Croatian food group Podravka is set to acquire several food and beverage companies from local agri-food business Fortenova Group. The agreement designates Podravka as the preferred partner for the acquisition of Fortenova’s agricultural unit, with a payment of €15m for six agri-food subsidiaries. The transaction will be financed through commercial bank loans and a partnership with the European Bank for Reconstruction and Development.
Included in the deal are companies such as Pik-Vinkovci, Felix, and Belje, known for producing wines, dairy products, cured meats, and tomatoes. Vupik, specializing in cattle and pig farming, cereals, and vegetable growing, is also part of the agreement. These companies will join Podravka’s Food and Pharmaceuticals segments as independent commercial entities after the deal is finalized.
Podravka plans to invest in new technologies, infrastructure, and human resources to modernize and increase productivity within the acquired agricultural businesses. While the impact on jobs remains uncertain, Podravka is committed to enhancing working conditions, rights, and employee well-being.
Established in 1934, Podravka offers a range of food products and operates in over 60 markets globally. The group’s interest in acquiring Fortenova’s agri-food assets was first revealed in April, with the European Commission recently granting approval for Fortenova to be acquired by OpenPass, a company led by Croatian businessman Pavao Vujnovac. This acquisition involves Fortenova’s operations in agriculture, food, and retail across Croatia, Slovenia, and other Balkan countries.
The approval process faced challenges related to sanctioned shareholders but ultimately resulted in OpenPass gaining control of Fortenova’s business operations. The partnership signifies a significant development in the food and beverage industry, reflecting current trends and opportunities for growth.
