Monday 22 April 2024
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Strauss accepts bid from Atlantic Grupa to acquire its Serbian coffee unit

Transaction closing is pending merger approval by the Serbian competition authority. The binding offer is based on an enterprise value of 40.5 million euro ($43.6 million), on a cash-free and debt-free basis, and assuming delivery of normalised net working capital at transaction closing

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MILAN – Atlantic Grupa is returning to acquisitions: the Croatian blue-chip company said on Tuesday it submitted a binding offer to acquire Serbian coffee roaster Strauss Adriatic d.o.o., which was formally accepted by Israeli food and beverages company Strauss Group.

Headquartered in Zagreb, Croatia, Atlantic Grupa is a multinational company whose business activities comprise the production, development, sale and distribution of fast moving consumer goods in the markets of former-Yugoslavia as well as Western Europe.

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“Transaction closing is pending merger approval by the Serbian competition authority. The binding offer is based on an enterprise value of 40.5 million euro ($43.6 million), on a cash-free and debt-free basis, and assuming delivery of normalised net working capital at transaction closing,” Atlantic said in a filing to the Zagreb bourse.

“Atlantic Grupa is the largest coffee producer in the region of Southeast Europe, as well as the category leader, and this acquisition is fully in line with the strategic goal of strengthening our core business.

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We are glad to welcome Doncafe, C kafa as well as the colleagues joining our system ” said Mate Stetic, Atlantic Grupa’s vice president for strategic categories Coffee and Snacks.

Atlantic Grupa already owns Grand kafa and Barcaffe, two brands that are very popular in the region.

Along with the brands Doncafe and C kafa, Atlantic would be taking over Strauss Adriatic’s production facility in Simanovci industrial zone, near Belgrade, and its 220 employees.

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