Croatia’s Studenac Expands To Slovenia With Kea Acqusition

This strategic move marks Studenac’s first foray into international markets, offering new opportunities for growth and development in the region.

The acquisition agreement has been finalised, and the transaction is now pending approval from the Slovenian Competition Agency. Once approved, Studenac will gain control of Kea’s network of 31 stores located in the Celje, Maribor, Prekmurje, and Primorje regions of Slovenia.

These stores, averaging 250 square metres, generated nearly €50 million in revenue in 2023 and a net profit of €1.3 million.

Kea’s stores operate under the franchise brand of retailer Tuš, which is currently undergoing a takeover by Mercator.

Kea, based in Šentjur, is a family-owned business with a workforce of over 250 employees. The current ownership structure consists of 97% shares held by the company and 3% by Boštjan Kukovičič.

Studenac

Studenac’s success in Croatia is rooted in its neighbourhood store format and its aggressive acquisition strategy.

Over the past six years, Studenac has acquired eight smaller local retail chains, adding over 650 stores and tripling its store count since 2018. By the end of the first half of 2024, the network consisted of over 1,300 stores across Croatia, making Studenac the largest retailer in the number of stores.

Since 2018, Studenac has been owned by a fund managed by Polish private equity firm Enterprise Investors.