November 10 (SeeNews) - Croatian car parts and accessories distributor CIAK Grupa [ZSE:CIAK] said it has completed the acquisition of Bosnian car parts wholesaler and retailer Auto Milovanovic.
“With this transaction CIAK Group becomes one of the leading IAM companies in Bosnia and Hercegovina, strengthens further its position and branch network on the market of Serbia, and opens a completely new market in the independent automotive aftermarket distributors (IAM) division – Northern Macedonia,” CIAK said in a filing to the Zagreb bourse late on Tuesday.
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It did not elaborate the value of the deal.
Banja Luka-based Milovanovic is one of the leading IAM distributors in Bosnia and Hercegovina, generating an annual turnover of some 19 million euro ($22 million). It has 210 employees in 20 locations in Bosnia and Herzegovina, with a strong potential to be the biggest IAM distributor in the country, according to the statement.
Additionally, through sister companies that are also part of the transaction execution, Auto Milovanovic is also present in seven locations in Serbia with 50 employees, generating more than 5.5 million euro in sales annually, as well as in two locations in North Macedonia with 20 employees, generating almost 2 million euro in sales per year.
CIAK's main line of business is distribution of car parts, car batteries and motor oils, waste management and recycling, and wholesale.
It reported a consolidated sales revenue of 996 million kuna ($153 million/132 million euro) for 2020, down 4% on the year.
CIAK's shares last traded on the Zagreb bourse on October 21, when it ended at 44.60 kuna, up 0.45% compared to the previous closing price.
(1 euro = 7.517 kuna)