The acquisition, the value of which was not disclosed, adds close to 40 stores to Studenac's operation, bringing the retailer's total number of stores to close to 750.
As part of the deal, some 300 employees of Pemo, working in the Dubrovnik-Neretva part of the country, will join Studenac's workforce.
The acquisition has already received the necessary regulatory approvals, the retailer said.
'Determination To Succeed'
“Becoming the largest retail chain in Croatia is testimony to the hard work of the Studenac team and proof that we’ve found a winning formula for 21st-century convenience retail,” commented Studenac CEO Michal Senczuk. “We’re pressing forward down the path of growth, and this acquisition is yet more evidence of our determination to succeed.
“Pemo has a tradition almost as long as our own, and we aim to preserve and nurture the values that the company presents to its customers, while adding new products and services to deliver an even more pleasant shopping experience.”
Omiš-based Studenac has undertaken a number of acquisitions in recent years, taking over Istarski Supermarketi and Sonik in 2019, and following that up with the acquisition of rival Bure Trgovina last year, expanding its presence into the capital, Zagreb.
Private Equity Investment
The group marked its 30th anniversary last year, with the past few years seeing the most growth, following private equity fund Enterprise Investors taking over the Studenac business in 2018.
“We have invested over €250 million in Croatia’s grocery retail sector and this is not our last word,” commented Enterprise Investors partner Michał Kędzia, who is responsible for the fund’s investment into Studenac.
“We are delighted with the results attained by Michal Senczuk and his team, and we are convinced the company will keep growing in the years to come.”