Croatian business conglomerate Fortenova Group has announced that it is moving to the next phase of its plan to divest its frozen food business.
The company has invited a select number of bidders to kick off the divestment process.
CEO of Fortenova Group, Fabris Peruško, commented, “In order to proactively achieve our targeted capital structure via deleveraging the company, Fortenova Group is ready to dispose of only one segment of the core business, which potentially would be the Frozen Food Business Group.”
The decision follows several non-binding offers received by the company for the acquisition of Ledo plus, Ledo Čitluk, and Frikom, which are a part of its frozen food business unit.
'Strong International Interest'
CFO of Fortenova Group, James Pearson, commented, “The market test has confirmed that there is strong international interest among potential investors in our Frozen Food business.
“The qualified non-binding offers come from companies with outstanding investment and operational track record. We are glad that we will be entering the due diligence process with some extremely strong potential partners.”
Peruško added that completion of the divestment process will depend on finding a partner who will recognise the full value and potential of this division and its people.
“I expect the due diligence process to be completed by the end of this year and we will continue to keep our people and the market informed of further developments,” Peruško stated.
© 2020 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: European Supermarket Magazine.
