Croatia’s Studenac Obtains €300m Financing Package

The funds, arranged by Bank Pekao S.A. as the coordinator, have been approved by prominent regional and local financial institutions, Studenac noted.

It includes Powszechny Zakład Ubezpieczeń S.A. (PZU) from Poland, OTP Banka d.d. and Zagrebačka Banka d.d. from Croatia, and OTP Bank Plc from Hungary.

Growth Strategy

Studenac described the financing package as a ‘milestone‘ in its ongoing growth strategy as it reflects trust in the company’s business model and long-term vision.

“This transaction is a strong endorsement of Studenac’s strategic direction and growth potential,” added Michał Halwa, CFO of Studenac.

“It strengthens our ability to invest in further expansion, both organic and through acquisitions, and confirms the trust that international and Croatian institutions have in Studenac’s performance and future prospects.”

The package will be used to refinance existing long-term loans under improved terms as well as to support Studenac’s further growth through both organic expansion and acquisitions.

It will ensure that the company has the necessary resources to deliver on its strategic roadmap and continue consolidating its position across the region.

Jarosław Wesołowski, head of leveraged and project finance in Bank Pekao, stated, “We are delighted to continue supporting Studenac and Enterprise Investors, our valued long-term partners, in the ongoing expansion of their business.

“This transaction further proves our ability to support clients in their business growth and success in the CEE region.”

Wolf Theiss and Arendt advised Studenac on the financing deal, while Clifford Chance and DTB acted for the lenders.

Studenac

Studenac closed 2024 with revenue growth of 22% to €816.5 million, while like-for-like sales rose by 11%.

Adjusted EBITDA for the year reached €78 million, an 18% increase compared to 2023.

In 2024, Studenac commenced international expansion with the acquisition of the Slovenian retail chain Kea.

The retailer opened 140 new stores and integrated an additional 68 locations, taking its network to 1,443 stores across Croatia and Slovenia by the end of 2024, ESM reports.