14:11 19 May 2023
Enterprise Investors builds a giant in Croatia
The EI fund has spent over PLN 1 billion on the acquisition and development of the Studenac network, the largest in Croatia in terms of the number of stores. It sees potential buyers, among others, in Poland. The company is led by Michał Seńczuk, a Polish manager with extensive experience at Biedronka, Żabka, and Polomarket.
Studenac was a family business for almost 30 years. In 2017, before it came into the hands of the fund, it had nearly €200 million in revenue and just over €13 million in EBITDA. This year, it aims to exceed €700 million in revenue (approximately PLN 3.1 billion, roughly half of Stokrotka's sales in Poland in 2022) and €55 million in EBITDA.
In the case of the Croatian network, the fund likely has the majority of the investment period behind it. However, it emphasizes that it is patient.
"Currently, we are very pleased with the business growth, so we are focusing on maintaining at least this pace in the coming years," Michał Kędzia, a partner at Enterprise Investors, commented.
