Croatia's Fortenova Group has completed its exit from the agriculture sector with the sale of fruit and vegetable business Vinka Plus to Osatina Group.
Formerly operating as Agrokor before restructuring and adopting a new strategy in 2019, Fortenova has been divesting its agricultural assets. The group has also accepted an offer from Bosqar Invest for the Croatian meat producer Pik Vrbovec. Financial terms for the Vinka Plus transaction were not disclosed.
"With this, the Fortenova Group successfully concludes the process of disinvesting its agribusiness because Vinka is the last company in the group directly related to agricultural production," said CEO Fabris Peruško. He added that the transaction with Osatina will support local agricultural production. "In light of the constant global turmoil, this is very important."
Vinka Plus, based in Vinkovci in eastern Croatia, holds concessions for around 800 hectares of state-owned farmland and operates the Borinci orchard, one of the largest in the country. The company shut its industrial fruit and vegetable processing unit last year, and a partner was found to continue the business, including retaining employees.
Osatina Group produces fruit, vegetables, milk, meat, and animal feed. The company employs about 1,500 people and operates across four counties in eastern Croatia.
Director Mirko Ervačić said: "This transaction represents a logical step forward in the further optimisation and expansion of our production capacities. By taking over Vinka, we are additionally connecting existing resources and strengthening efficiency within our production chain, especially in the fruit-growing segment.
"The focus in the coming period will be on business integration, improvement of operational processes, and maximum utilisation of the potential of existing plantations."
Bosqar is acquiring Pik Vrbovec through its Future Food division, which also includes Slovenian agri-food group Panvita and bakery group Mlinar, where Bosqar holds a 67% indirect ownership.
Fortenova has also divested other agriculture-related assets, including the sale of the Zvijezda sauces and oils business to Podravka-owned Žito and Serbian edible oils producer Dijamant to the MK Group.
Source: Just Food
