Member News

NTL: Studenac leaves the Association, estimated payment is 200M HRK (approx. 26,7M EUR)

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CVCA
NTL: Studenac leaves the Association, estimated payment is 200M HRK (approx. 26,7M EUR)

Three years after taking over the Studenac retail chain, the Polish private equity fund Enterprise Investors has left the ownership structure of the National Retail Chain (NTL), in which it had a 20% stake. Although it is not known exactly how much Studenac was paid by the other NTL co-owners, it would, according to NTL's estimated revenue of HRK 1.2 billion amount to around HRK 200 million (EUR 26,7). With that decision, a member of the Management Board of Studenac, Filip Bilanovic, also left the Supervisory Board of NTL. According to NTL's director Martin Evacic, there won't be many changes in the continuation of the association's business. NTL was a lever for both Studenac and other members for purchasing activity and the possibility of brand development, as well as a joint approach to suppliers. Evacic says that they parted ways with Studenac correctly and that they will continue to work together in some segments, such as the supply of fruit and vegetables. The Polish private equity fund Enterprise Investors has already shown its ambitious expansion strategy through acquisitions in both good and bad times and has probably outgrown the national association dominated by Croatian owners: Bakmaz, Boso, Gavranovic Metss from Cakovec, while Trgostil, Trgovina Krk, Dergez and Robin from Krizevci, also participate in the joint procurement.

Enterprise Investors is a member of the Croatian Private Equity and Venture Capital Association (CVCA).

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