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Croatian retailer Studenac takes over peer Kordun

Author Annie Tsoneva
Croatian retailer Studenac takes over peer Kordun Photo: All Rights Reserved

ZAGREB (Croatia), April 19 (SeeNews) - Croatian biggest retail chain by the number of stores, Studenac, said on Tuesday it has taken over its peer Kordun for an undisclosed sum.

The transaction is continuation of the company's growth through acquisitions of the past couple of years, Studenac said in a statement.

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Kordun operates nine stores in the Karlovac county and employs 52 people. Studenac has not been present in this county so far.

Last month, Studenac received the go-ahead for the planned acquisition of retailer Lonia from Croatia's competition watchdog, AZTN.

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 since 2918.

The takeovers of Kordun and Lonia follow the acquisition of retailers Pemo earlier this year, Istarski Supermarketi and Sonik in 2019, and Bure Trgovina last year, as well as organic expansion in the capital Zagreb.

(1 euro=7.561 Croatian kuna)

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