Croatia’s Nenad Bakić Saves Varteks with 20 Million Kuna

Lauren Simmonds

Varteks finds a saviour in one of Croatia’s most successful entrepreneurs.

As tportal/Zoran Korda wirtes on the 13th of March, 2018, with successfully implemented recapitalisation, Varaždin’s Varteks raised the funds, all 24.5 million kuna of them, which were necessary to stabilise the business.

Most of the fresh capital was provided by the well-known Croatian entrepreneur Nenad Bakić, who became the majority owner of the Varaždin company.

According to the SKDD, 1,885,879 shares were recorded and only two investors participated in the recapitalisation process. Nenad Bakić paid 20 million kuna (81.6 percent), and Varteks CEO Zoran Košćec paid 4.5 million kuna (18.4 percent).

Although it was recently announced that the new capital would be provided to Varteks by the British private investment company Valtegra, it hasn’t yet participated in recapitalisation.

Nenad Bakić commented on the ownership alterations in Varteks on his blog, pointing out that after giving up with Britain’s Valtegra, he decided to “pay as much as was needed to complete the recapitalisation”.

Prior to recapitalisation, Bakić was the largest single shareholder with 17 percent of ownership, and, as previously mentioned, following the payment of additional capital, he acquired the majority stake in the Varaždin company.

”This is certainly not the situation I wanted to find (another worry at the door, with a great financial engagement), but, it is what it is, and we’ll turn it into an opportunity,” wrote Bakić on his blog.

He notes that as a shareholder of Varteks, he was passive all the time, even though at one time he borrowed money with no interest so that salaries could be paid.

“As Valtegra’s investment fund did not enter the recapitalisation of the company, Varteks came to the very edge, so the situation was as such that there wasn’t enough merchandise in the shops,” revealed Bakić, believing that the new management can result in a successful turn in business.


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