By signing a Share Transfer Agreement, Fortenova Group and Podravka concluded the sale-purchase of Fortenova Group’s Agriculture Division, thus finalising the acquisition process of six companies that constitute its vertically integrated agricultural operations – Belje, Vupik, PIK Vinkovci, Energija Gradec, Belje Agro-Vet and Felix. The transaction value on a cash-free/debt-free basis amounted to EUR 333 million.

The sale-purchase agreement was signed in July 2024 and the completion of the transaction took place following the obtainment of the usual regulatory approvals. The entire process was thus completed exactly a year after the first contacts with potential investors.

Dutch top holding company, Fortenova Group TopCo B.V. has successfully completed the transformation of its ownership structure by closing the pending sale of Fortenova Group MidCo B.V. to Iter BidCo B.V. Consequently, Fortenova grupa no longer has any sanctioned or Russian or Belarusian equity holders. Upon completion and following a subscription process in which all non-sanctioned and non-Russian or Belarusian persons were entitled to participate in Iter BidCo B.V. on the same terms as Open Pass, Open Pass has become the majority equity holder with a 93.78% stake in Iter BidCo B.V. Over 80 minority equity holders have decided to participate in the new ownership structure and together hold a 6.22% stake.

Fortenova Group d.d. has completed in September 2021 the sale of  its Frozen Food Business Group (FFBG) consisting of Ledo plus d.o.o., Ledo Čitluk d.o.o. and Frikom d.o.o. alongside several smaller affiliated companies to Nomad Foods Limited. The value of the transaction is EUR 615 million.

Exactly 69.57 per cent of shares of Poslovni sistem Mercator have been transferred from Agrokor d.d. to Fortenova Group, whereby Mercator has become an integral part of the Retail Division of Fortenova Group. The transfer of Mercator shares was simultaneous with the refinancing the debt that Mercator had with 55 banks, in the total amount of EUR 385 million. In cooperation with its creditors, HPS Partners and VTB, Fortenova Group has secured the required funds to entirely replace Mercator’s aforementioned debt.

With the first day of January, the production of milk and dairy products in the milk factory in Osijek began. The first 10 000 litres of milk from the Osijek line Belje were donated to the victims of the earthquake in the Sisačko-moslavačka county

The year began with opening a new factory in Sarajevski kiseljak, the first large-scale production greenfield investment by Fortenova group. By the production of mineral water Sara, the intense adjustment due to the pandemic is continued, but also with the development of new products and services, and ended with signing a contract for the Osijek production plant dairy takeover Meggle, the first acquisition of Fortenova Group

On 26th September 2019 Fabris Peruško received the Turnaround and Transaction Award (TMA) in Cleveland for the financial restructuring of Agrokor, declared by assessment of the industry in the USA the most significant procedure of its kind in the world in the category of international transaction of the year and one of the world’s twelve most significant international restructuring procedures in 2018.

As a result of the successfully implemented settlement of Agrokor’s creditors, in other words, the company’s financial and ownership restructuring plan, Fortenovas group started operations on April 1, 2019. In September of the same year, Fortenovas group concluded the refinancing process by issuing a corporate bond and ensuring stability and long-term sustainability.

At the hearing held on July 4, 2018, Agrokor’s creditors’ settlement was voted with 80.2 percent of the vote. The Commercial Court in Zagreb confirmed the settlement on 6 July 2018, and by a decision of the High Commercial Court, the settlement became final on 18 October 2018 *.

*Extraordinary administration proceedings were recognized as insolvency proceedings in England and Wales in November 2017, in Switzerland in February 2018, and in the United States, under Chapter 15, in November 2018. In July 2018, the Law on the Procedure of Extraordinary Administration became part of the list of laws recognized as insolvency proceedings throughout the EU by a Regulation of the European Parliament and the Council.

Due to the threatening collapse of the Agrokor system due to illiquidity and indebtedness and the consequences that such a collapse would have on the economies of the Republic of Croatia and the countries of SE Europe, on April 10, 2017, the extraordinary administration procedure was opened in Agrokor according to the Law on the Procedure of Extraordinary Administration in Companies of Systemic Importance for the Republic of Croatia.

With the construction of a greenhouse for hydroponic tomato production, the Mitrovac complex – a cow farm and a biogas plant for energy in the greenhouse – was completed.

The opened Agrolaguna’s production and tourist complex includes the reconstructed cheese factory “Sir Laguna” and the renovated buildings of the Špin station, a new tasting room and a built cheese road.

The new Vupik port for loading and unloading of cereals and oilseeds on the Danube bank in Vukovar has started operating.

As a greenfield investment, Belje has opened the most modern winery in the region of SE Europe

Acquisition of Vupik carried out.

Logistics and distribution center opened in Dugopolje near Split, the largest logistics center in the SE region with a total area of more than 80,000 square meters

In PIK Vrbovec, the construction of new meat industry on an area of more than 30,000 square meters has begun, with the most modern technological equipment for the production of meat and meat products.

Acquisition of Tisak carried out.
Konzum formed in Bosnia and Herzegovina.

Bought companies: Belje, Dijament, IDEA, PIK Vrbovec.

Bought company: Agrolaguna.

Bought company: Frikom.

Bought company: Sarajevski kiseljak.

Bought company: PIK Vinkovci

Bought company: Mladina.

Bought companies: Konzum, Ledo, Solana Pag.

Bought companies: Zvijezda.

Bought companies: Agroprerada, Jamnica.

Founded as a private company that has developed significantly in the first years of business, Agrokor soon became a leader in producing flowers and flower seedlings and trade in commodities.

During 13 years of business, it significantly expanded with new programs, which is accompanied by the growth of business indicators, and in 1989 the owner Ivica Todorić registered Agrokor as a joint-stock company.