Enterprise Investors Mulls Sale Of Croatia’s Studenac: Reports

By Branislav Pekic
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Enterprise Investors Mulls Sale Of Croatia’s Studenac: Reports

Polish investment firm Enterprise Investors, which owns the Studenac retail chain and Pan-Pek bakery in Croatia, is considering selling Studenac, according to media reports.

Studenac has seen significant growth under the ownership of Enterprise Investors since 2018. It expanded from a chain with 390 stores to its current network of more than 1,250 stores, employing approximately 6,500 people, with the goal of further expansion in Croatia.

Headquartered in Omiš, Studenac continued its expansion strategy in 2023, with acquisitions including Špar Trgovina (40 stores), La-vor Trade and Strahinjčica. Combined with organic growth, the retailer boosted its revenue to nearly €700 million.

Studenac primarily operates smaller format stores, catering to consumers with busy lifestyles and offering advantages for further growth. The company has also grown significantly around Zagreb, with roughly a third of its stores now located in continental Croatia.

Through a combination of acquisitions and organic growth, Studenac has secured a 6% market share in the Croatian market.


Speculation emerged in July last year when Enterprise Investors denied media reports that a proposed sale was on the agenda.

'Strategic Options' For Studenac

However, after six years, Enterprise Investors is now considering strategic options for Studenac, which likely means a sale, Michał Kędzia, the partner in charge of investments in Slovenia and Croatia, told journalists, reported Bloomberg Adria.

He said that Enterprise Investors will prioritise a swift and discreet sales process to minimise disruption to Studenac's operations. On being asked about the group's interest in Fortenova, he said that group was not interested in the business, according to the report.

Enterprise Investors considers Croatia as a prime location for further investments, especially in the healthcare and technology sectors.

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