Olvi has acquired Estonian mineral water producer Värska Originaal after a court lifted a legal injunction that had put the deal on hold.
The Finland-based drinks major had announced the acquisition in September, noting the deal would “unlock new growth opportunities in export markets”.
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Although local competition authorities cleared the transaction in April, the “implementation” was halted due to a legal challenge by an unnamed “third party”.
On Friday (19 June), Olvi said it has completed the purchase of 100% of Värska Originaal.
The path for the deal was cleared after the Tallinn Administrative Court and District Court ruled “there were no grounds to continue the interim legal protection”, the Finnish company said.
The nature of the hold-up was not disclosed and nor were the financial terms of the transaction were not disclosed.
Värska Originaal produces natural mineral water along with functional drinks, exporting to Latvia, Lithuania, Finland, Sweden and Ireland. It employs around 70 people and produced 44 million litres in 2025.
In December, Olvi sealed a deal to acquire a 51% stake in Brewery International, an importer and distributor operating in Norway and Sweden. As part of the transaction, Olvi also has the option to acquire the remaining shares of the business at a later stage.
In September, it also signed agreements to acquire Bosnia and Herzegovina-based brewery Banjalucka Pivara and Latvian brewer and soft drinks producer Valmiermuižas Alus.
In the first quarter, Olvi’s net sales were up 11.4% to €147.9m ($169.4m), with sales volume rising 3.1% to 205.4 million litres, boosted by acquisitions.
However, losses in its Danish operations pulled operating profit down 14.5% to €10.6m. Olvi’s first-quarter net profit fell 39.8% to €5.9m.
In 2025, the group generated net sales of €665.3m, an increase of 1.3% year on year. Net profit increased from €62.4m in 2024 to €64.8m.
