Croatian proximity retail chain Studenac has expanded its retail network to more than 1,200 stores with the acquisition of Špar Trgovina.
Founded in 1992, Špar Trgovina currently employs 150 people and operates 40 stores in Bjelovarsko-Bilogorska, Koprivničko-Križevačka and Zagrebačka counties.
'A Perfect Fit'
"Špar is a perfect fit with our strategy of operating neighbourhood stores that are ‘both small and essential’ parts of their local communities," said Michal Seńczuk, the board president of Studenac.
"We look forward to integrating these locations into our nationwide network, winning the loyalty of even more customers as we show how much we can offer them with our unique ‘value for time’ proposition."
In May of this year, Studenac took over Strahinjčica, a chain of 47 stores in the region north of Zagreb.
In 2022, acquisitions helped the retailer in increasing the number of outlets by almost 350.
The owners of Špar, Rajka Navojec and Zlatko Navojec, said, "Thirty years of successful business as well as continuous growth would not have been possible without the joint effort of our employees, and we wish them both business and personal development within the Studenac Group.
"Joining the Studenac group will certainly bring a new approach to business and ensure continued growth, as well as further strengthening of the company's market position."
Studenac added that it is also pursuing a strategy of organic growth, and plans to open stores in 120 new locations this year.
By 2025, the company aims to achieve a market share of 10% and the third position by sales.
Enterprise Investors, one of the largest private equity funds in Central and Eastern Europe, acquired Studenac five years ago, investing more than €260 million in the retailer and its expansion.