The investment bank Lehman Brothers Merchant Banking has announced that it has  acquired the Spumador Group, an Italian family-owned branded and private label soft drinks and mineral water bottling business, for an undisclosed sum.

The Spumador Group comprises three companies: Spumador Fonte S. Antonio S.p.A. based in Caslino al Piano; Fonti San Carlo Spinone al Lago S.p.A. based in Spinone al Lago; and Acque Oligominerali Valverde S.r.l. based in Quarona Sesia.

Lehman Brothers is partnering in the deal with the Verga family, which founded the company, and with the Colombo family. The two families will together retain a 24% stake in Spumador, Lehman Brothers said.

The bank also said that Jose Arozamena, CEO of Cambium USA, was a partner in the deal, and would take over as CEO of Spumador. Lehman Brothers said that Cambium had assisted the bank in identifying Spumador as an investment opportunity and in negotiating the transaction.

With a combined turnover in the region of €150m, the Spumador Group bottles mineral water at source under its principal mineral water labels, Fonte S. Antonio, Fonte S. Francesco, Valverde, Sancarlo Spinone, and Fonte S. Andrea.

In addition, the company produces and markets carbonated and still soft drinks, principally under the Spumador and Sancarlo brands, and has some own label business. The company has over 400 staff and operates 22 bottling lines in five plants in Italy.