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

Croatian court starts bankruptcy proceedings at Uljanik

The commercial court at Pazin has decided to start bankruptcy proceedings at Uljanik Shipyard, its parent company, ... more

Inefficient state-owned companies compromise productivity of Croatian economy, IMF says

Inefficient state-owned enterprises compromise the productivity of the Croatian economy, the International Monetary Fund (IMF) said on May 2, after a team from the fund paid a visit to Zagreb ... more

EIB and Croatia’s HBOR sign deals worth €342.5mn

The European Investment Bank (EIB) and the Croatian Bank for Reconstruction and Development (HBOR) have signed two deals worth €342.5mn, the EIB announced on April 30. The funds will be used for ... more