What Romaqua Group does

Romaqua Group is a 100% Romanian-owned beverage manufacturer founded in 1998, operating across natural mineral water, soft drinks, and beer. Its portfolio of nine brands includes Borsec and Stânceni (mineral water), Aquatique (oligomineral water), Giusto, Giusto Natura, and Giusto Elektrik (soft drinks and energy), and Albacher, Dorfer, and Mühlbacher (beer, produced via microfiltration at Lancram/Sebeș). The group runs four specialized production facilities — Borsec, Stânceni, Lancram/Sebeș, and Bușteni — and 10 divisions, producing 595 million liters annually and employing 2,242 people. Cumulative investment exceeds €250 million, and reported turnover is above €170 million.

The business model is a vertically integrated CPG bottler and brewer selling primarily through Romanian mass-market retail and HoReCa channels, with selected exports (including China) and stated ambitions for the United States and United Kingdom. Borsec, with 215 years of heritage and over 90% aided awareness in Romania, anchors the mineral water franchise, while Giusto Natura leads the still-drinks segment. Revenue mechanics are volume-driven, with pricing and mix shaped by category, pack size, and channel.

The group serves the general Romanian consumer across multiple price tiers and use occasions — daily hydration (mineral and oligomineral water), refreshment and functional occasions (soft drinks, energy), and beer — and competes as the domestic market leader in its core water and still-drink categories. Reported CSR activity (donations to healthcare institutions) reflects community positioning rather than a distinct customer segment.

Name

Romaqua Group

Legal name

ROMAQUA GROUP S.A.

Website

https://romaqua-group.ro/

Company type

Private

Founded year

1998

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Romaqua Group is a 100% Romanian-owned beverage manufacturer producing 595 million liters annually across mineral water, soft drinks, and beer under nine brands — led by Borsec and Giusto — serving Romanian mass-market consumers via four owned production facilities.

Ownership category

akta.pro rank

Product category

Bottled Beverages

NAICS

Beverage Manufacturing (3121), Bottled Water Manufacturing (312112), Soft Drink and Ice Manufacturing (31211)

SIC

Beverages (2080), Bottled & Canned Soft Drinks & Carbonated Waters (2086)

akta.pro primary industry

Still Soft Drinks & Flavored Waters (Non-Carbonated) (AFAFABAB)

akta.pro secondary industry

Functional/Fortified Beverage Production (Vitamins, Botanicals, Nootropics) (AFAFABAH)

Keywords

• Bottled mineral water
• Natural mineral water
• Soft drinks
• Beer production
• Beverage manufacturing

Headquarters

HQ city

Bucharest

HQ country

Romania

HQ region

Europe

Offices5 records

Markets served

GTM type

B2C

Offering type

Hardware or Manufacturing

Cost components

Operations, Personnel, Supply Chain, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Beverage Product Sales: Romaqua Group generates revenue primarily through the sale of bottled beverages including natural mineral water (Borsec, Stânceni, Aquatique), soft drinks (Giusto, Giusto Natura, Giusto Elektrik), and beer (Albacher, Dorfer, Mühlbacher). The company is a market leader in natural mineral water and still drinks in Romania.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Romaqua Group produces and sells a portfolio of 9 beverage brands across three categories: natural mineral water (Borsec, Stânceni, Aquatique), soft drinks and energy drinks (Giusto, Giusto Natura, Giusto Elektrik), and beer (Albacher, Dorfer, Mühlbacher). Operating four production facilities in Romania, the company bottles approximately 595 million liters annually and distributes primarily through domestic retail channels with selected exports.

Product overview

Romaqua Group is a 100% Romanian privately-owned beverage company founded in 1998, operating as a multi-brand portfolio across four product categories: natural mineral waters (Borsec, Stânceni, Aquatique), soft drinks and energy drinks (Giusto, Giusto Natura, Giusto Elektrik), and beer (Albacher, Dorfer, Mühlbacher). The company operates four production facilities — Borsec (mineral water), Stânceni (mineral water), Lancram/Sebes (beer and soft drinks), and Busteni (Aquatique) — bottling over 595 million liters annually. Borsec is the market leader in natural mineral water, Giusto Natura leads the still drinks market, and Albacher holds a leading position in beer. The portfolio comprises 9 distinct brands managed as independent sub-brands under a unified corporate umbrella.

Differentiator

Problem solved

Functional benefit

Brands

• Borsec: Natural mineral water - market leader in Romania, known as "Queen of Mineral Waters" with over 210 years of tradition
• Aquatique
• Stânceni
• Giusto Natura
• Giusto
• Albacher
• Dorfer
• Mühlbacher
• Giusto Elektrik

Products and services

• Borsec Natural mineral water brand and market leader in Romania's natural mineral water segment. Industrially bottled since 1806, it carries the historic title 'Queen of Mineral Waters' awarded in 1873, with over 90% brand awareness in Romania.
• Aquatique Flat natural oligomineral water sourced from the Carpathian Mountains at 1,100 m altitude in the Bucegi Natural Park protected area. Marketed for infants, young children, and adults on salt-free diets, with very low sodium content (1 mg/L) and low mineral residue (104 mg/L).
• Stânceni Natural mineral water brand produced at the Stânceni facility, positioned within Romaqua Group's mineral water portfolio alongside Borsec and Aquatique.
• Giusto Natura Flat soft drink (still drink) brand and market leader in Romania's still beverages segment, produced with natural ingredients as part of Romaqua Group's non-carbonated refreshment portfolio.
• Giusto Carbonated soft drink brand within Romaqua Group's refreshment beverage portfolio, distinct from the still variant Giusto Natura.
• Albacher Beer brand produced at the Sebeș factory, the only brewery in Romania using microfiltration throughout the entire production stream. The beer is unpasteurized and stabilized via agarose filtration (agar-agar algae extract), resulting in a living beer with a unique taste.
• Dorfer Beer brand within Romaqua Group's beer portfolio, sharing production facilities with the Albacher and Mühlbacher brands.
• Mühlbacher Beer brand within Romaqua Group's beer portfolio, sharing production facilities with the Albacher and Dorfer brands.
• Giusto Elektrik Energizing soft drink brand within Romaqua Group's refreshment beverage portfolio, representing the company's entry into the energy drink segment.

Quantifiable outcome

• Market leader in natural mineral water market in Romania
• +3 more outcomes

Named customers3 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Four partnerships are on record, tiered minor.

• Superbrands RomaniaminorOthersBorsec participates in Superbrands Romania certification program, gaining recognition through consumer research conducted with IPSOS.
• Romanian Pediatric SocietyminorOthersAquatique natural oligomineral water certified and recommended by Romanian Pediatric Society for infant nutrition and baby food preparation.
• Alfred Rusescu Mother and Child InstituteminorOthersClinical study confirmed Aquatique meets all conditions for recommendation in infant diet by Institute for Mother and Child Protection Alfred Rusescu.
• APEMIN (Patronatul Apelor Minerale)minorStrategic or Co-development PartnerRomaqua Group participates in APEMIN, the Romanian mineral water association, for industry advocacy and policy representation regarding EU regulations.

Scale indicators10 records

Recent moves9 records

Expansion highlights4 records

Broad incumbents

• Coca-Cola HBC Romania: Local bottler of Coca-Cola products and other major beverage brands in Romania; competes head-to-head with Romaqua in carbonated soft drinks (Coca-Cola, Fanta vs. Giusto), bottled water (Dorna, Izvorul Alb vs. Borsec), and increasingly energy drinks — making it the most direct large-scale competitor across multiple of Romaqua's categories.
• Ursus Breweries (Asahi): Market-leading Romanian brewer owned by Asahi Group, with brands including Ursus, Timișoreana, and Ciucaș; competes directly with Albacher, Dorfer, and Mühlbacher in the Romanian beer market and has substantially larger brewing capacity and marketing spend.
• San Pellegrino (Nestlé Waters): Premium sparkling mineral water brand under Nestlé Waters with strong heritage (1899) and global distribution; relevant comparable for Borsec's premium mineral water positioning, international export ambitions, and long heritage narrative — though at significantly larger scale.
• PepsiCo Romania: Operates Pepsi, Mirinda, 7UP, Lipton, and Prigat in Romania; competes with Romaqua across carbonated soft drinks (Giusto), energy drinks (Giusto Elektrik), and bottled water — a global incumbent with substantially larger marketing budgets.
• Heineken Romania: Operates Ciucaș, Neumarkt, and Heineken brands in Romania; competes with Albacher, Dorfer, and Mühlbacher in the beer category and has substantially larger brewing, marketing, and distribution scale in the same Romanian market.

Direct peers

• Aquila (formerly AQUA Carpatica): Leading Romanian producer of premium natural mineral water (AQUA Carpatica) and other beverages; competes directly with Borsec in the natural mineral water category and pursues similar export strategies across Europe, the US, and Asia, making it the closest head-to-head competitor in the still mineral water segment.
• Rio Bucovina (Carpathian Springs): Romanian producer of natural mineral water and still beverages under the Rio Bucovina brand; competes directly with Borsec and Stânceni in the natural mineral water category and shares the same domestic retail and distribution channels as Romaqua.
• European Drinks Group: Romanian beverage producer operating across mineral water, soft drinks, beer, and related categories with multiple brands; very similar multi-category portfolio structure to Romaqua and a direct competitor in still drinks and Romanian mainstream beverage retail.

Regional players

• Perla Harghitei: Hungarian-owned mineral water brand produced from Harghita county springs near Borsec; competes with Borsec in Romania and in neighboring Hungary, and shares the same Carpathian mineral water source region, making it a strong regional peer.

Emerging players

• Gerolsteiner Brunnen: German premium mineral water brand with strong European export footprint; relevant comparable to Borsec's premium positioning and export ambitions given similar mineral water heritage narrative and international expansion strategy from a European base.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/267156680068225

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Romaqua Group