The two companies await the approval of the Competition Council of Cyprus to complete the transaction.
In 2017, Alexandrion Group opened a base for international operations in Nicosia (Cyprus), as part of its international development strategy. In 2018, the group announced the setup of an office in Brasil, which manages both the operations in South America and the construction of the largest distillery in New York.
Alexandrion Group representatives said the new partnership with Cavaway enables the group to put its mark on the local market in Cyprus, while acknowledging the significant business opportunities provided by Cyprus.
In Romania, Alexandrion Group has recently reunited the wine industry business under the brand The Iconic Estate. The decision came after the company had acquired Halewood Wines and Spirits Romania in 2018. The new entity’s portfolio comprises over 255 hectares of vineyards in the Dealu Mare area.
The Iconic Estate exports its wines to more than 40 countries worldwide and has become the second largest bottled wine exporter in Romania.
The company reported a turnover of RON193.2 million in 2018, up 16.7% on the year, and its profit reached RON25.1 million, according to Finance Ministry data.