Atlantic Grupa submits binding offer for Strauss Adriatic
Atlantic Grupa submitted a binding offer today to acquire Strauss Adriatic d.o.o., which was formally accepted by Strauss Group. Transaction closing is pending for merger approval by the Serbian Competition Agency.
Binding offer is based on enterprise value of 40.5 million euros, on a cash-free and debt-free basis, and assuming delivery of normalised net working capital at transaction closing. Strauss is known for its strong coffee brands in the Serbian market – Doncafe and C kafa, which would be joining Atlantic’s renowned brands Grand kafa and Barcaffé.
Along with the brands, Atlantic Grupa would be taking over Strauss Adriatic’s modern production facility in Šimanovci industrial zone, near Belgrade, and its 220 employees.
– Atlantic Grupa is the largest coffee producer in the region of Southeast Europe, as well as the category leader, and this acquisition fully follows our strategy goal of strengthening our core business. Upon the merger approval, I will be happy to extend a warm welcome into our system to Doncafé, C kafa, as well as new colleagues joining us. I am excited with all the perspectives for our common growth and development – Mate Štetić, Atlantic Grupa’s Vice president for strategic categories Coffee and Snacks commented.
– We are happy to have found a strategic partner for our Serbian coffee operation, one that is equally dedicated to the development of the company, our strong brands and employees, as well as the category itself. We are proud of our results it the years to date, and convinced Atlantic Grupa will continue successfully developing the integrated business, once the regulatory approvals are received – concluded Siniša Daničić, the General Manager of Strauss Adriatic.
Atlantic Grupa intends to place considerable investments into its coffee business, developing both production technology and the brands, their product portfolio and communication, equally in retail and in the HoReCa segment. Developing its key categories (coffee, chocolate, sweet and salty snacks, savoury spreads and nonalcoholic beverages), organically and by acquisitions, is the foundation of Atlantic’s growth strategy, and the latest acquisition makes for an important step on the way of its implementation.
On top of that, it is an important contribution to growing coffee category in Serbia and the region, ultimately raising the regional industry’s as well as the local brands’ competitive positions.
