June 25 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said it has approved a senior long-term loan to Croatian food retailer Studenac to finance a planned acquisition and future expansion.
"The EBRD's loan will support the Company in its expansion efforts as well as expected further efficiency and profitability improvements," the bank said in a statement on Monday without elaborating on the loan amount.
The financing will help Studenac - the second largest food retailer on the Croatian Adriatic coast and one of EBRD clients, with the acquisition of Istria-located peer Istarski Supermarketi, the statement said.
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.
Studenac now employs more than 2,500 people, after emerging as a small family business back in 1973.