Buyout firm Advent International will acquire a 75 percent stake of bottled water company Devin AD Devin. Advent will pay Austria-based Soravia Group about EUR 21 to 22 million, or $31.8 to $32.3 million, according to Devin. Soravia is currently the majority stake owner of Bulgaria-based Devin.

The transaction is subject to regulatory approval. On completion of the transaction, Advent will attempt to purchase remaining shares traded of Devin. The Boston, Massachusetts-based firm expects to acquire the remaining shares of Devin for between BGN 3.06 to BGN 3.17, valuing the the company at between EUR 28 to 29 million, or $41.1 to $42.6 million.

In July 2008, Soravia Group acquired Austrian IFA Finanzgruppe, a pension plan real estate investor.

In addition to Soravia’s headquarters in Vienna, this firm also has satellite offices in Belgrade, Serbia; Moscow, Russia; Skopje, Macedonia; Riga, Latvia; Tallinn, Estonia; and Sofia, Bulgaria.

Calls placed to Advent International were not returned by press time. Soravia declined to comment on the transaction.