Arhiva Food - Fortenova Grupa

Agrolaguna opens new Taste&Shop Festigia store and tasting room in Poreč Food

31.03.2023.

Agrolaguna’s new Istrian cheese, olive oil and wine tasting room and store was opened today in Poreč at the address Mate Vlašića 34. With the new creative concept called Taste&Shop Festigia Agrolaguna intends to enhance the offer of Istria’s oenology and gastronomy tourism. Attending the opening were Fabris Peruško, Fortenova Group’s Chief Executive Officer and Member of the Board of Directors, Sotiris Yannopoulos, CEO of the Food Division at Fortenova Group, Nerina Zec, Chairwoman of the Management Board of Agrolaguna, Loris Peršurić, Mayor of the City of Poreč and Boris Miletić, Prefect of the County of Istria.

The newly opened store will offer its customers and visitors a wide range of premium Festigia and Vina Laguna wines, Ol Istria olive oils and Špin Istrian cheeses. The tasting room will be the venue for themed nights and educations about wine, oil and cheese and during the tasting events guests and customers will be introduced to the entire process and experience of creating Agrolaguna’s premium products. The intention is for this store and tasting room to also become the favourite gathering spot for all gourmets who appreciate indigenous Istrian products.

“The comprehensive renovation of this facility is an important part of Agrolaguna’s transformation into a modern wine, edible oil and cheese producer, a change supported by Fortenova Group both organisationally and investment-wise. The quality of our products has been acknowledged by numerous international awards, and having in mind the region’s tourism potential, with this new concept we have also made a step forward in terms of presentation because tourism is an equally important lever for the development of Agrolaguna as it is for the development of Istria. Our wish is for the tasting room, as well as for some other parts of the company like the vineyards or cellars, to become an indispensable point of the region’s tourist offer. The company has thus affirmed its responsibility towards its surrounding, contributing to the improvement of modern destination tourism, while also developing a partnership with the local community” – said Fabris Peruško, Member of the Board of Directors and Chief Executive Officer of Fortenova Group on the occasion of the new store and tasting room opening.

Nerina Zec, Chairwoman of the Board of Agrolaguna, pointed out: “This concept constitutes a great opportunity to show both our long-standing and our new customers how much knowledge, experience and expertise we have invested in the production of high-quality local Istrian products. Our new Festigia tasting room and store offers a unique shopping and tasting experience, making it possible for all customers and visitors to get even closer to the Istrian culture.”

“There are many associations tied to Istria, one of them certainly being the comprehensive oenology and gastronomy offering, which is also the second most important motive for guests to visit our part of the world. As region we are too small to compete with mass production and therefore we have opted for excellence in everything we do. The County of Istria is proud of all achievements of our farmers and entrepreneurs, who have with their work and enthusiasm contributed to the promotion of the Istrian brand, Agrolaguna being one of them. Congratulations on the opening of the new tasting room” – said Boris Miletić, Prefect of the County of Istria, while Loris Peršurić, Mayor of the City of Poreč, pointed out that any city would be proud to call such a large producer of outstanding quality its own. “I believe that this boutique store will soon become a favourite spot for everyone who wants to take the taste of Poreč and Istria home with them. I would like to congratulate the entire collective that creates this products and wish them a lot of success going forward” – he said.

Together against food waste Social Responsibility

22.03.2023.

Fortenova Group, Konzum, Zvijezda and PIK Vrbovec are among 33 signatories that have today signed the voluntary agreement on preventing and reducing food waste “Together Against Food Waste” with the Ministry of Agriculture.

The Agreement is intended to drive the food sector’s social responsibility, as well as collaboration, exchange of experience and defining of common goals and activities of the stakeholders involved, with the ultimate goal of preventing and reducing the generation of food waste in Croatia by 30 percent by the year 2028.

The Agreement is part of the Food Waste Prevention and Reduction Plan in the Republic of Croatia for the period between 2023 and 2028, as well as the reform measure “Food Donation System Improvement” from the National Recovery and Resilience Plan and is signed for a period of five years. Pursuant thereto, a working group will be established that will prepare a Common Annual Report, where the involved signatories are obligated to submit progress reports.

On behalf of Fortenova Group and its companies the Agreement was signed by Marina Burazer, Director of Marketing at Fortenova grupa d.d., Uroš Kalinić, Member of the Management Board of Konzum, Tomislav Alagušić, President of the Management Board of Zvijezda and Slaven Ružić, President of the Management Board of PIK Vrbovec.

“Fortenova Group, with its companies engaging in agriculture, production and retail of food, is aware of the importance of preventing and reducing the generation of food waste. We have signed the Agreement in order to contribute to the reduction of food waste as well as to influence the raising of public awareness of this topic by way of concrete and measurable contributions. Each one of us, both personally and at company level, can contribute to a solution and I am pleased to say that our companies have since many years been systematically working in that direction – from efficient stock management, raising public awareness and promotional activities for customers to food donations. Konzum, for example, has for five consecutive years been holding the title of The Best Donor, having donated more than 1 300 tonnes of food. Such initiatives are good for the entire planet, as well as for individual states, companies and consumers – all in all, they are in the common interest of all of us and deserve to be approached with due care” – Marina Burazer stated on this occasion.

Fortenova Group Signs Sales Agreement with Nomad Foods for Divestiture of its Frozen Food Business Food

29.03.2021.

Fortenova Group d.d. and Nomad Foods Limited have signed a Sale and Purchase Agreement (SPA) for the 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.

The value of the transaction is EUR 615 million, on a debt-free, cash-free basis, with completion planned for Q3 2021. Upon completion, Nomad Foods will become the owner of FFBG which comprises a leading European frozen food portfolio of iconic local brands with strong consumer awareness in Croatia, Serbia, Bosnia & Herzegovina and several other countries in South East Europe (SEE). With more than half a century of tradition, the FFBG is the largest producer and distributors of ice cream and frozen foods in its respective markets.

“This is a transformational transaction for Fortenova Group with all the funds to be used to deleverage the Group and deliver a Fortenova Group that is, after many years, financially strong and able to fully invest in all its businesses”, said James Pearson, Fortenova Group’s Chief Financial Officer.

“Our Frozen Food Business Group is the market leader in the region where we operate, and I am glad that we have achieved our main goal in its sales process. The goal was, over and above maximizing value, to conclude this transaction with a strategic partner who will make the maximum contribution to further the development of FFBG and recognize the full value and potential of this business and its people”, said Fabris Peruško, Fortenova Group’s Chief Executive Officer and member of the Board of Directors. “With completion of this transaction we will fulfil a key prerequisite for the capital structure optimization that will enable strong investment in our businesses and drive their future growth. I am very thankful to all people in the Frozen Food Group and in the Fortenova Group who have worked very hard over the past six months to make this happen. Knowing that our Frozen Food is going to be in very good hands, we are looking forward to cooperating with Nomad Foods as an important future business partner in this region”, concluded Peruško.

Completion of the transaction is subject to regulatory approvals in the applicable markets as well as Fortenova Group’s shareholders’ approval. Fortenova Group’s Board of Directors, consisting also from representatives of majority shareholders, has unanimously supported signing of the SPA with Nomad Foods.

Fortenova Group was advised on this transaction by Akin Gump Strauss Hauer & Feld LLP, Bogdanović, Dolički & Partners Law Firm, Citigroup Global Markets Europe AG, Isailović & Partners Law Firm, KPMG Croatia, Marić & Co Law Firm and VTB Bank (Europe) SE.

Fortenova Group moves forward with the Frozen Food Business Group divestment in exclusive negotiations with Nomad Foods Food

11.01.2021.

After completing due diligence process for the sale of the companies Ledo plus d.o.o., Ledo d.o.o. Čitluk and Frikom d.o.o., forming together with several smaller affiliated companies the Frozen Food Business Group, Fortenova Group d.d. (www.fortenova.hr) have decided to move forward to the next phase by entering into exclusive negotiations with Nomad Foods (www.nomadfoods.com).

“Nomad Foods is a company with outstanding investment and operational track record that has a clear focus on frozen foods segment in Europe. There is of course still a lot of work to do and a number of conditions that need to be fulfilled before coming to a final agreement, but we fully expect to be able to do this”, said James Pearson, Fortenova Group’s Chief Financial Officer.

“Multi-party due diligence process for the Frozen Food Business Group has been brought to a successful completion by our acceptance to continue negotiations exclusively with Nomad Foods, who have so far proved to be an extremely strong potential partner for our Frozen Food Business Group. Fortenova Group’s ultimate goal, over and above maximizing value, remains to be the conclusion of a transaction with a strategic partner who will make the maximum contribution to the further development of the Frozen Food Business Group and recognize the full value and potential of this business and its people”, said Fabris Peruško, Fortenova Group’s Chief Executive Officer and member of the Board of Directors. “This transaction is part of the process of the capital structure optimization that will enable the further development of the Fortenova Group. I expect the next phase of the Frozen Food Business Group sale process to be completed by the end of Q1 this year through the signing of a Sale and Purchase Agreement. If so, the transaction could be completed post receipt of regulatory approvals, as early as Summer 2021. We will continue to keep our people and the market informed of further developments in a timely manner”, concluded Peruško.

Fortenova Group has received a number of non-binding offers for the Frozen Food Business Group Food

22.09.2020.

Fortenova Group has received a number of non-binding offers for the acquisition of the companies Ledo plus, Ledo Čitluk and Frikom, forming together with several smaller affiliated companies the Frozen Food Business Group, which operates within Fortenova Group’s Food Division.

“Over the last few years, and again in recent weeks, there has been occasional comment and discussion in regards to offers being made for various Fortenova Group’s assets. Whilst this interest reflects the strength of our business, brands and management it obviously creates uncertainty and concern for our employees. We will therefore aim to quickly review the offers received and decide whether to move forward with one or more of them. Our aim is for this decision to be taken by mid-October, which will then be communicated first to our employees and then announced to the public. Our ultimate goal, subject to achieving a satisfactory price, is to select a strategic partner who will make the maximum contribution to the further development of the Frozen Food Business Group and completion of the process depends on finding such partner”, said Fabris Peruško, Fortenova Group’s Chief Executive Officer and member of the Board of Directors.

“With our clear strategy to financially strengthen the company in mind, a sale of the Frozen Food Business Group, if concluded, would result in a reduction of debt that would transform the financial position of the overall Fortenova Group. This would then allow full investment in the remaining businesses to drive their future growth. The Executive Directors and the Board will review the offers received and will quickly take a decision on how to move forward”, said James Pearson, Fortenova Group’s Chief Financial Officer.

“To proactively achieve our targeted capital structure via deleveraging the company, we are ready to dispose of only one segment of the core business which potentially with these offers would be the Frozen Food Business Group. Beyond this, the divestment of our non-core operations in order to focus on the core business will be continued”, concluded Fabris Peruško, Fortenova Group’s Chief Executive Officer and member of the Board of Directors.

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