Croatian retailer Fortenova Group has agreed to sell retail chain Idea marketi and four associated companies to Alta Retail, marking its full exit from retail operations in Serbia.
The deal encompasses business shares in Idea marketi, as well as four other Fortenova-linked entities tied to Serbian retail. These include fruit and vegetable supplier Enna Fruit Grocka Belgrade; IT solutions developer mStart Business Solutions Belgrade; Super kartica Belgrade, which runs a loyalty scheme; and property company M-Profil SPV Belgrade.
It also includes mStart Business Solutions Belgrade, which provides 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 increases our capacities and focus on the long-term strengthening of our positions on markets where we are already leaders and that are mainly related to the euro as operational currency.”
Through Idea marketi, Fortenova operates the Idea, Mercator and Roda retail brands in more than 80 cities and towns in Serbia, making it one of the country’s “largest retail chains and one of the top ten employers”.
Alta Retail is part of Alta Group, described as a regional business active across several economic sectors.
Financial terms of the deal were not disclosed. Completion is subject to conditions set out in the sale-purchase agreement.
Alta Retail director Branislava Kosovac said: “We are acquiring companies which have enjoyed consumer confidence for decades, hold strong market positions and have teams whose know-how, commitment and professionalism have managed to build respectable results.
“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 agreement 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 significant acquisition in the food and agriculture sector, with its further development seen as beneficial to the broader region.
“Fortenova to sell Serbian retail businesses to Alta Retail” was originally created and published by Retail Insight Network, a GlobalData owned brand.