Croatian grocery retail chain Studenac has announced plans to acquire rival Istarski Supermarketi.
The company has submitted a request to the Competition Agency (AZTN) to authorise the acquisition, reports Jutarnji List.
Provided the deal receives the green light from AZTN and all the agreed conditions between the two parties are fulfilled, Studenac will acquire 100% of the shares of Istarski Supermarketi.
This transaction is expected to enable new investments and the transfer of knowledge for both Istarski Supermarketi and Studenac, significantly increasing the volume of operations and creating a market leader on Croatia’s Adriatic coast.
Omiš-based Studenac is the sixth biggest retailer in Croatia and the second largest in Dalmatia. It has more than 360 stores and supermarkets, most of which are located along the Adriatic coast, on islands and in the hinterland.
The company’s annual turnover amounted to HRK 1.66 billion (€223.9 million) in 2017, 11.2% growth year-on-year, while net profit was HRK 106.8 million (€14.4 million), up 44.92%.
Since last year, Studenac has been owned by the Polish private equity fund Enterprise Fund VIII, managed by Enterprise Investors (EI).
About Istarski Supermarketi
Istarski Supermarketi operates 110 supermarkets in Istria and Rijeka. The company’s consolidated report for 2017 reveals that turnover grew by 23% on the previous year, to HRK 367 million (€49.5 million), sales revenue amounted to HRK 331 million (€44.6 million), while net profit was HRK 16 million (€2.16 million).
In addition to retail and wholesale, the company provides tourist agency services and meat processing, among other services.
© 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