March 25 (SeeNews) - Polish private equity fund manager Enterprise Investors said on Monday it has hired JPMorgan to assess a potential exit from Croatia’s retailer Studenac.
"As a matter of principle, we do not comment on market speculations concerning our investments strategies. However, I can confirm that JPMorgan has been retained to review strategic options for Studenac," Anna Czywczynska, communication and public affairs director of Enterprise Investors, said in a written statement to SeeNews. "I can also assure you that Enterprise Investors stays committed to the Adria region and our team is actively pursuing investment opportunities in South-Eastern Europe," she added.
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Czywczynska was asked to comment Croatian media reports from Friday afternoon suggesting that Enterprise Investors mulls an exit from Studenac and from Croatian bakery Pan-Pek.
On Friday, Bloomberg Adria reported that Enterprise Investors is considering strategic options related to Studenac, quoting Michal Kedzia, an Enterprise Investors partner in charge of investments in Croatia and Slovenia. The sales process, once launched, will be carried out quickly to avoid jeopardizing the operational business, he was cited as saying.
Kedzia also said that Enterprise Investors is not interested in buying Croatian food company Fortenova but said the focus now is on potential investments in Croatia's healthcare and technology sectors.
Enterprise Investors acquired Omis-based Studenac in August 2018, when the chain had more than 380 shops located predominantly on the Croatian coastline and islands, with a hub in Dalmatia, from its owner and founder Josip Milavic. Since then, the Polish company has invested over 260 million euro ($282 million) in its growth, Studenac has said earlier.
In the past couple of years the retailer has been growing via both acquisitions and organic growth. Studenac is now Croatia’s largest grocer by store count with 1,250 stores across the country.
According to Bloomberg Adria, Studenac generated almost 700 million euro revenue last year and Pan-Pek some 51 million euro.
($ = 0.923 euro)