May 7 (SeeNews) - Croatia-based global business process and technology outsourcing services provider Mplus will acquire a 51% stake in Panvita Holding, which will hold Slovenian agricultural and food company Panvita Group, Mplus's parent company, Meritus Ulaganja [ZSE:MRUL], said on Tuesday.
Overall, Mplus will invest 50 million euro ($54 million), with a portion allocated for payment to existing members of the Panvita Group. The remainder will be invested in Panvita Holding to enable growth and expansion through additional acquisitions, Meritus Ulaganja said in a filing to the Zagreb bourse.
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With this investment, pending regulatory approval by the competent authorities, Mplus is set to become the majority owner of Panvita Holding, with the Slovenian Polanic family as the largest co-owners.
Panvita Group operates within primary agriculture, the food sector, and sustainable energy. As a vertically integrated chain of agricultural companies in Slovenia, it employs more than 700 people and cultivates more than 3,500 hectares of agricultural land.
For the 2022 fiscal year, Panvita Group reported revenue of more than 117 million euro and earnings before interest, tax, depreciation and amortisation (EBITDA) of more than 10.3 million euro.
"Panvita wants to become one of the leading food companies in the region of Southeastern Europe,” Peter Polanic, president of the management board of Panvita Group said in the filing. “Through strategic acquisitions and consolidation within the sector in the region, we will build on the multi-decade expertise of the Panvita team in partnership with Mplus, which will provide additional capital and knowledge necessary for the growth and realisation of our plans," Polanic added.
Following the investment in Panvita, Mplus expects to achieve around 500 million euro in annual revenue in pro forma consolidated terms.
Mplus' current business includes contact centres, information technology, employment services and e-commerce.
With a portfolio of 32 languages, the Mplus provides contact centre services from 42 locations in 15 countries.
Meritus Ulaganja’s shares last traded on April 30, ending 4.55% lower at 210 euro.
($ = 0.934 euro)