On Friday, 19 June, Estonian beverage producer A. Le Coq completed the transaction agreed last year to acquire 100% of the shares in Värska Originaal, Estonia’s best-known producer of natural mineral water.
The acquisition will enable A. Le Coq to expand its non-alcoholic beverage portfolio and increase production capacity. According to A. Le Coq CEO Jaanus Vihand, the deal marks an important step in the company’s continued development. “To compete successfully with major international players, we need to keep growing. The acquisition of Värska Originaal will allow us to broaden our non-alcoholic portfolio, increase production capacity and strengthen our competitiveness,” said Vihand.
Although the Estonian Competition Authority approved the transaction in mid-April, completion was temporarily suspended as a result of interim legal protection proceedings. Following the court process, the Tallinn administrative and district court found no grounds to continue the interim legal protection. According to Vihand, the request to suspend the transaction was unfounded and served a competitor’s business interests.
Värska’s long-standing experience and professional team, combined with A. Le Coq’s capabilities, provide a strong foundation for developing the Värska product portfolio, introducing new packaging formats and expanding the brand’s reach. Värska products are already available in several export markets, but there is still significant growth potential internationally. Vihand noted that A. Le Coq exports its beverages to nearly 80 countries, and that the company’s international experience and contact network provide a solid basis for accelerating the growth of the highly valued domestic Värska brand abroad.
Värska Originaal will continue to operate as a separate company, with production remaining in Värska. The company’s current management, including long-time leaders Rauno and Oliver Jõgeva, will continue to be involved in leading the business. “I am pleased that the Värska team has decided to continue this new stage with us. The current management board has led Värska successfully and built the company on a strong foundation. We see great value in their experience, knowledge and commitment, as well as in the dedication of the entire Värska team,” said Vihand.
According to Rauno Jõgeva, Chairman of Värska Originaal’s Management Board, the company is optimistic about this new stage of development. “We are excited about this next phase in the company’s development. This cooperation gives us an opportunity to accelerate product development and bring Värska to even more consumers in Estonia and abroad. At the same time, production will remain in Värska, as natural mineral water can only be produced at the spring itself. Our people will continue their work, and our brand values will remain unchanged,” said Jõgeva.
The transaction will not bring any visible changes for consumers. “Värska Originaal has been a strong and beloved mineral water brand among Estonians for more than 50 years. We value that highly, and consumers can be confident that Värska Originaal products will continue to be available on store shelves,” said Vihand.
A. Le Coq is Estonia’s oldest beverage producer and has grown into one of the most modern beverage industries in the Baltic Sea region, with more than two thirds of its portfolio consisting of non-alcoholic beverages. Founded in 1807, the company has been part of the Olvi Group since 1997. Its annual production volume is approximately 120 million litres, and 30% of its output is exported to nearly 80 countries. A. Le Coq’s headquarters and production facilities are located in Tartu, and the company employs nearly 400 people.
Värska Originaal AS was founded in 1993, but the roots of its operations date back to 1973. Its products are made in Värska, in south-eastern Estonia. In addition to natural mineral waters, the company’s portfolio includes flavoured and functional waters. Värska Originaal employs around 70 people, and its production volume reached 45 million litres in 2024.
