Information on the target
“Ейч Ар Капитал” АД, with a unique identification code (EIK) of 204654533, has entered into a preliminary agreement for the purchase of shares from “Кънвиниънс” АД, known commercially as Ebag, which holds the EIK 204786976. This strategic move, executed on November 21, 2025, aims to acquire an additional stake in Ebag, which is currently owned by “МФГ Инвест” АД (EIK 207055357). As a long-term shareholder in Ebag, “Ейч Ар Капитал” AД is focused on consolidating and enhancing its investment in one of the fastest-growing companies within its portfolio.
The completion of this transaction is contingent upon the fulfillment of specific conditions. A definitive purchase agreement will be executed following the successful completion of a primary public offering (IPO) of bonds issued by “Ейч Ар Капитал” АД. The proceeds from this issuance are intended to finance the acquisition cost. Furthermore, the transaction is subject to approval in accordance with the procedures outlined in the statutes of all involved parties.
Industry overview in the target’s specific country
The online grocery retail sector in Bulgaria has witnessed significant growth in recent years, driven by changing consumer behaviors and the increasing adoption of e-commerce platforms. The COVID-19 pandemic accelerated this trend, as more consumers turned to online shopping for convenience and safety. As a result, companies like Ebag have positioned themselves as leaders in this burgeoning market, capitalizing on the demand for efficient and reliable grocery delivery services.
In 2024, Ebag reported a remarkable 43% increase in revenue, showcasing its strong market presence and effective business model. The company's growth trajectory has continued into 2025, with an accelerated revenue growth rate of approximately 48%, and projections suggest that this could exceed 50% by year-end. This robust performance underscores the resilience and adaptability of Ebag in a competitive landscape.
Moreover, the Bulgarian grocery market is expected to continue evolving, with increasing investments in technology and logistics to enhance customer experience. The rise of mobile applications and user-friendly interfaces has made online grocery shopping more accessible, further driving market expansion. As consumer preferences shift towards convenience and quality, Ebag is well-positioned to leverage these trends and maintain its leadership status.
Overall, the industry outlook remains positive, with significant opportunities for growth and innovation. Ebag's established brand reputation, coupled wit…