A recent acquisition in the food and beverage industry saw Croatia’s Fortenova Group taken over by OpenPass, led by local businessman Pavao Vujnova, with approval from EU authorities. The European Commission (EC) granted the green light to the transaction on June 12, following a complex process involving sanctioned shareholders. OpenPass will now have sole ownership of Fortenova’s agriculture, food, and retail business operations in Croatia, Slovenia, and various non-EU countries in the Balkans, as stated in the EC filing.
The purchase was deemed not to raise competition concerns by the EC, given its limited impact on the markets where the companies operate. Businessman Vujnova, who was appointed to Fortenova’s board of directors in 2022, will take charge of the new ownership. OpenPass also owns PV Group, a wholesaler of fruits, vegetables, and non-perishable goods in the same markets as Fortenova.
Fortenova’s food portfolio includes popular brands like Pik packaged and processed meats, Planet of Planets meat-alternatives, and Dijamant and Zvijezda sunflower oil and butter. The company also produces various beverages including Jana water and iced teas, Jamnica water and soft drinks, and Jana iced flavoured water.
The acquisition process faced challenges over the past year, particularly from equity holder SBK Art. The shareholder, holding a 40% stake in Fortenova, had disagreements with previous ownership structures and was compensated as part of the ownership restructure deal under a new Dutch holding company. Once the transaction is finalized, SBK Art will receive compensation from the proceeds to be held in escrow until Russian sanctions are lifted.
This takeover marks a significant development in the food and drink business landscape, showcasing the changing dynamics in the industry and the shifting ownership structures in key players like Fortenova.