Food and Beverage Business
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Russian backers removed as Fortenova Group takeover finalizes

Russian backers removed as Fortenova Group takeover finalizes Fortenova Group Food and Beverage Business Fortenova

Fortenova, a Croatian agri-food and retail company, has completed a takeover with local businessman Pavao Vujnovac’s Open Pass taking control. This move follows European Union approval. Open Pass now holds a 93.78% stake in Iter BidCo, with over 80 minority equity holders owning the remaining 6.22%.

The transaction involved the sale of Fortenova Group MidCo to Open Pass for up to €660 million. €500 million has been settled at completion, with the remaining €160 million conditional on achieving financial goals.

Out of the €500 million received at closing, €380.5 million will be distributed to equity holders, with €165 million held in escrow for Sberbank, Fortenova’s former largest shareholder. Fabris Peruško, CEO of Fortenova Group, expressed gratitude to stakeholders for their support and patience during the complex transaction.

With the removal of sanctioned equity holders, Fortenova Group is focused on refinancing its €1.2 billion debt and improving operational efficiencies. OpenPass will take sole ownership of Fortenova’s agriculture, food, and retail operations.

Vujnovac, now a member of Fortenova’s board of directors, also owns PV Group, a wholesaler operating in similar markets. Fortenova’s extensive food portfolio includes brands like Pik, Planet of Planets, Dijamant, Zvijezda, and beverages like Jana and Jamnica.

Fortenova, with over 45,000 employees, announced its openness to takeover bids over a year ago. This transition marks a new chapter for the company, promising stability and prosperity in the future.

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