Fortenova Group Continues Negotiations on Sale of Frozen Food Factories | Beta Briefing

Fortenova Group Continues Negotiations on Sale of Frozen Food Factories

Source: Beta/Jutarnji list
SEE Business / Croatia | 09.11.20 | access_time 12:05

Fortenova Grupa (BETAPHOTO/HINA/Daniel KASAP/DS)

Agrokor’s successor Fortenova Group announced on Nov. 2 that it was continuing negotiations on the sale of frozen food factories, including Serbia’s Frikom. 

The Daily Jutarnji List learned from several unofficial sources from the business community that, after it began gathering initial non-binding bids about a month and a half ago, the management of the Fortenova Group selected three bidders who will be allowed to perform due diligence of the company, after which binding bids for acquisition are to be made. 

According to the daily’s website, the bidders in question are Norwegian Orkla, Anglo–American conglomerate Nomad Foods and the Czech–Slovak consortium comprising investment funds Emma Capital and J&T Private Equity Group, which have entered the second round of talks on a transaction that will potentially “weigh” up to EUR600m. 

The website says that “after it received a number of non-binding bids for the acquisition of Ledo Plus, Ledo Citluk and Frikom, which together with a few smaller affiliated companies make up the Frozen Food business section, by inviting a number of select bidders to start a comprehensive analysis of the company that is the subject of the potential transaction, the Fortenova Group decided to continue the next phase of the sale procedure.” 

Due diligence is expected to wrap up by the end of this year.  

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