Croatian food retailer Studenac delivers on global expansion strategy with deal to buy Slovenian firm Kea

Croatian food retailer Studenac has agreed to acquire Slovenia’s Kea.

Financial terms of the deal were not disclosed.

The acquisition of Kea, which operates 31 stores, is subject to approval from Slovenian competition regulators.

With a presence in and around Maribor, Slovenia’s second largest city, and an average store size of 250 square metres, Kea had revenue of almost €50 million last year.

“After rolling out our unique proximity retail concept across Croatia, with significant growth still ahead of us on our home turf, it’s time for Studenac to go international,” says Studenac CEO Michał Seńczuk.

“Our proximity model is tailor-made to deliver what Slovenian shoppers want, and the market is ripe for consolidation. We are determined to become the leading retail chain in our region, putting down roots in local communities the same way we’ve done here at home.”

Studenac has become Croatia’s largest retailer by store count since its 2018 acquisition by CEE focused fund Enterprise Investors, expanding nationwide through both organic growth and the acquisition of more than 650 stores.

As of mid-2024 it had about 1,300 outlets across Croatia, from bustling urban centres like Zagreb and Split, to rural regions with lower population density, and islands on the Adriatic coast with a strong tourism industry.

It says that Slovenia offers attractive macroeconomic and demographic fundamentals, including membership in the eurozone and the second highest GDP per capita of the European Union's 11 Central European members. Research commissioned by Studenac indicates there is significant space for organic expansion of the chain's format.

2023 RTIH INNOVATION AWARDS

Studenac emerged victorious at the 2023 RTIH Innovation Awards.

It was highly commended in the Most Innovative Retailer category for working to automate decision making along its supply chain, reducing the need for manual interventions to a minimum.

Our winners were revealed at a fantastic awards ceremony, which took place at the Barbican Centre in central London.

The event was held on Wednesday, 29th November, maintaining its popular evening format, with a drinks reception in the stunning Conservatory, followed by a Christmas themed three course meal, and awards ceremony in the Garden Room.

Check out the full winners list here.

The 2024 RTIH Innovation Awards are now open for entries. Click here for entry forms and FAQs.