Maspex acquires 80% stake in Ukraine’s Karpatski Mineralni Vody
Maspex has acquired an 80% stake in Karpatski Mineralni Vody, strengthening its presence in Ukraine and expanding beverage production across Central and Eastern Europe.
UKRAINE – Poland’s largest food and beverage company, Maspex, has acquired an 80% stake in Ukrainian bottled water and soft drinks producer Karpatski Mineralni Vody, strengthening its expansion strategy across Central and Eastern Europe and establishing its first production footprint in Ukraine.
The transaction will enable Maspex to manufacture selected products, including its Tymbark and Tarczyn juice brands, at a new production facility in Ukraine’s Lviv province, which is scheduled to begin operations in August.
Neither company disclosed the financial terms of the acquisition. However, Polish media reports have estimated the deal to be worth between US$30 million and US$50 million (113 million–189 million zloty).
“The Ukrainian market is large and has great potential,” said Maspex Chief Executive Officer Krzysztof Pawiński. “We want to grow in it, develop our offering and enter more deeply into distribution.”
Founded in 1990 and headquartered in Wadowice, Poland, Maspex generates annual revenue of approximately 16 billion zloty and exports products to 80 countries.
The company is a market leader in juices across Poland, the Czech Republic, Slovakia and Romania, while also holding leading positions in Poland’s pasta, sauces and jams categories.
Its portfolio includes brands such as Tymbark, Tarczyn, Tiger energy drinks, Lubella pasta, Krakus, Łowicz and Soplica vodka.
The acquisition continues Maspex’s expansion strategy in Central and Eastern Europe. In 2025, the company acquired Purcari Wineries, Romania’s largest wine producer, following its 2024 purchase of Jan Becher–Karlovarská Becherovka, the Czech Republic’s oldest alcohol brand.
Although Maspex already distributes products in Ukraine, it has not previously operated manufacturing facilities in the country. Pawiński described Ukraine as “a natural direction for us to strengthen our position in Central and Eastern Europe even more.”
According to industry publication Portal Spożywczy, the partnership will also allow Karpatski Mineralni Vody to benefit from Maspex’s production technology and broader product portfolio.
Karpatski Mineralni Vody Chief Executive Officer Serhiy Ustenko told Forbes Ukraine that Maspex would own 80% of the business, while he would retain a 20% stake. He added that the company’s management structure would remain unchanged.
The investment comes despite continued uncertainty surrounding Ukraine’s economy following Russia’s full-scale invasion in 2022, which contributed to a 26% year-on-year decline in foreign direct investment during 2024.
“We look to Ukraine with hope and confidence in its recovery. This is an investment in the future. We believe this market has the potential to become one of the most important growth engines in the entire region,” Pawiński said.
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