Acquisitive Croation food group Podravka has agreed to buy Ital-Ice, the ice-cream manufacturer and frozen food distributor, from the Knapic family.

Two companies were vying to buy Ital-Ice, but the Knapic family gave preference to the bid from Podravka as rival bidder Agrokor refused to pledge to retain Ital-Ice’s 35 employees after the acquisition.

The two groups declined to disclose the amount Podravka had paid, but it is believed to be in the region of €5.1m (US$4.5m).