Croatian blue-chip distributor of fast-moving consumer goods Atlantic Group 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.
“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, 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 stock exchange
Strauss is known for its strong coffee brands in the Serbian market – Doncafe and C Kafa – which would be joining Atlantic’s brands Grand Kafa and Barcaffe.
Along with the brands, Atlantic would be taking over Strauss Adriatic’s production facility in Simanovci industrial zone, near Belgrade, and its 220 employees.
„Atlantic is the largest coffee producer in the region of Southeast Europe, as well as the category leader, and this acquisition fully follows our strategic goal of strengthening our core business,” Mate Stetic, Atlantic Group’s vice president for strategic categories Coffee and Snacks said.
(Kurir, 23.05.2023)
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