Croatian retailer Studenac has obtained approval from antitrust regulators for the acquisition of Slovenian retail chain, Kea.
Slovenia’s Competition Protection Agency approved the transaction, which will see Studenac adding 32 Kea stores to its existing network of more than 1,300 outlets.
Based in the town of Šentjur, Kea operates in the regions of Celje, Maribor, Prekmurje, and Primorje, with an average store size of 250 square metres and 2023 revenue of nearly €50 million.
Michal Seńczuk, CEO of Studenac, said, “Studenac’s entry into Slovenia is a natural step in our international expansion. We believe that the values shared by Kea and Studenac, along with Kea's strong technical and market capabilities, provide a solid foundation for building a successful story in Slovenia — one that both employees and customers will be proud of.
“We look forward to bringing our philosophy, which puts the customer at the centre of everything we do, to the Slovenian market, along with new experiences, innovations, and a tailored range of products that meet the needs of today’s consumer.”
Studenac
In 2018, Studenac was acquired by a fund managed by Enterprise Investors. Its growth strategy is based on both organic expansion and acquisitions.
The retailer has since tripled its network and expanded from its home region of Dalmatia to cover all of Croatia.
Recently, Studenac secured a €40-million loan from the European Bank for Reconstruction and Development (EBRD) to support its growth strategy.
The funds will be used to acquire additional food retail chains and implement advanced digital solutions to improve efficiency and profitability.
The €80 million project also includes plans to enhance energy efficiency in Studenac's stores by installing high-efficiency lighting, air conditioning, and refrigeration equipment in existing and new locations.
