45 million.
For Maspex, this is the first major acquisition of a production asset in Ukraine. Until now, the Polish group had been present in the Ukrainian market mainly through the supply of its own products in the categories of juices, beverages, instant food products and alcoholic drinks. Maspex’s portfolio includes more than 70 brands, including Tymbark juices, Nestea iced teas, Żubrówka and Soplica alcoholic beverages, as well as a wide range of food products. In 2025, the group’s revenue reached PLN 15.5 billion.
According to Serhii Ustenko, attracting a strategic investor will allow the company to accelerate the launch of new product categories and use Maspex’s international experience. In particular, this may include the localization of production of certain beverages from the Polish group’s portfolio in Ukraine.
One of the company’s key projects remains the construction of a new plant in Lviv Region, with opening planned for August 2026. To implement the project, the company secured an €11 million loan from the European Bank for Reconstruction and Development in 2025. The total construction cost is estimated at €24 million.
Experts believe the deal is unlikely to lead to a significant redistribution of market shares in the mineral water segment, but it may strengthen the combined business in the non-alcoholic beverages segment. Thanks to the Ukrainian company’s developed distribution network, Maspex will be able to promote its brands more actively in the local market and expand its presence in new categories.
Market participants also view the acquisition as a positive signal for Ukraine’s investment climate. In their opinion, the interest of one of the largest food producers in Central and Eastern Europe in Ukrainian assets indicates that the country remains attractive to foreign investors even amid the ongoing war.
