Sale-Purchase Process of Zvijezda and Zvijezda Slovenia Closed News

Žito d.d. gets three strong regional brands – Zvijezda, Margo and Omegol

By signing the Share Transfer Agreement today, Fortenova grupa d.d. and Žito d.d. formally closed the process whereby Zvijezda plus and Zvijezda Slovenia have been transferred to the ownership of Žito Group.

With the transaction in question the company Žito d.d. has become the owner of 100 % of shares in the companies Zvijezda plus d.o.o. and Zvijezda Podjetje za notranjo in zunanjo trgovino, d.o.o., Ljubljana.

Following the approval of the concentration by all regulatory authorities, the signing of the Agreement marked the realisation of one of the most significant transactions in the regional food industry.

The sale-purchase price defined in the Agreement amounts to EUR 94.06 million, and in accordance with the agreed pricing mechanism additional corrections of the sale-purchase price are possible in the forthcoming period.

Upon inclusion of the financial assets and liabilities of the acquired companies the transaction value amounts to EUR 115.72 million.

Žito d.d. has secured the funds for the transaction with a business bank loan in the amount of EUR 90 million and own funds.

The sale-purchase of Zvijezda, one of Croatia’s oldest production companies, was realised making sure that the ownership remains with a domestic company whose goal it is to further develop the strategically important food sector. The company, which plays a significant role in the food supply and which is important for the development of the domestic agriculture industry, now has the opportunity to additionally strengthen its position and extend its product portfolio and production capacities.

In particular, with the acquisition of Zvijezda in Croatia and Slovenia Žito Group has got three strong regional brands: Zvijezda, Margo and Omegol, among which Zvijezda edible oil and mayonnaise have for many years been positioned as the number one brand on the Croatian market, with high market shares on other markets of the region, too. The synergy between the Žito Group’s existing production facilities and Zvijezda will contribute to even greater efficiency, innovation and market competitiveness.

The industrial production at the Žito Group is vertically integrated with its crop and livestock production. The industrial group consists of Mesna industrija DOBRO (meat industry), Tvornica ulja Čepin (edible oil production), Tvornica stočne hrane Vitalka (animal feed production), a seed processing plant and an electricity production facility. It is important note that Žito is the largest egg producer, the second largest agricultural land tilling company and the second largest pig production in Croatia.

“Zvijezda is one of the most recognizable food brands in the region and we are proud to open a new development chapter within the Žito Group for the company today. For us this transaction marks the further strengthening of our food industry, production capacities and regional presence, and we are certain that our common know-how, experience and production potential will create added value for our consumers, employees and partners. We wish all Zvijezda employees welcome to our business family”, said Marko Pipunić, President of the Management Board of the Žito Group.

“I am sure that with this deal both Groups have made the right choice for their development, because we have not only opened new stages in our own development, but in the mutual partnership as well. On the one side, at Fortenova Group we have the leading regional retail network, and on the other side there is a large regional food production. The mutual support in business is a strong development driver for both Groups. I would like to take this opportunity to thank all Zvijezda employees for their exceptional contribution made at Fortenova Group. I am convinced that they will continue with the same level of dedication in the new environment as well. I would also like to thank everyone who worked hard over the course of the last year to bring the realisation of this process to a closing”, said Fabris Peruško, Fortenova Group’s Chief Executive Officer and Member of the Board of Directors.

The Management Board of Zvijezda shall continue to run the company, and its Supervisory Board has seen the appointments of Jozo Ljubičić, Member of the Management Board of Žito Group in charge of finance, accounting and strategic operations like M&A, and Josip Bičvić, Member of the Management Board of Žito Group in charge of industry and trade.

Fortenova Group Closes 2025 as Financially Strong Company News

Konzum Invests Profit in Employee Benefits and Modernisation!

In 2025, Fortenova Group has met its most important financial goal – it reduced its leverage by more than EUR 700 million and realised its first commercial bank financing since its inception in 2019, substantiating the full trust of international financial institutions in its operations.

The Group has thus closed the year 2025 as a financially very healthy company with safe operations and resilience to stress, which is able to cope with possible economic difficulties in the environment more easily.

With more than 38 thousand employees, Fortenova Group is still one of the largest employers in the region of Southeast Europe.

Key financial indicators and investments

Fortenova Group closed the year 2025 with a total debt of EUR 673 million and an exceptionally favourable debt to EBITDA ratio of less than 1.3 times. In spite of the planned reduction in total revenue due to divestments (disposals of companies), the total revenue amounted to EUR 5.6 billion.

Operating profits (EBITDA) grew by 14 % year-on-year due to improved efficiency and cost optimisation.

In 2025, almost EUR 100 million were invested in modernisation (capital investments), and the same amount was invested in Group employee benefits.

The largest adverse effects resulting in the Group’s total revenue reduction against the previous year came from the legislative decree on the limitation of margins and price control on the market of Serbia, as well as short-term external factors such as the consumer boycott in early 2025 and strikes at two of the Group’s production companies.

Despite the external pressure on operations, the Group’s operating performance indicators have remained strong.

On all retail markets additional focus was placed on strengthening the core business, which resulted in absolute year-on-year profitability improvements in Slovenia, Bosnia and Herzegovina and Montenegro. Konzum in Croatia continued to invest in its infrastructure and employees in 2025. Konzum’s profits were invested in increasing employee salaries and capital investments, with the same trend to be continued in 2026. For the eighth consecutive year Konzum was declared The Best Donor (Najdonator).

The beverage production operations recorded growth as well, and the operations of other companies within the Group have continued to be stable.

The last year was marked by the completion of a number of capital investments and preparations for stronger investment momentum in the area of retail development, with investments started in infrastructure modernisation, technological improvements and the extension of our retail networks.

“The significant leverage reduction and the optimisation of financing costs have directly contributed to strengthening our resilience to risks and geopolitical instability. Today Fortenova Group operates with a robust balance sheet and a debt level that unleashes our capacity to start a new investment cycle in the key strategic sectors”, said Damir Spudić, Fortenova Group’s Executive Director of Finance and Member of the Board of Directors, commenting on the results.

Strategic Portfolio Focusing

In accordance with the new development vision, in 2025 Fortenova Group pursued a significant redefinition of its portfolio by exiting the primary agricultural production. The divestment processes were either closed or agreements were entered into for the disposal of the companies Agrolaguna, Zvijezda, Mercator-Emba, Dijamant, PIK Vrbovec and Vinka.

On the other hand, the Group has strengthened its core operations (retail and distribution) with the integration of the companies Arivera Fruit and Kenty Adria, while Roto dinamic extended its base with an additional 500 new partners, having acquired the company Hermo.

At the same time, a large portfolio of Group-owned commercial real estate has become a new pillar of the core business, activated by the foundation of the FNG Property real estate companies.

“The year 2025 saw us complete the process of capital restructuring and raising the company value as much as possible. Our focus is now solely on supporting the development of retail, wholesale, distribution and logistics. We have also laid the foundation for strong real estate operations designed to additionally improve the whole Group’s operating efficiency”, concluded Fabris Peruško, Fortenova Group’s Chief Executive Officer and Member of the Board of Directors.

Fortenova Group and BOSQAR INVEST Reach Agreement on Acquisition of PIK Vrbovec News

Fortenova Group and BOSQAR INVEST have reached an agreement on the acceptance of BOSQAR INVEST’s binding offer for the acquisition of the 100 percent share in the company PIK Vrbovec plus d.o.o. The signing of the contract on the acquisition of shares and the closing of the transaction will follow once BOSQAR realises the planned financing and upon obtaining all the required regulatory approvals.

Today PIK Vrbovec possesses the region’s most cutting-edge primary meat processing plant (slaughterhouse) as well as meat processing facilities. They directly cooperate with over 100 local farms as well as with the farms of Belje, which makes them the largest domestic pork processing company. Traceability is guaranteed at all production stages, with the highest technological, information technology and hygiene standards being applied, and all processes are under the permanent supervision of experts. The company exports its products to around 20 countries and holds the export number HR 10, which allows it to export to the world’s most demanding markets.

PIK’s products bear the designations of highest consumer trust, such as the designation Number 1 Ham and the official designations Proven Quality from Croatia and Meat from Croatian Farms, and recently the company received patent protection from the State Intellectual Property Office of the Republic of Croatia for its production of meat without added phosphates. Currently the company employs around 1500 workers and over the last few years it has been transformed into a profitable company with large development potential.

Due to all of that, PIK Vrbovec plays a pivotal role in the national agricultural and food industry ecosystem.

“Already with its exit from the agricultural operations Fortenova Group started the strategic turnaround in its business, focusing on operations and services that are not directly related to primary production and processing. Given that PIK largely leans on agricultural production, it was only natural for us to decide to find another owner for this company. With its brands, quality and market shares PIK constitutes added value for any partner, and particularly for BOSQAR, which has good prerequisites to create its own strong food production platform. We, on the other hand, are very happy to have once again, as in all the previous divestment processes, met the most important value criteria – found a partner for our company who will continue to develop it, strengthen its market positions and preserve employment. This is good for the company and its employees, as well as for the local community and the economy as a whole” – said Fabris Peruško, Fortenova Group’s Chief Executive Officer and Member of the Board of Directors.

The potential acquisition of Croatia’s largest fresh and processed meat producer would be an important step for BOSQAR INVEST in its strategy to build the strongest food platform in Central and Southeast Europe, as PIK would thus join BOSQAR’s Future Food Division, which already includes Panvita, the leading Slovenian agriculture and food group, and Mlinar, the leading bakery products group in the Adria Region.

Commenting on the agreement reached, Darko Horvat, President of the Management Board of the company BOSQAR d.d., the holding company of BOSQAR INVEST Group, said:

“The planned acquisition of PIK Vrbovec constitutes a key new moment in the strategy of BOSQAR INVEST to build a strong regional platform in the agricultural, food and meat processing industries. With the planned acquisition of PIK, BOSQAR would additionally strengthen its platform by bringing together Panvita, one of the largest food producers in Slovenia, and PIK, one of the largest food producers in Croatia, as part of the same operating structure. We are happy that Fortenova Group accepted our binding offer. We are working on the finalisation of the contractual elements with our partners at Fortenova Group and PIK and expect for the share acquisition contract to be signed in the near future, and will keep the investment community posted on the progress of the transaction in a timely manner. We are all well aware that we are living in unstable times. Recently, the escalating tensions in the Middle East have pointed at the fact that food security is more important today than ever – but also at the fact that it will stay that way in the foreseeable future. With that in mind, BOSQAR sees its further investments in Future Food as a strategic contribution to strengthening the resilience of food supply in Croatia and across the region.”

News

Žito d.d. gets three strong regional brands – Zvijezda, Margo and Omegol

Konzum Invests Profit in Employee Benefits and Modernisation!

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