Croatian retailer Fortenova Group has agreed to promote retail chain Idea marketi and 4 related corporations to Alta Retail, marking its full exit from retail operations in Serbia.
The deal encompasses business shares in Idea marketi, as nicely as 4 other Fortenova-linked entities tied to Serbian retail. These embrace fruit and vegetable provider Enna Fruit Grocka Belgrade; IT options developer mStart Business Solutions Belgrade; Super kartica Belgrade, which runs a loyalty scheme; and property company M-Profil SPV Belgrade.
It also contains mStart Business Solutions Belgrade, which gives SAP implementation.
Fortenova Group CEO Fabris Peruško said: “It is Fortenova Group’s strategy in retail to be the leading retailer on the markets where we operate. In order to achieve this goal in Serbia, the group would need to make significant investments over a long period of time, in a market which has its specific structure and dynamics.
“This will increase our capacities and focus on the long-term strengthening of our positions on markets where we are already leaders and that are primarily associated to the euro as operational currency.”
Through Idea marketi, Fortenova operates the Idea, Mercator and Roda retail manufacturers in more than 80 cities and cities in Serbia, making it one of the nation’s “largest retail chains and one of the prime ten employers”.
Alta Retail is half of Alta Group, described as a regional business lively across several financial sectors.
Financial phrases of the deal were not disclosed. Completion is subject to circumstances set out in the sale-purchase settlement.
Alta Retail director Branislava Kosovac said: “We are buying corporations which have loved client confidence for a long time, maintain sturdy market positions and have groups whose know-how, dedication and professionalism have managed to construct respectable outcomes.
“Apart from being an investment in a business system, this is primarily an investment in people and in the development and future of domestic retail. It is our intention to open a new chapter of growth through modernisation, the improvement of processes and innovation, while fully appreciating the identity, value and traditions that the brands Idea, Mercator and Roda have been building on the market for years.”
The settlement follows Fortenova’s completion in June of the sale of Dijamant to MK Group, which was finalised after receiving all required regulatory approvals.
Fortenova said that the deal was a vital acquisition in the food and agriculture sector, with its further development seen as useful to the broader area.
“Fortenova to sell Serbian retail businesses to Alta Retail” was initially created and printed by Retail Insight Network, a GlobalData owned model.