May the 25th, 2023 – The Croatian Atlantic Group (Grupa), headed by Emil Tedeschi, is returning to making acquisitions with an offer for Strauss Adriatic, which has since been accepted.
As Poslovni Dnevnik writes, following several years of disinvestment and so-called non-strategic business operations, the well known Croatian Atlantic Group is returning to acquisitions.
Over more recent days, the company announced that they had submitted a binding offer for the purchase of the Strauss Adriatic company, which is located in neighbouring Serbia, and which the Strauss Group has since officially accepted.
The conclusion of the transaction, which for the Croatian Atlantic Group means strengthening the competitiveness of the regional coffee industry and local brands, remains subject to the prior approval of the Serbian Commission for the Protection of Competition.
The binding offer is based, according to the Atlantic Group “on the total value of the transaction (enterprise value) of 40.5 million euros, without debt and cash, and assuming the regular level of normalised net working capital on the day of the conclusion of the transaction”.
Strauss is known for its strong coffee brands on the Serbian market – Doncafe and C coffee. By closing this acquisition, they should join regional leaders such as Grand coffee and Barcaffe, which are already part of the Croatian Atlantic Group’s widening and enviable portfolio and are known here on the Croatian market.
The development of the Croatian Atlantic Group’s key product categories, organically and through acquisitions of other strong brands, are the basis of the company’s development strategy.
The company’s main man, businessman Emil Tedeschi, recently said that the Atlantic Group “is in a strong acquisition mode, ready for something that can be called a transfer acquisition – but for that, it takes two to tango”.
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