CROATIA – Podravka, a prominent supplier in Croatian food industry, has finalized an agreement to acquire several key food and beverage companies from Fortenova Group.
The €15 million (US$16.3) deal includes the purchase of six agri-food subsidiaries, financed through a combination of commercial bank loans and an anticipated partnership with the European Bank for Reconstruction and Development.
Among the notable acquisitions are Pik-Vinkovci, renowned for its fruit and vegetable processing, and Felix, a leading wholesaler of grains.
Vupik, specializing in livestock and crop cultivation alongside wine production under labels like Goldschmidt and Golubica, also joins the acquisition portfolio.
Additionally, Podravka will take over Belje, recognized for its wines, dairy products, cured meats, and tomato products under its own brand, catering to both domestic and international markets.
Following the completion of the transaction, these companies will operate independently under Podravka’s oversight, forming a distinct category alongside its existing Food and Pharmaceuticals segments.
Podravka plans to enhance the productivity and modernization of these agricultural entities through substantial investments in new technologies, infrastructure, and human resources.
While the impact on employment remains uncertain, Podravka has committed to prioritizing the improvement of working conditions, employee rights, and overall material well-being.
Established in 1934, Podravka boasts a diverse product portfolio ranging from jarred vegetables and condiments to soups, jams, and prepared meats, serving over 60 global markets.
This strategic acquisition aligns with Podravka’s earlier expressed interest in Fortenova’s agri-food assets, marking a significant expansion in its operational scope.
The European Commission’s recent approval of Fortenova’s acquisition by OpenPass, led by Croatian businessman Pavao Vujnovac, facilitated the transaction after overcoming regulatory challenges involving sanctioned stakeholders.
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