EI acquires Studenac

The CEE-focused GP said it was attracted to the business due to a favourable macroeconomic environment, with the food retail market in Croatia seeing growth on the back of increasing disposable income and a rise in tourist numbers. In addition, EI said it expects the country's grocery retail landscape to evolve towards modern trade formats.

With the fresh capital, Studenac will accelerate the development of its regional store network through market consolidation, and aim to enhance the performance of its current stores.

The Polish buyout house has been on the acquisition trail in Croatia's consumer sector in 2018. It acquired a 65% stake in Zagreb-based bakery products manufacturer Pan-Pek in March, and plans on rolling out the company's retail operations across the country.

Company
Established in the early 1990s by Josip Milavić and based in Omiš, Studenac started as a wholesaler, adding retail activities over time. Today, food retailing is its dominant business, accounting for around 95% of sales.

Over the last three years, Studenac has added 60 new stores to the business. At of the end of 2017, it operated 384 stores, with most located on the coastline and islands, while the rest operate in the hinterland and in large coastal cities such as Dubrovnik and Split. Studenac reported a turnover of €190m in 2017 and employs a staff of 2,600.

People
Enterprise Investors – Michał Kędzia (partner).
Studenac – Josip Milavić (founder).

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• Topics
• Buyouts
• CEE
• Consumer
• Croatia
• Enterprise Investors