There are more and more large companies in Croatia owned by Polish investors.
“The Studenac transaction should be completed by the end of the summer when we will take operational control over the company. We are planning to accelerate the sales network development, take part in the process of market consolidation, and improve business operations,” announced the Polish investors who recently bought a 100% share in the second largest retail chain in Dalmatia and the eighth largest in Croatia, reports Večernji List on July 6, 2018.
With the Omiš-based Studenac, which operates 384 retail outlets in more than 200 towns and villages on the coast and islands, the number of Croatian acquisitions for Enterprise Investors, one of the largest privately-owned equity funds in central, southern and eastern Europe has increased to four. The company has already taken over Ivica Todorić’s Intersport, it has bought Podravka’s mineral water producer Studenac (as well as Radenska in Slovenia), and it has recently become the owner of the Pan Pek bakery chain.
“With the companies in our portfolio, we have invested 160 million euros so far in Croatia. In the Adria region, including Croatia, we continue to look for new projects for our newly-founded 500 million euro fund,” announced the group, pointing out that the retail market in Croatia has been experiencing healthy growth in recent years, driven by growing purchasing power and a significant increase in the number of tourists. Since consumers like to frequent shops close to their work or home, they believe this will only help Studenac’s business results, as well as those of Pan Pek, which they want to make an even more important player in the frozen bakery products market.
“We want to develop together with our partners, which are the leading retail chains in Croatia and the region, as well as increase the presence of Pan Pek by opening our own bakeries at new locations and with selective acquisitions in the future,” said the company. “Last year, in addition to the current Intersport stores, we launched The Athlete’s Foot franchise and opened ten outlets in Croatia, Slovenia, and Serbia. In all three markets, we have also launched webshops, so that from December 2016, when we entered Intersport’s ownership structure, revenues grew by 25%, while the number of stores increased from 102 to 123.”
Asked whether they are considering new potential acquisitions in Croatia, they said that they were in pursuit of further investments in the region of central and eastern Europe, either through acquisitions or through independent investments.
“We have a lot of experience in the food production and retail sectors which include some of the most successful business stories in the CEE region in recent times. We are also looking for partners for the acquisitions of growing companies in the areas of financial services, health, IT, industrial manufacturing and outsourcing of business processes,” concluded the Polish investment group.
Translated from Večernji List (reported by Jolanda Rak Šajn).
