Poland’s Enterprise Investors acquires Croatian grocery chain Studenac

Poland’s Enterprise Investors acquires Croatian grocery chain Studenac
By bne IntelliNews June 11, 2018

Polish Enterprise Fund VIII, a private equity fund managed by Enterprise Investors, signed an agreement to acquire a 100% stake in Studenac, a network of neighbourhood grocery stores operating in Croatia’s region of Dalmatia, Enterprise Investors said on June 8.

The value of the transaction was not disclosed. The Polish fund acquires Studenac as the food retail market in Croatia enjoys healthy growth on the back of increasing disposable income and also a rapid rise in the number of tourists in Dalmatia, which boasts popular destinations such as Split and Dubrovnik. 

The takeover also comes at a time when the Croatian grocery retail landscape is expected to evolve towards modern trade formats, Enterprise Investors said.

“During our investment horizon we plan to accelerate the development of the network, participate in market consolidation and enhance the current stores’ performance,” Enterprise Investors’ Michal Kedzia said in a statement.

The seller is Josip Milavic, the company’s founder. The transaction is conditional upon obtaining antimonopoly approval.

At the end of 2017, Studenac operated 384 stores in Croatia which generated revenue of over €200mn.

Related Articles

A1 launches Croatia’s second 5G network

Croatian telecom operator A1 launched its 5G offer after winning a holding of 5G-ready spectrum at an auction last week, the Developing Telecoms portal reported. The operator will deliver services ... more

Consolidated net profit of Croatia's Ericsson Nikola Tesla jumps three times y/y in 1H21

Croatian telecommunications equipment producer Ericsson Nikola Tesla (ENT) reported a consolidated net profit of HRK101.4mn (€13.5mn) for the first half of 2021, up three times year-on-year with as ... more

Slovenia and Croatia backed by EIF launch technology transfer platform worth €40mn

The Slovenian and Croatian development banks and the European Investment Fund (EIF) signed an agreement in Ljubljana on July 26 to set up a regional technology transfer platform worth at least ... more