Court of Amsterdam Rejected All Claims by Sanctioned SBK Art and Saif Alketbi
28.06.2023.
The interim relief judge of the Amsterdam Court yesterday rejected all remaining claims by SBK Art and Saif Alketbi, essentially aimed at attempting to halt the sale process of Fortenova Group MidCo B.V. and dictate the course of that process, despite SBK Art being a sanctioned party without voting rights. This vexatious litigation by SBK Art and Saif Alketbi has now been rejected for the third time by the Dutch judiciary.
The judgment was made following the oral hearing of the parties held on June 14, 2023, where the court initially rejected the request to prohibit the convening of the depositary receipts holders’ meeting. Yesterday, both that decision and the present judgment rejecting all other requests by SBK Art and Saif Alketbi were thoroughly reasoned.
From the detailed reasoning of the judgment, especially noteworthy is the Court’s reaffirmation of the previous rulings that sanctioned individuals such as SBK Art are prohibited from exercising voting rights, either directly or indirectly.
Primarily, the Court concluded that Fortenova Group TopCo B.V. has a legitimate interest in selling Fortenova Group MidCo B.V. to ensure the sustainability of Fortenova Group’s financing, which has been compromised by the involvement of sanctioned parties in the equity structure.
The ongoing process of exploring interest in the purchase of Fortenova Group MidCo, according to the Amsterdam Court, has adequate safeguards to protect the interests of all stakeholders. The claims that Fortenova Group intends to eliminate SBK Art through the sale of MidCo to the second-largest unsanctioned shareholder at an unreasonably low price have been deemed “insufficiently plausible” by the judgment of the Amsterdam Court.
The Court also determined that SBK Art receives all the information to which it is entitled, while Mr. Saif Alketbi “is not a certificate holder and therefore, under the terms of the administrative conditions of Fortenova Group STAK, does not have the right to access information.”
The plaintiffs, SBK Art and Saif Alketbi, have been ordered to cover the legal costs and court fees of Fortenova Group.
Sale-Purchase Process of Zvijezda and Zvijezda Slovenia Closed
13.05.2026.
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
30.04.2026.
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
02.04.2026.
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.”
European Court of Justice adjudicates! Change of ownership at Fortenova Group was conducted lawfully
12.03.2026.
The ECJ’s Judgement finally refutes SBK Art’s false premise that Fortenova Group’s management had arbitrarily or maliciously ignored and bypassed SBK Art and their contestation of the change of ownership
The European Court of Justice (ECJ), the European Union’s supreme judicial authority, has upon request of the Supreme Court of the Kingdom of the Netherlands passed a judgement, ruling that the freezing of funds held by sanctioned entities in the EU absolutely and unconditionally prevents the sanctioned holders of depositary receipts from attending and voting at the general meetings of shareholders.
The Supreme Court of the Kingdom of the Netherlands had asked the ECJ for an interpretation – whether there was any situation where sanctioned persons would be allowed to make use of their shareholders’ and similar rights.
The question was raised in the context of SBK Art’s repeated attempts to prevent the shareholders’ meetings of Fortenova Group from being held in the period between 2022 and 2024. Namely, as part of the sanctions imposed on Russia because of is war of aggression in Ukraine, in 2022 the European Union adopted restrictive measures against Sberbank of Russia, including explicitly also against SBK Art, and hence their funds have been frozen.
It is the ECJ’s position that with regards to the “Restrictive measures against Russia: the freezing of funds prevents, absolutely and unconditionally, a holder of depositary receipts from attending a general meeting of shareholders and from voting in that meeting”.
This judgement has finally refuted SBK Art’s false premise that Fortenova Group’s management had arbitrarily and maliciously ignored and bypassed SBK Art and their contestation of the transaction of Fortenova Group’s divestment, which was completed in the summer of 2024.
The European Union’s court of highest instance has thus confirmed that Fortenova Group has acted in the right way from the beginning, having deprived the sanctioned entity SBK Art of the possibility of participating and voting in the general meetings and having taken all the necessary steps to protect the company from legal uncertainty, obstructions and attempts to exert influence contrary to the objectives and purpose of the European sanctions.
With its clear and unequivocal interpretation the European Court of Justice has asserted that Fortenova Group’s actions were in fact the only lawful steps that Fortenova was allowed to take in the first place. “Any interpretation that is less strict would hinder the objective of ensuring that the freezing of funds has the effect of limiting as far as possible the transactions that can be carried out with frozen funds” – ECJ state in their decision.
“Today’s judgment unequivocally confirms that due to the sanctioned shareholders Fortenova Group was hindered in functioning normally. As of today it is clear to everyone that the process of ownership transformation was conducted in order to protect the company, its governance, financial stability and the lawfulness of its operations and that it was based on the law and on principles of responsible corporate governance.
This also proves that the vexatious litigation of several years had no legal foundation whatsoever and we believe that with this decision such proceedings will finally come to an end. I would like to congratulate and thank our legal teams as well as our advisors for the exhausting and demanding battle and let our employees know that after yet another legal affirmation we shall continue to build a strong and modern company”, said Fabris Peruško, Fortenova Group’s Chief Executive Officer and Member of its Board of Directors.
Awaiting the outcome of this procedure there were also all court proceedings where SBK Art had requested for the general meetings’ decisions of Fortenova Group in the Netherlands to be annulled. Therefore, upon formal service of the European Court of Justice’s decision to the Dutch judiciary, Fortenova Group expects the continuation and successful completion of five court cases in the Netherlands as well as the court proceedings on Malta against the company Open Pass Limited and others.
By way of reminder, so far Fortenova Group has finally beaten SBK Art in seven proceedings brought against Fortenova Group and its responsible persons – from several requests for the judicial review of the management in the Netherlands to interim measures in the Netherlands, Malta and Croatia. In addition, the General Court of the European Union has already twice rejected SBK Art’s application for annulment of the sanctions.
MK Group and Fortenova Group signed a sale-purchase agreement for the company Dijamant from Zrenjanin, whereby MK Group is to acquire a 100% share of Dijamant in what is to become one of the most significant acquisition processes in the food and agriculture sector of the Adria Region. This strategic step constitutes an important moment for both companies, with the clear common intention to realize the process in a responsible and transparent manner, in accordance with long-term visions of growth, market position strengthening and the further development of the regional agri-food industry. The transaction will be completed upon obtaining the approval of the competent market competition regulatory authorities.
“This acquisition constitutes an important step in the further development of our MK Agri-Food Division, once again bearing witness to MK Group’s long standing ambition to be the leader in the regional food and agriculture industry. With this investment we have confirmed our readiness to support companies with a high growth potential and continue to expand our business ecosystem. I am confident that the transfer of our know-how, experience and expertise, built over many years of managing agricultural and food companies, will make it possible for Dijamant to introduce significant improvements to its processes, quality and innovations, as well as create added value for its employees, consumers, partners and the entire industry”, said Mihailo Janković, General Manager of MK Group.
“With the sale-purchase of Dijamant we are about to conclude the very intensive activities pursued over the last two years in gradually exiting from the agricultural operations. We have found good partners that offer further development and strengthening for the business. In the previous period we were able to stabilize the company and repay all its debts incurred before 2017 as well as modernize part of the factory that was more than 40 years old by investing over EUR 40 million of our own funds. We have doubled the production capacities, improved the competitiveness and increased market shares. Today Dijamant boasts a factory that is among the technologically most advanced in the industry. I am happy because all the time we have continued to maintain the social dialogue and improve the employees’ material rights. Long story short, we have provided the prerequisites for a new development phase that I am sure MK Group will know how to make use of. This signature is the first step towards our exit from the ownership structure of Dijamant and we hope that the entire process will be completed within the expected timeframe in order for the company to continue its further development.
I would like to thank all the colleagues from Dijamant, Fortenova Group and MK Group who have brought this transaction to fruition and wish our colleagues at Dijamant a lot of success going forward. This transaction marks our exit from the agricultural industry and the edible oil industry. It is part of our portfolio optimisation process, whereby we have exited operations that are no longer our core business. Fortenova Group’s focus is on the retail sector, logistics and commercial real estate as well as beverages”, said Fabris Peruško, Fortenova Group’s Chief Executive Officer and Member of the Board of Directors.
Fortenova Group expressed their satisfaction with the fact that the company has entered this new phase with a partner such as MK Group and the belief that MK Group’s experience, investment strength and strategic dedication would contribute to the further development of Dijamant and the strengthening of its market position. Fortenova Group will provide its full support in all steps of the transition in order for the process to be implemented successfully and in the best interest of the employees, partners and the entire business.
As usual, the public will be timely and transparently informed about all future steps and stages of the process.
Fortenova Group and Žito Group Sign Sale-Purchase Agreement for the Company Zvijezda
13.11.2025.
Today Fortenova Group and Žito Group signed a Sale-Purchase Agreement for the companies Zvijezda plus d.o.o. and Zvijezda d.o.o. Ljubljana, whereby Žito Group acquires a 100 percent share in the aforementioned companies. The signing of the Agreement marks the conclusion of the acquisition negotiations, and the transaction will be finalised upon obtaining the approval of the Market Competition Agency.
With the acquisition of Zvijezda, a company with a tradition of 109 years in manufacturing food products, the Žito Group portfolio will be extended with three strong brands: Zvijezda, Margo and Omegol. Among them, Zvijezda edible oil has for many years positioned itself as the No. 1 brand on the Croatian market, with high market shares on other markets of the region as well.
According to relevant market surveys that track sales and brand power perception, Zvijezda is the leader in all key product categories and the absolute star on the brand power scale in Croatia. As many as five Zvijezda brands have for years positioned themselves among the top ten strongest brands, with Zvijezda edible oil and Zvijezda mayonnaise regularly taking turns as No. 1 and No. 2 on that list. Such consumer loyalty to Zvijezda’s brands is primarily due to their quality, tradition, innovation and originality.
In 2024, Zvijezda had a realisation of 84,000 tonnes of finished products and generated revenues in the amount of EUR 155 million and the company currently employs more than 440 employees.
“The exit from this operation is a continuation of the process that Fortenova Group started with the divestment of the companies with agricultural production. As in all previous divestment processes, our focus in this process was also on finding partners that would, in addition to paying a fair price, make the maximum contribution to the further development and preservation of employment, tradition and the market position that Zvijezda holds. Hence the finalisation of this transaction results from our conviction that Žito Group, which has a local raw-material base and features technological excellence, is the most natural environment for Zvijezda where that company will, with its expertise and personnel potential, focused leadership and development vision, gain new momentum. At the same time, this will strengthen the partnership between two large regional companies. We are grateful to all colleagues at Fortenova Group and Zvijezda, as well as at Žito Group, who have worked hard to make the realisation of this transaction possible. It has additionally strengthened Fortenova Group’s financial position and set the foundation for its further growth”, said Fabris Peruško, Fortenova Group’s Chief Executive Officer and Member of the Board of Directors.
The industrial production at Žito Group is a vertical extension of the crop and livestock production. The Group’s industrial branch comprises the DOBRO Meat Industry, the Čepin Edible Oil Factory, the Vitalka Animal Feed Factory, the seed product finishing plant and electricity production. It is important to note that Žito is the country’s largest egg producer, the second largest arable land tiller and the second largest pig producer.
“With this transaction Žito Group has additionally strengthened its position on the regional food industry market and expanded its product and production capacity portfolio. We believe that the synergy between Žito Group’s existing production plants and Zvijezda will contribute to even greater efficiency, innovation and competitive edge on the market. We would like to thank Fortenova Group for their trust as well as everyone involved in the realisation of this important transaction”, said Marko Pipunić, President of the Management Board of Žito Group.
“Žito Group has always been originally focused on growth and development, and with Zvijezda it has now gained additional strength and the width required for another step forward when it comes to brands, production and market positions. I am confident that we shall use this opportunity to create long-term value for all stakeholders: the employees, the shareholders and the community”, Pipunić concluded.
The final sale-purchase price will be established upon closing of the transaction, in accordance with the agreed pricing mechanism, depending on the financial and operational results generated by the company Zvijezda plus d.o.o. by the closing date.
Employer Partner Certificate awarded to thirteen and Future Resilience Certificate to ten Fortenova Group companies
07.10.2025.
-While 12 companies were successfully recertified, IDEA CG received its first Employer Partner Certificate-
Following the successful completion of the evaluation process, Idea CG for the first time joined the other Fortenova Group companies that already held the Employer Partner Certificate, and with the other companies having been regularly recertified by SELECTIO Group, a total of 13 Fortenova Group companies now hold an independent, external excellence certification in terms of human resources management.
Hence the companies that earned their Employer Partner Certificates for the year 2025 today are Konzum, Pik Vrbovec, Jamnica, mStart, Idea marketi, Mg Mivela, Roto dinamic, Zvijezda, Dijamant, Mercator Slovenija, Sarajevski kiseljak, Idea-CG and Fortenova grupa d.d.
The Employer Partner Certificate is an unbiased recognition by human resources experts in the European community that acknowledges the highest quality of management in seven key HR areas. Evaluated in the certification process there are a number of topics such as selection/recruitment, competence development, leadership, operational performance, involvement and satisfaction, career and succession and rewarding at all levels of the organisation.
The Certificate actually indicates how companies in Croatia develop processes when it comes to human resources, and given that it is based on international standards, it makes it possible to compare local and global practices and track the progress when it comes to professional development.
At the same time, following Fortenova grupa d.d., which as a test company underwent the process of the Future Resilience (FR) certification in 2024, this year the same certification process was conducted by SELECTIO Group at the companies Konzum, Konzum BiH, Roto dinamic, Zvijezda, Idea CG, Tisak, Mg Mivela, Jamnica, Sarajevski kiseljak and mStart, which received their FR Certificates at the same awarding ceremony.
This certificate is awarded by SELECTIO Group to companies that take care of the welfare of their employees and conduct activities that help them build resilience to different professional and private challenges as well as unpredictable and stressful situations.
“Regardless of the exceptionally broad spectrum of its business activities, the Group does not call into question the quality of processes focusing on people, because we are aware that today this is one of the employers’ greatest advantages on the labour market. Another important factor that we insist upon when it comes to human resources is the standardisation of processes and activities across all companies, regardless of the markets on which they operate. This pays off in the form of such external certifications acknowledging that we have a business environment that appreciates the needs of its employees and takes care of their satisfaction and motivation” – commented Vlasta Babić Kolar, Fortenova Group’s Director of Human Resources.
“Fortenova Group has systematically developed its HR practices with clear focus on long-term growth and sustainability. Particularly standing out is their well thought-through approach to leadership development, internal training and flexible forms of work. Thereby they have proved that the continuous improvement of the work environment is not only a short-term initiative, but a constituent part of their business strategy.
They have also demonstrated a high level of maturity in human resources development through clearly structured recruitment and development processes. Also worth to be highlighted are the initiatives enabling employees to actively propose ideas and take part in forming the collaboration and synergy within the group, said Lara Šubić Šuša, Head of HR Consulting at SELECTIO Group.
Roto dinamic acquires Hermo, Varaždin-based beverage wholesale and retail company
01.10.2025.
With 500 new partners in the areas of Varaždin, Ludbreg and Ivanec, Roto dinamic additionally strengthens its market presence in Northwest Croatia
Roto dinamic, national food and beverage distributor operating as part of Fortenova Group, has concluded the process of acquiring the company Hermo from Varaždin, a regional company for the wholesale and retail of beverages, with locations in Varaždin, Ludbreg and Ivanec.
Roto has thus extended its customer base with another 500 partners, additionally improving its position in the area of Northwest Croatia, where it has thus strengthened its distribution network and enhanced the quality of service.
At the same time, with this acquisition the company has remained consistent in pursuing its strategy of consolidating the wholesale and retail market and additionally strengthening its leading market position in Croatia, providing for the long-term sustainability of its business model.
“For us, this acquisition is a continuation of our market consolidation strategy. We are proud that, along with the new customers, we will also be joined by more than 30 employees of Herma, which provides for the broadening of our strength and experience and for our operational continuity. We are particularly happy that our portfolio will include another two brands – Siegl beer from Austria and Petovia liqueur from Slovenia – which will additionally enhance our offer. This acquisition is much more than just numbers – it brings new opportunities for cooperation, innovation and growth, as well as the reinforcement of our common goal – for Roto dinamic to remain the first choice of our customers and partners in Croatia” – said Maja Novak, Member of the Management Board of Roto dinamic, who shall also assume the role as Chairwoman of the Management Board of the new Roto system member. Hermo will continue to operate under the same brand going forward.
Marijan Bilić, former co-owner of the company Hermo, emphasized that there were more than 30 years of work behind his company in the dynamic environment of beverage distribution.
“It is with pride that we can say today that we have become part of Roto dinamic, which has recognized the value and the results of our operations. I am convinced that this acquisition will provide new impetus for further development, the strengthening of the market position and the improvement of service for our customers and partners” – Bilić concluded.
Arivera Fruit – new name and visual identity of the company Enna Fruit
26.08.2025.
Together with its associated companies, Arivera Fruit is the region’s leader in the market supply, organisation of production, purchase, distribution and processing of fruit and vegetables
After joining Fortenova Group, the company Enna Fruit has undergone a complete redesign of its name and visual identity. The company’s new name is now Arivera Fruit, accompanied by a change in the company’s trademark and colours.
While the new company name has resulted from the combination of words that are the synonyms for courage, strength and dedication, which are the company’s guiding principles, the new logo and selection of colours are a reflection of nature and the fruits that it generously offers in the sunlit fields.
At the same time, with the change of its visual identity Arivera Fruit has also got a new website ( https://www.ariverafruit.hr ), featuring the most important information about its structure and organisation as well as its core business activities.
Together with its affiliated companies across the countries of the region, Arivera Fruit is the leading company in SE Europe for the market supply, organisation of production, purchase, distribution and processing of fruit and vegetables. When it comes to purchasing, it currently cooperates with more than 1000 contract farmers and in each country of operation it pursues the same strategy – the focus being on the organisation of production and the purchase of locally grown produce, primarily to supply the local market and then also for exports to the region and beyond. To that end, Arivera Fruit has its purchase centres in each country, while in Croatia there are six of them: in Donji Miholjac, Lozan, Varaždin, Opuzen, Polača and Dugo Selo, where the company also has its registered headquarters. Through the company Moslavina voće it manages Croatia’s largest apple orchard near Kloštar Ivanić. The company has more than 600 employees and its total revenues exceed EUR 270 million.
Responsible operations are one of the most important principles that the company’s activity rests upon. Arivera Fruit builds long-term and secure partner relations and boasts flexibility, approachability and active investments in the community, as well as environment protection. In witness thereof, it features numerous internationally recognized certifications. Among others, Arivera Fruit recently received the Authorised Economic Operator – Customs (AEO-C) Certificate, assigned by the Customs Authority of the Republic of Croatia as an international certification that the company operates in accordance with the high standards of customs compliance and transparency and that it has been recognised as a reliable partner in the global supply chain.
The certification acknowledges that Arivera Fruit acts as a trustworthy economic entity on international level and provides numerous advantages: simplified customs procedures, reduced number of controls, faster flow of goods and documents, as well as significantly reduced operating costs related to customs clearance. This provides business partners and customers with a higher level of predictability and efficiency in all distribution phases.
“We have changed our name and visual identity, but all the fundamental values that we are guided by in our operations have remained the same. We work, grow and provide support to our contractors and partners and care about our employees, customers and the entire community. Thus, over a period of only five years, we have built a strong chain of relations across the region that create new values on all markets where we operate. Additionally strengthened by joining Fortenova Group, with which it primarily shares the same approach to doing business, Arivera Fruit shall continue to be a safe and reliable partner in the regional production of fruit and vegetables”, says Sanja Burić, Chairwoman of the Supervisory Board of Arivera Fruit.
Mercator Emba to transfer from Fortenova Group to Agrana Group
18.08.2025.
– Large B2B producer of toppings and syrups and supplier to numerous significant EU companies to transfer to Group that is global leader in several food segments –
The Agrana food group is taking over the company Mercator-Emba d.o.o., a B2B producer of toppings and syrups which supplies customers across the whole of Europe, from Fortenova Group. Emba also produces private label products for end customers, the best known ones being BenQuick instant cocoa products and Sladki greh dessert toppings.
The company with around 100 employees is seated in Slovenia and generates revenues of around EUR 30 million. This modern company continuously invests in the quality and safety of its products and follows modern trends and consumers’ eating habits. However, although it is highly efficient and respectable, the company does no longer fit into Fortenova Group’s strategic direction.
“Fortenova Group has been actively reshaping its portfolio to focus on key activities that deliver products and services directly to end consumers. In that context, we firmly believe that Agrana is the right environment for Mercator Emba, a strong and successful company known for the exceptional quality of its products and its role as a reliable supplier to some of the most prominent companies on the EU market. We are convinced that Emba, as part of a company with extensive expertise in B2B solutions for the food industry, will not only maintain its high standards but continue to improve. I would like to point out that we are exceptionally satisfied to have found a partner that shares our values and recognizes the strength of the Mercator Emba team. We are certain that Emba’s extraordinary employees with their professional approach, experience and personal qualities will make a valuable contribution to Agrana and continue to build the company’s success” – said Fabris Peruško, Fortenova Group’s Chief Executive Officer and Member of the Board of Directors.
Agrana is the global leader in fruit preparations as well as apple and wild berry juice concentrates and the leading company for sugar production in Central and Eastern Europe. Its operations are divided in two divisions – “Agricultural Products and Specialties” and “Food and Drinks Solutions”, and with the acquisition of Emba it will gain access to additional distribution markets and new customers in the food service sector.
The transaction is subject to the approval of market competition and regulatory authorities.
Fortenova Group Closes Refinancing Agreement with Europe’s Leading Banking Group
25.07.2025.
– Fortenova Group refinances debt of EUR 550 million with largest corporate financing in Croatia arranged by Zagrebačka banka and UniCredit Group –
Fortenova Groupsigned an agreement today to refinance its existing debt in the amount of EUR 550 million with Zagrebačka banka and UniCredit Group. The effective date of the refinancing is 1st October 2025.
With this arrangement, which is the largest private corporate financing in the Republic of Croatia arranged by only one banking group, Fortenova Group has taken an important step in the further stabilisation and strengthening of its financial position. It is also the first bank financing realised by the Group on the market since its foundation in 2019. Since then Fortenova has systematically been implementing its deleveraging strategy by divesting assets and increasing profitability, whereby it was able to significantly reduce its leverage. Today its net financial debt to operating profit (EBITDA) ratio is within the range that corresponds to investment credit rating.
With this move, Zagrebačka banka and UniCredit Group have once again demonstrated to have recognised the strategic importance of Fortenova Group’s operations on the markets of Southeast Europe. As banks headquartered in the European Union, they have proved to have the capacity to compete with global financial institutions when it comes to providing support to large and important business systems.
“We are proud to have signed the refinancing agreement with our partner of many years, Fortenova Group, today. The transaction that we have realised as lead creditor together with UniCredit is the largest transaction on the Croatian corporate banking market and, as we believe, also an important support for the Group to rely on in its further plans. This is yet another proof of UniCredit’s strategy as one of Europe’s leading banks and its key role in the development of strong European companies and the European economy” – said Dalibor Ćubela, President of the Management Board of Zagrebačka banka, on the occasion of signing the agreement.
“This agreement is the grand finale of the period over the course of which we were able to bring Fortenova Group, within only a year’s time after the completion of its ownership transformation, to a leverage level that enables it to enjoy financing conditions offered to companies with investment credit rating. Behind us there are numerous key operations – from the divestment of non-core parts of the Group to a number of processes implemented to additionally consolidate and improve the business through operational restructuring and strengthening the cost efficiency of our companies. The result are growing revenues and operating profits in all our key segments. At the same time, we have set a clear strategic framework for the forthcoming development period, where our focus will be on retail, food and beverage production and distribution. Thanks to the more favourable financing terms and conditions, we will be able to support those activities with new investments to a much greater extent than before” – said Damir Spudić, Fortenova Group’s Member of the Board of Directors and Chief Financial Officer, commenting on the agreement.
“Since the beginning of Fortenova Group’s activities in 2019 until today we have reduced the gross debt from EUR 2 billion to EUR 650 million, and at the same time we have more than doubled the Group’s EBITDA. Following the change in ownership and the exit of sanctioned shareholders from our structure, we were able to fully dedicate our attention to the business, to restructuring the operational and real estate portfolio and to implementing our vision of the Group’s future – with significantly better conditions to accomplish the goals set. I would like to thank Zagrebačka banka and UniCredit Group for the trust placed in us and look forward to our further collaboration. Today’s date bears a special symbolic value, too – it is exactly six years since our Shareholders’ Assembly confirmed the first financing agreement with HPS. We owe them a great debt of gratitude as well, because they supported us financially at times when, due to the complex ownership and credit structure and unfavourable global circumstances, that was neither easy nor usual. However, this very support additionally motivated us to change the circumstances to our advantage as soon as possible. Today’s agreement bears witness to the fact that we have succeeded in doing so” – said Fabris Peruško, Fortenova Group’s Chief Executive Officer and Member of the Board of Directors.
“We are happy that it was Zagrebačka banka, as Croatia’s leading bank, to enable the financing of the largest Croatian company, which is with its more than 45 thousand employees also the largest private employer in the region. I am proud of the Zagrebačka banka team, which was able – through the exceptional collaboration with the client and the parent Group – to realise a very complex transaction, which is also the largest one on the Croatian corporate banking market. With this financing we have continued to strongly support the food sector, as well as the entire economy of Croatia and the region” – added Aleksandra Rašić, Member of the Management Board of Zagrebačka banka for Corporate Banking.
Fortenova Group’s New Investment Raises Domestic Production of Cucumbers by 50 %
08.07.2025.
Moslavina voće, a Fortenova Group company and an important Croatian agricultural producer, invested almost EUR 350,000 this year in a cornichon cucumber plantation spreading across 7.2 hectares. This high-quality cucumber sort is primarily intended for processing and pasteurisation, and due to this investment its domestic production has been increased by 50 %.
Namely, over the last 15 years the production of cornichon cucumbers in Croatia was significantly reduced. Back then, around 2500 tonnes were being purchased, while today the purchased quantities are around 500 tonnes. This year already, the new plantation is expected to yield around 250 to 300 tonnes, which is half of the total quantities purchased from small farmers across the country, while over the next years it is planned to further increase the production on our plantation.
On this occasion Ivona Tupek, Managing Director of Moslavina voće, stated that this was a unique plantation in this part of Europe, equipped with a so-called FLAT hail protection net and an irrigation system from the company’s own lake.
„Over the previous years we were witnessing a shortage of some vegetable cultures, including cornichon cucumbers which are used for pickling. This is a sensitive culture, and investments in irrigation and fertirrigation, as well as hail protection, have set new standards in the domestic agricultural production. Although Croatia used to have a strong tradition in growing cornichons, until recently the production was almost about to become extinct. The large new plantation is a great step forward in revitalizing that culture, as well as a signpost for sustainable and modern agricultural production in Croatia”, Tupek said.
The investments followed after a major challenge last year, the first year of planting cornichon cucumbers, when in July 2024 hail destroyed the plantation immediately after commencement of the harvest. This year’s yield is mainly of premium quality (first class), and the deliveries to Naturala, the largest domestic buyer of cornichons, have already started. By way of reminder, Naturala is also part of Fortenova Group, which additionally strengthens the connections and synergy within the system and provides consumers with high-quality domestic products on the shelves.
In addition to growing cornichon cucumbers, Moslavina voće is also Croatia’s largest producer of apples, with an impressive 263 hectares of total area, whereof 160 hectares are covered with plantations featuring more than 650,000 apple trees. The largest apple orchard in Croatia, Obreška, is located in the hilly area around Kloštar Ivanić, where the first plantations were raised in 2004 and modernized in 2017.
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