Croatia's Atlantic Grupa to sell food supplements unit to PharmaS

Under the deal, PharmaS will also acquire Multivita, a regional food supplement brand whose product Multivita Vitamin C is the leading effervescent vitamin C on the Russian market, Atlantic Grupa said in a statement on Wednesday.

The transaction is expected to be closed by the end of the year, Atlantic Grupa said without revealing financial details.

"Through the sale of Fidifarm, Atlantic Grupa continues its strategy of divesting non-core business operations. This is a successful company offering quality brands whose growth potential becomes even larger with added focus", Lada Tedeschi Fiorio, Atlantic Grupa's vice president for business development and strategy, said.

Since the beginning of last year, Atlantic Grupa has been implementing a strategy of focusing on its core categories and brands to achieve further business internationalisation, it noted.

"This acquisition strengthens the position of PharmaS on the regional market in the consumer healthcare segment, which proves the dedication of the company to both of the programmes pursued – over the counter and prescription medicine," Jerko Jaksic, CEO of PharmaS, said in the statement.

Fidifarm's sales in 2018 amounted to 70 million kuna ($10.5 million/9.4 million euro), while the revenue of Multivita totaled about 30 million kuna last year.

(1 euro = 7.45456 kuna)