EY Family Business Book in Bulgaria 2020 17.01.2020

In the years of modern market economy, Bulgaria has successfully built sustainable family businesses. Many of these businesses are already run by second, sometimes third generation in the family. In 2020 EY Bulgaria published the second edition of the Family Business Yearbook in Bulgaria with the main purpose to present and promote companies that successfully operate on both the local and international markets, create products and services at a global level and actively contribute to the development of the Bulgarian economy.

The companies included in the second edition of the Family Business Book come from different industries, very often are market leaders, show significant growth over time and have ambition to develop internationally.

The book is supported by the Ministry of Economy in Bulgaria.

"The ten stories in this book show that, despite the short history of the contemporary family business in Bulgaria, it creates traditions that are based on innovation and drive innovation. Intergenerational ties are strong, and the founders' lessons are not in vain. Thanks to them, succeeding generations are able to bring companies into the future. And thanks to them, the Bulgarian family business is already taking its place in the national economy. I am happy that we, at EY continue to support family-owned companies in their efforts to develop sustainably in the long-term."

Nikolay Garnev
EY Bulgaria, N. Macedonia, Albania, and Kosovo Country Managing Partner. Central, Eastern and Southeastern Europe & Central Asia (CESA) Risk Management Leader

How the companies were selected

  • The family is the dominant business owner and is responsible for the business development strategy of the company
  • The family intends to pass on the business to the next generation
  • Business shows significant growth over time
  • The family has an ambition to develop the business internationally
  • The seat of the business is in Bulgaria


Companies included in EY Family Business Yearbook in Bulgaria 2020

AG Capital is a leading business group specializing in investment and services management in the real estate sector. Part of the holding are: Lion's Head Investments, which owns and operates first-rate office buildings in Sofia and Bucharest; BLD - residential investment project; Park Lane Developments - building and managing high quality office projects; Forton - Commercial Real Estate Advisory Services, Partner with World Leader Cushman & Wakefield; real estate agencies Address and Imoteka, Unique Estates - specialized luxury real estate agency and more.

Agrotime Ltd is one of the leading companies in the agricultural sector in Bulgaria. Designed for the purpose of production, processing and marketing of agricultural produce, today Agrotime is specializing in several fields of activity - grain production, pig production, production and processing of fruit, and more recently boutique production of craft alcohol. Since 2017, the group of Agrotime companies has been catering to the needs of farmers in Bulgaria for machinery, service, agrochemicals, fertilizers and seeds. The company is family owned and developed by the third generation in the family.

Aquatec Company has been designing and constructing large swimming pools, spa centers, aqua parks and fountains since 1994. The Entrepreneurship path for the founder of the business engineer Valentin Valev started with small construction sites near Smyadovo, going through construction of aqua parks and large spa centers on the Bulgarian Black Sea coast and reaches the open doors of Europe, where it is clear that Aquatec can establish itself as a preferred partner for the construction of complex water facilities.

Diavena Ltd. is a family-owned company that produces canned fish and ready-to-eat fish dishes. It is the first private company in Bulgaria to produce canned fish. The products can be found in all retail chains in Bulgaria and Europe. The company works with its own brands as well as under the brand name of large international partners. The company produces the world's first and only canned tuna with transparent packaging and holds a patent for the European Union. "Diavena" is certified by IFS - International Food Safety and Quality Standard, ISO14001: 2015 and OHSAS 18001: 2007, related to environmental and water protection.

Dimitar Madjarov - 2 Ltd. is a producer of meat and dairy products in Bulgaria with a 28-year history. Since 2005, the company's production has been certified to GMP standards, 2006 – HACCP, 2008 ISO 9001, 2011 IFS. Dimitar Madjarov is also one of the few Bulgarian producers licensed to export food to Russia. The company is also the recipient of numerous awards, and in 2019 was awarded in the TOP 20 of the prestigious Superbrands ranking as the most beloved brand of Bulgarian consumers in its class.

Enio Bonchev Ltd. is a leading producer of essential oils and water from Bulgarian rose and lavender oil. The company is the successor of one of the most successful Bulgarian rose distilleries since the beginning of the 20th century, founded by Enio Bonchev in Tarnichene village, Pavel Banya municipality. The company has over 160 hectares of pink and lavender plantations and four distilleries. Enio Bonchev Ltd. trades with European and Arab countries, with countries from Asia, North America, Australia and Africa.

INTRAMA Group is a leading manufacturer of high quality vacuum packing machines, automated packaging devices, foils and envelopes for barrier packaging and adhesive roll labels. INTRAMA offers a complete cycle of solutions for the food industry. The beginning of INTRAMA was set in Germany, and today the operational center and production activity are in Bulgaria. The company currently exports mainly to North Macedonia, Serbia, Romania, Kosovo and Albania. In these countries, INTRAMA Services GmbH has subsidiaries that perform the role of sales offices with technical service.

Karmela 2000 Ltd. is a family-owned company established in 1998. The company is one of the leaders among Bulgarian producers of chocolate and sugar products with successful brands such as FAMILY, Karmela, My Childhood, Everyday, Extra cake. Karmela also produces a number of private label products to order from its partners. The company operates in 35 European and other countries.

The story of Nedelya - The Cake Company began in 1993 when Radoslav and Georgi Minchevi opened a small pastry shop on Baba Nedelya Square in Sofia. 26 years later, a total of 45 pastry shops operate in Bulgaria and Romania, Nedelya - The Cake Company has a well-developed franchise model, and the founders are exploring the major capitals of Europe for international business development. "No big business is created within a generation," the Minchev family is convinced and determined to work for the success of the company across generations.

SuiCo manufactures over 900 items of cereals, brews and necessities under various brands. Their main brand, "Krina", is one of the most recognizable in Bulgaria for rice, beans and lentils. SuiCo imports raw materials from over 30 countries and exports to over 12 countries in Europe, the Middle East, the world. To date, it is one of the largest rice producers in Bulgaria with 8,000 acres of rice plantations. In 2017, krina.eu won the .eu Web Awards Website of the Year Award.


EY Bulgaria selects ten of the most successful family businesses in Bulgaria to show good examples in the Bulgarian economy and raise awareness of the family business in general.

Source: ey.com