Croatian regional supermarket chain Studenac has signed a strategic agreement to acquire a 100% stake in Zadar-based retailer, Sonik, reports suggest.
Sonik operates both as a wholesaler and retailer, and has purchase agreements for fruit and vegetables from family farms and companies, to provide customers with high-quality, fresh and local produce at affordable prices.
The deal is subject to approval from the Croatian Competition Agency (AZTN) and other conditions agreed between the parties.
'Strategic Importance'
According to Studenac chief executive, Michal Senczuk, the deal is of strategic importance as it will further strengthen the market leadership position of Studenac along Croatia’s Adriatic Coast.
In the summer of this year, Studenac completed the acquisition of rival supermarket chain Istarski Supermarketi, adding over 110 stores to its network and expanding its presence in the Istria Region.
Expansion Plans
In July, Studenac Board member Filip Bilanovic told Poslovni Dnevnik that the company plans to open 30 stores by the end of the year.
All new openings will be based on the new store standard, with an estimated 100 existing stores to be remodelled by the end of 2019.
Total investments in the network in this period should reach HRK 300 million (€40.3 million), the retailer added.
The retail market in Croatia has experienced healthy growth in recent years, based on an increase in purchasing power and a significant increase in the number of tourists.
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic. Click subscribe to sign up to ESM: The European Supermarket Magazine.
