Podravka Finalizes Acquisition of Belje, Vupik, and PIK Vinkovci
31. January 2025.By signing the Share Transfer Agreement, Podravka completed the acquisition of Fortenova Group’s agriculture segment, finalizing the takeover of Belje, Vupik, PIK Vinkovci, Energija Gradec, Belje Agro-Vet, and Felix. This acquisition marks a historic milestone for Podravka, cementing its status as the country’s largest food processing company and one of the leading companies of its kind in the region.
As the owner of all subsidiary companies within the Podravka Group, Podravka will manage its agricultural segment through the company Podravka Agri.
“With the completion of this acquisition, we proudly begin a new chapter in the history of the Podravka Group. This milestone will result in the Group exceeding EUR 1 billion in revenue and employing more than 8,800 people. The successful completion of this challenging process underscores our commitment to the development of Croatia’s economy and domestic agriculture. On behalf of all of our colleagues, I am pleased to extend a warm welcome to our new members joining the strong and successful Podravka Group. We intend to further strengthen their position and relevance through substantial investments and joint efforts in implementing our ambitious development plans. This acquisition is an opportunity for all of us to construct a sustainable and prosperous future for the Podravka Group and all its members”, said Martina Dalić, President of the Management Board of Podravka and Chair of the Supervisory Board of the company Podravka Agri.
“In just one year, we have successfully completed the sale of Fortenova Group’s agriculture division. I would like to congratulate all teams from both companies for their outstanding efforts and expertise in managing and finalizing this process, as well as our advisors for their professional support. After nearly two decades of joint work, investment, and development, what Fortenova Group will most miss are the people whose dedication has been critical to the growth and strength of our agricultural division.
Our colleagues from Podravka have already recognized the agriculture division’s great potential, but the most valuable asset they are acquiring is undoubtedly our people. We are confident that their knowledge and experience will bring added value and further advance Podravka’s operations. For Fortenova Group, this formal step marks the beginning of a new partnership between two prominent companies. I am convinced that with their skills, focused leadership, and development vision, these agricultural companies will continue to thrive. I’m looking forward to seeing their progress”, said Fabris Peruško, Member of the Board of Directors and Chief Executive Officer of Fortenova Group.
Alongside the Food segment, led by Podravka d.d., and the Pharmaceuticals segment, represented by Belupo, Agriculture segment, headed by Podravka Agri, is emerging as the third pillar of the Podravka Group’s operations. Davor Doko, a member of Podravka’s Management Board, will lead Podravka Agri, which will oversee the agricultural companies. His principal responsibility will be to ensure the smooth integration of newly acquired agriculture companies into the Podravka Group and improve their overall performance. Ines Ignjatović, the current director and member of the Management Board of Podravka Agri, who successfully led the acquisition process, will step down from her role in the company. She will continue to serve as Chief Director for Strategic Business Development and Management of Subsidiaries at Podravka.
Podravka plans to initiate an investment cycle in the newly acquired companies, focusing on technological modernization, irrigation systems, and improved working conditions.
“I am pleased to extend a warm welcome to all employees of Belje, Vupik, PIK Vinkovci, Energija Gradec, Belje Agro-Vet, and Felix, who are now part of Podravka Agri. The expertise, experience, and dedication of the employees joining us today are crucial to the successful realization of our shared plans. One of our strategic priorities will be improving working conditions and economic rights of employees. Our first steps will include adopting a new business strategy aimed at increasing productivity through technological modernization, infrastructure upgrades, and employee development”, said Davor Doko, member of Podravka’s Management Board and President of the Management Board of Podravka Agri.
Podravka Agri will continue its collaboration with all existing contract farmers of the acquired companies in accordance with current agreements. Additionally, plans are in place to further expand the network of contract farmers, strengthening domestic production and ensuring the stability of the supply chain. Podravka remains committed to enhancing cooperation with agricultural producers and will continue to be a reliable and high-quality partner in the coming years.
At the end of last year, Podravka and the European Bank for Reconstruction and Development (EBRD) entered into an agreement for a EUR 50 million equity investment in Podravka Agri, making EBRD a partner in the company. Through this investment, Podravka holds an 84.99% and EBRD a 15.01% ownership share in Podravka Agri.
“I am incredibly proud that the EBRD has been part of one of the most significant food sector acquisitions in the region in recent years. This investment will drive the continued growth of the agricultural companies acquired by the Podravka Group, reinforcing their competitiveness and integrating sustainable practices. Moreover, this project represents a deepening of our long-term strategic partnership with one of the leading food companies in Southeast Europe. Together, we will work to unlock the full potential of this acquisition, drawing on our extensive experience in the agricultural sector, fostering knowledge exchange, and actively engaging in the supervisory board and other key activities”, added Miljan Ždrale, EBRD’s Regional Director for Central Europe.
