One of the best strategies I know for long-term success in investing is to buy the stocks of solid, growing companies when they hit a pothole and sell off. Of course, it's critical to separate the potholes from the sinkholes, but you get my drift -- a minor setback blown out of proportion can turn into a great buying opportunity.

As such, growth investors might want to brush up on their Polish drinking songs and take a look at Central European Distribution (NASDAQ:CEDC) -- the American-based distributor and importer of alcohol in Poland.

The stock saw a nasty sell-off in late May, after the Polish government announced that its first choice for the privatization of Polmos Bialystok (the largest vodka distillery in Poland) was Sobieski Distribution and not Central European Distribution.

But the game isn't over just yet. Though the government granted an exclusive window of opportunity for Sobieski to demonstrate its ability to finance and execute the purchase (and later extended that window), nothing has come of it.

Accordingly, Central European management announced today that the Polish government has announced that all three finalists -- Sobieski, Central European, and Polmos Lublin -- are now eligible to further negotiate with the Polish Treasury Ministry regarding the privatization. The Polish Treasury apparently wants to move quickly, though, and Central European management said that the next steps in the process should be decided in a few days.

It's tough to say whether Central European will be able to reach a deal for itself. After all, the Polish government clearly preferred Sobieski the first time around, so it stands to reason that if Sobieski can get its ducks in order, it may still be the preferred option. Nevertheless, this has given Central European another opportunity, and it might find more success this time around.

But let's take a bad-news scenario and suppose that Central European doesn't get to own Bialystok. What then? Well, obviously, Central European has made it this far without owning Bialystok. Plus, the company already has acquired other high-quality distillery operations in Poland. So while losing out on Bialystok would certainly be an inconvenience and a setback, it would not be a crippling blow by any means.

I'm not going to claim that the stock is roaringly cheap, but quality growth seldom is. And I continue to believe that Central European Distribution has some good days still left in the bottle.

Celebrate (responsibly, please!) with more Foolishness on the makers of alcohol:

Fool contributor Stephen Simpson has no financial interest in any stocks mentioned (that means he's neither long nor short the shares).