Pavao Vujnovac and Fortenova Group

Pavao Vujnovac is a Croatian businessman who recently became the majority owner of the Fortenova Group, a significant agri-food and retail company in Southeast Europe. Here are key points about his involvement with Fortenova:

1. Ownership Acquisition: In July 2024, Pavao Vujnovac acquired nearly 94% of Fortenova Group for approximately €470 million, with the remaining 6% held by over 80 minority shareholders1. This acquisition marked a significant change in Fortenova's ownership structure.

2. EU Approval: The European Commission approved the takeover, noting that it did not raise competition concerns due to its limited impact on the markets involved3. This approval was crucial for the deal's completion.

3. Business Operations: Fortenova Group operates in agriculture, food, and retail across Croatia, Slovenia, and other Balkan countries. Vujnovac's group, PV Group, also operates in similar sectors, including the wholesale of fruits and vegetables3.

4. Debt Refinancing: Fortenova Group has been working on refinancing its debt, with plans to reduce financing costs and potentially secure a credit rating in 20254. This effort aims to stabilize the company's financial situation.

5. Divestment Plans: As part of its restructuring, Fortenova Group has been selling off certain assets. For instance, it sold its agricultural division to Podravka for €333 million, focusing on maximizing value and ensuring the sustainability of these operations4.

Pavao Vujnovac's acquisition of Fortenova Group marks a new chapter for the company, aiming to stabilize its operations and improve its financial health.