ZAGREB (Croatia), May 19 (SeeNews) - Croatia's biggest retail chain by the number of stores, Studenac, said on Thursday it has taken over its peer Duravit Trgovina for an undisclosed sum.
By this takeover, and following a recent acquisition of another peer, Kordun from Karlovac, Studenac keeps expanding its retail network, Studenac said in a statement.
You can subscribe to our M&A newsletter here
Duravit Trgovina operates 13 retail stores in Pula, on the northern Adriatic coast, and around it and employs more than 40 people. Currently, Studenac has some 50 stores in this region.
Overall, Studenac has more than 750 stores in nine counties and in the capital Zagreb.
In June 2018, Polish Enterprise Fund VIII, a private equity fund managed by Enterprise Investors, signed an agreement to acquire a 100% stake in Studenac from its owner and founder Josip Milavic.
The company has invested more than 500 million kuna ($70 million/66 million euro) since 2018, the company has said earlier.
(1 euro=7.540 Croatian kuna)