November 7 (SeeNews) - Croatian food retailer Studenac plans to acquire its smaller local peer Sonik, Croatian media reported on Thursday.
The two companies have signed a strategic partnership agreement and once they receive the approval of the Croatian competition regulator, Studenac will acquire full ownership of Sonik, state news agency Hina reported.
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The Zadar-based Sonik runs some 110 retail centres in the Adriatic city of Zadar and the Zadar county, according to data by the company.
Omis-based Studenac, which runs more than 400 shops across Croatia, has said it plans to invest 300 million kuna ($45 million/40 million euro) in network expansion this year.
In July, it completed the takeover of Istra-based peer Istarski Supermarketi (IS), increasing the number of retail centres it runs to over 500.
In June, the European Bank for Reconstruction and Development (EBRD) approved a senior long-term loan to Studenac to finance the planned acquisition of IS and future expansion, it said back then without giving the loan size.
In June 2018, Polish Enterprise Fund VIII, a private equity fund managed by Enterprise Investors (EI), signed an agreement to acquire a 100% stake in Studenac from its owner and founder Josip Milavic.
(1 euro = 7.43006 kuna)