Coca-Cola Hellenic Bottling Company (HBC) has agreed to acquire Italian natural mineral water and adult sparkling beverages firm Acque Minerali for €88m ($97m).

Coca-Cola HBC’s wholly-owned subsidiary, Coca-Cola HBC Italia, has implemented the deal.

Under the deal, Coca-Cola HBC Italia will acquire a stake in Acque Minerali from its shareholders, which include the Invernizzi family, Eataly Distribuzione and private equity fund IDeA Taste of Italy, managed by DeA Capital Alternative Funds SGR.

Established in 1940, Acque Minerali produces and distributes natural mineral water and adult sparkling beverages under the Lurisia brand.

The company’s sparkling water is sourced from springs located 1,400m above sea level in Monte Pigna and comes in PET and glass bottles.

The adult sparkling beverages under the Lurisia brand are said to be inspired by authentic Italian recipes and based on locally sourced ingredients.

Various flavours include Chinotto, Gazzosa, Aranciata and Aranciata Rossa, as well as Aranciata Amara, Limonata and Tonica.

Coca-Cola HBC anticipates that the acquisition of Lurisia brand will complement its existing beverage portfolio in Italy, as well as support its aim to further its portfolio and offer consumers an authentic Italian brand.

Under the deal, Lurisia CEO Piero Bagnasco and Alessandro Invernizzi will continue to be a part of Acque Minerali’s board of directors. They are representatives of two of the selling shareholders.

Completion of the transaction is subject to conditions and is expected to take place by the end of the year.