Conglomerate MK Group has agreed to purchase Serbian edible oils manufacturer Dijamant from Croatia’s Fortenova Group.
The deal was announced in individual statements yesterday (27 January) from MK Group and Fortenova, which said the disposal of Dijamant “marks our exit from the agricultural industry and the edible oil industry”.
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Financial terms were not disclosed, while the transaction remains subject to regulatory competition approvals.
According to Fortenova’s website, Dijamant is the “leader” in the production of edible oils, margarines, vegetable fats, mayonnaise, and mayonnaise-based delicatessen products in Serbia under its own brand name.
In what was formerly operating as the trading company Agrokor before undergoing a restructuring exercise, Fortenova’s sale of the Dijamant business is the latest disposal of select food and drinks assets by the Croatian group.
Fortenova CEO Fabris Perusko said in a statement: “It is part of our portfolio optimisation process, whereby we have exited operations that are no longer our core business.
“Fortenova Group’s focus is on the retail sector, logistics and commercial real estate, as well as beverages.”
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By GlobalDataPerusko added that Fortenova had fully settled Dijamant’s debts dating from before 2017 and has invested more than €40m ($47.6m) in the company’s four-decade-old production facility in Zrenjanin, in northern Serbia.
“We doubled production capacities, improved competitiveness and increased market share,” Perusko said.
MK Group, which is active across agriculture, tourism, property and renewable energy in Serbia, Montenegro, Croatia and Slovenia, said the deal would allow it to apply its existing expertise across its food and farming portfolio to Dijamant.
MK Group general director Mihailo Janković said: “I am confident that the transfer of our know-how, experience and expertise, built through many years of managing agricultural and food companies, will enable Dijamant to achieve significant improvements in processes, quality and innovation, as well as create additional value for employees, consumers, partners and the entire industry.”
Fortenova also sold a cooking oils business last year in Croatia and Slovenia. In November, Podravka-owned food group Žito agreed a deal to buy the Zvijezda businesses, which also included spreads, sauces and condiments.
In other disposals, Croatian alcoholic drinks group Badel 1862 struck a deal to acquire local wine, cheese and olive-oil maker Agrolaguna, along with the winery Vinarija Novigrad, from Fortenova.
Divestitures have also included a clutch of food and drinks assets sold to fellow CPG business Podravka. The deal featured fruit and vegetables processor Pik-Vinkovci and grains wholesaler Felix.
