February 14 (SeeNews) - Croatian distributor of consumer goods Orbico has acquired Slovenian distributing group Everet, local media reported on Tuesday.
Orbico expects to significantly boost revenues from cosmetics sales as a results of the transaction, news agency STA reported.
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Orbico's revenue, which reached 1.8 billion euro ($1.9 billion) last year, is seen increasing to 2 billion euro this year and to 4 billion euro by 2020, STA noted quoting Orbico owner Branko Roglic.
In February last year, the European Bank for Reconstruction and Development (EBRD) said it is lending 20 million euro to Orbico to support the company’s expansion and the advancement of its business.
"With these funds Orbico will finance the acquisition of a majority stake in leading Polish distributor Distribev sp.z.o.o, and enhance the operations of its subsidiaries in Bulgaria and Slovenia," the EBRD said at the time.
Orbico Group is the leading distributor for a large number of quality globally known brands ranging from beauty care products through food and non food products, technical and electrical appliances to pharmaceuticals, toys, textile, cigarettes as well as motor oil products.
($=0.9438 euro)