Bulgaria's lubes and battery producer, Prista, now has part-European and Asian ownership.
The company, which operates across 20 mainly-European countries, saw a 30% stake in the business taken up by the European Bank for Reconstruction and Development (EBRD) and Hong Kong-based equity group ADM Capital.
The sale of the stake, previously owned by the Gramercy Emerging Markets Fund, will help Prista restructure its shareholdings and corporate structure as well as improving operational efficiency. The investment is ADM's first in Bulgaria.
Prista Oil has stated an intention to expand and re-equip its branded service centre network into Turkey, Romania, Hungary and the Slovak Republic. This should, in turn, help sales of the 150-produced lubes range which includes Texaco and Valvoline brands, made at Prista's plant in Izmit, Turkey.