Croatian grocery retailer Studenac is set to enter the Slovenian market through the acquisition of the Kea retail chain.
This strategic move marks Studenac's first foray into international markets, offering new opportunities for growth and development in the region.
The acquisition agreement has been finalised, and the transaction is now pending approval from the Slovenian Competition Agency. Once approved, Studenac will gain control of Kea's network of 31 stores located in the Celje, Maribor, Prekmurje, and Primorje regions of Slovenia.
These stores, averaging 250 square metres, generated nearly €50 million in revenue in 2023 and a net profit of €1.3 million.
Kea's stores operate under the franchise brand of retailer Tuš, which is currently undergoing a takeover by Mercator.
Kea, based in Šentjur, is a family-owned business with a workforce of over 250 employees. The current ownership structure consists of 97% shares held by the company and 3% by Boštjan Kukovičič.
'Continuous Growth And Development'
Dragan Baškarad, member of the Studenac management board for operational affairs, commented, “By expanding into the Slovenian market, we confirm our commitment to continuous growth and development, contributing to the benefits of local communities in both countries. The takeover of the Kea chain is not only proof of our strength and utilisation of growth potential, but also of our determination to become the leading retail chain in the region.”
Andrija Topić, member of the Studenac management board for acquisitions and integrations, added, “We are currently in the final stages of realising two major processes by which we are expanding our network - the takeover of the Decentia chain, which will strengthen our status in Zagreb, and the takeover of the Kea chain, with which we are starting to expand to the international market.”
About Studenac
Studenac's success in Croatia is rooted in its neighbourhood store format and its aggressive acquisition strategy.
Over the past six years, Studenac has acquired eight smaller local retail chains, adding over 650 stores and tripling its store count since 2018. By the end of the first half of 2024, the network consisted of over 1,300 stores across Croatia, making Studenac the largest retailer in the number of stores.
Since 2018, Studenac has been owned by a fund managed by Polish private equity firm Enterprise Investors.
