Studenac Obtains EBRD Loan To Finance Future Acquisitions

By Branislav Pekic
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Studenac Obtains EBRD Loan To Finance Future Acquisitions

The European Bank for Reconstruction and Development (EBRD) is providing a €17.75-million senior long-term loan to Croatian food retailer Studenac.

In a statement, the EBRD said that the loan will support the company in its expansion efforts, as well as expected further improvements in efficiency and profitability.

The project, with a total cost of €35.5 million, will strengthen the development of human capital in Croatia by offering of new employment opportunities for Ukrainian refugees, help develop and implement a new diversity and inclusion policy for refugees; and devise new solutions for childcare, the EBRD stated.

The project will enhance energy efficiency in both existing and new stores by implementing high-efficiency lighting, advanced air conditioning systems, and modern refrigeration equipment.

Mergers And Acquisitions

Last year, the EBRD and Bank Pekao provided financing to Studenac for the purpose of acquiring local supermarket chains Pemo and Lonia Trgovina.


Since the start of 2023, Studenac has continued with its M&A policy, by taking over Špar Trgovina (40 stores) and Strahinjčica (47 outlets).

Studenac, the largest Croatian food retailer with over 1,000 stores, is owned by Enterprise Investors– one of the largest private equity funds in Central and Eastern Europe.

Elsewhere, Montenegro’s largest food retailer, Voli, secured a €4 million loan from the European Bank for Reconstruction and Development to improve energy efficiency and reduce its carbon footprint.

Voli will use the funds to install solar panels with up to 4 MW capacity and electric vehicle charging stations at its facilities and logistics centre.

Voli has been working with the EBRD since 2009, and the bank is also a minority equity investor in the company since 2015.

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