February 29 (SeeNews) - Croatian distributor of fast-moving consumer goods and food products maker Atlantic Grupa [ZSE:ATGR] said on Thursday that on March 1 it will finalise the acquisition of Serbian coffee roaster Strauss Adriatic, the owner of coffee brands Doncafe and C kafa.
"Along with the brands, Atlantic Grupa takes over Strauss Adriatic’s modern production facility in Simanovci industrial zone, near Belgrade, and its 220 employees," Atlantic Grupa said in a press release.
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"This acquisition confirms Atlantic Grupa’s strategic disposition towards strengthening our core business, where coffee holds significant importance," Mate Stetic, head of Atlantic Grupa's coffee and snacks business.
Atlantic already owns brands Grand kafa and Barcaffe.
Atlantic's growth strategy depends on expanding its core categories like coffee, chocolate, snacks, spreads, and beverages through both organic growth and acquisitions. The recent acquisition marks a significant milestone in executing this strategy, the company said in the press release.
Financial details were not disclosed.
In May of last year, Atlantic Grupa announced the submission of a binding offer to acquire the Serbian company, which was subsequently accepted by Israeli food and beverages company Strauss Group. It was disclosed that the binding offer was structured around an enterprise value of 40.5 million euro ($44 million), on a cash-free and debt-free basis.
Atlantic Grupa’s shares traded 3.51% lower at 55 euro intraday on Thursday on the Zagreb bourse.
($ = 0.928 euro)