Maspex Group — a Polish food group with a portfolio of brands from Tymbark to Żubrówka and Becherovka — acquired 80% of the Carpathian Mineral Waters group of companies. The deal was closed on June 1, 2025, but its details became known only after the Antimonopoly Committee of Ukraine published the relevant decision on November 20.
What was sold and for how much
Carpathian Mineral Waters is not just water. The company produces the brands "Carpathian Spring Water," "Sokovynka," and Gonzo, and the trading house's revenue in 2025 amounted to 2.2 billion UAH — 13% more than a year earlier. Market analysts estimate the transaction value at $30–50 million. The amount was not officially disclosed.
The founder and CEO of the group, Sergiy Ustenko, retained 20% of the business — but not directly: according to Opendatabot, this stake is registered through the Cypriot company Dynalum Finance Ltd, whose ultimate beneficial owner is Ustenko himself.
"80% belongs to partners, 20% remains with me."
Sergiy Ustenko, founder and CEO of Carpathian Mineral Waters, Forbes.ua
Why Maspex and why now
Maspex is one of the largest companies in Central and Eastern Europe in the food and beverage segment. In addition to juices and mineral water, the group controls alcoholic brands Żubrówka, Soplica, and Becherovka. Entering the capital of a Ukrainian manufacturer is a bet on demand growth following reconstruction, rather than on a stable wartime market.
Meanwhile, Carpathian Mineral Waters is implementing a large-scale investment program: the company signed a credit agreement with the EBRD for €11 million and is building a second plant near the village of Khmeleva in Lviv Oblast — commissioning is scheduled for 2026. The project had been discussed since 2021, but the full-scale invasion delayed it.
Ownership structure after the deal
- 80% — Maspex Group (Poland)
- 20% — Dynalum Finance Ltd (Cyprus), ultimate beneficial owner — Sergiy Ustenko
- In May 2026, the trading house had a change in management, and a legal entity "Maspex Group" appeared among the founders
The AMCU also approved a non-compete and non-solicitation agreement between Maspex, Dynalum Finance, and an unnamed citizen of Ukraine — a standard clause in M&A, but its presence means that Ustenko is restricted in his right to open a competitor for a specified period.
Signal for the market
This is not the first Polish M&A deal in Ukraine, but one of the few where the buyer is a private (not public) company with revenues in billions of euros that consciously enters wartime risks. The bottled water market in Ukraine remains fragmented: alongside Carpathian, competitors include Morshynska (IDS Borjomi), Mygorodska, and local players.
If the new plant in Lviv Oblast starts operating in 2026 and Maspex gains operational control over distribution — the question is whether the group will want to use Ukrainian capacity for supply to the Polish and broader European market, or limit itself to domestic growth.
