Croatian retailer Studenac takes over peer Toni Marketi

The takeover follows a number of acquisition in the past few years, including the takeovers of peers Pemo and Lonia, Studenac said in a statement on its website published on Tuesday.

Toni Marketi operates 12 retail stores on the central Croatian Adriatic coast, and has some 40 employees. Its stores have already been rebranded as Studenac.

According to data from the Croatian court registry, the previous owner of Toni Marketi was local businesswoman Ankica Samadan.

Overall, Studenac has almost 1,100 stores and more than 5,500 employees in 15 counties and in the capital Zagreb.

Polish private equity fund Enterprise Investors acquired Omis-based Studenac in August 2018, when the chain numbered over 380 shops located predominantly on the Croatian coastline and islands, with a hub in Dalmatia, from its owner and founder Josip Milavic.

Enterprise Investors has invested more than 260 million euro ($247 million) in Studenac, including 120 million euro for acquisitions, Studenac has said earlier this year.

(1 euro = 0.950 euro)