Fortenova Group
Fortenova Group is a Croatian food, retail, agriculture and consumer-goods holding company created from the restructuring of Agrokor.
Last updated October 14, 2026
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Overview
Fortenova Group is a Croatian corporate group headquartered in Zagreb and active across food production, retail, agriculture and related consumer businesses in Southeastern Europe. It began operating on 1 April 2019 as the successor operating platform created through the creditor settlement of Agrokor, formerly one of the region's largest privately controlled business conglomerates. Agrokor had entered Croatia's Extraordinary Administration Procedure in April 2017 after severe liquidity problems and excessive indebtedness threatened the company and businesses connected to it across several countries. The settlement plan approved by the Commercial Court of Zagreb in July 2018 reorganized the group's assets and liabilities and provided the basis for Fortenova's creation. At launch, Fortenova inherited a broad portfolio of companies and operating assets. Its activities have included supermarket and convenience retail, beverage production, edible oils, fresh and processed meat, agriculture, food distribution and associated logistics. Its principal regional businesses have included Konzum, Mercator, Jamnica, Zvijezda, Dijamant, Belje, Tisak and Sarajevski kiseljak. The group has operated mainly in Croatia, Slovenia, Bosnia and Herzegovina, Serbia and Montenegro, with business interests in Hungary, while its products and commercial relationships have extended to more than 20 countries. Reference material describes a workforce of more than 50,000 across headquarters, factories, stores, sales operations and distribution centers, a retail network exceeding 2,500 stores in the Southeast European region, and a portfolio of more than 4,000 products. A central post-formation priority was financial and operational stabilization. In September 2019, Fortenova refinanced an earlier Agrokor-related loan through a bond transaction. It subsequently reduced the number of significant creditors, refinanced Mercator's debt, sold non-core assets and disposed of its frozen-food division. In September 2021, Ledo plus, Ledo Čitluk, Frikom and associated frozen-food assets were sold to Nomad Foods for €615 million. The sale simplified the portfolio and contributed to debt reduction, while the group retained businesses considered central to its retail, agriculture, beverage, oils and meat platforms. Retail consolidation was another major turning point. Mercator was not transferred into Fortenova at the date of its launch, and its ownership was subject to regulatory and legal complications in Slovenia. After the relevant competition proceedings and ownership issues were resolved, 69.57% of Mercator's shares were transferred to Fortenova in April 2021. Fortenova later became Mercator's sole owner in April 2022, strengthening its position as a leading regional retailer. Fortenova's ownership structure initially reflected the conversion of Agrokor creditor claims into equity. Russian banks Sberbank and VTB became shareholders, creating sanctions-related restrictions after Russia's invasion of Ukraine and complicating the group's governance and financing. In July 2024, Fortenova announced that Fortenova Group MidCo B.V. had been sold to Iter BidCo B.V., an entity owned by non-sanctioned equity holders of TopCo. The transaction removed sanctioned Russian and Belarusian equity holders from the ownership structure. Open Pass became the majority investor in Iter BidCo, while participating minority holders retained a collective stake. The group presents itself as a regional food and retail platform focused on essential consumer products, agricultural production and vertically connected supply chains. Its current identity is therefore less that of a single consumer-facing brand than of a holding company managing a portfolio of established brands, retailers and production businesses. Its development since 2019 has been defined by the transition from Agrokor's insolvency administration to a more concentrated, financially stabilized and operationally focused regio…
History
Fortenova Group emerged from the restructuring of Agrokor, a heavily indebted Croatian conglomerate with extensive operations in food, retail, agriculture and distribution. On 10 April 2017, Croatia activated its Extraordinary Administration Procedure to prevent Agrokor's disorderly collapse and limit the effects on the Croatian and wider Southeast European economies. The procedure was recognized in several foreign jurisdictions, including England and Wales, Switzerland and the United States under Chapter 15 of the US Bankruptcy Code. The European Union also recognized Croatia's extraordinary-administration legislation as an insolvency framework. Agrokor's creditors approved a settlement plan that was sanctioned by the Commercial Court of Zagreb on 6 July 2018 and became final following a High Commercial Court decision in October 2018. The plan reorganized creditor claims and transferred viable operating assets into a new group. Fortenova Group began operations on 1 April 2019, initially comprising 159 subsidiaries and employing approximately 52,000 people according to the cited reference material. The new group concentrated on stabilizing its financing and simplifying its inherited portfolio. In September 2019, it issued roughly €1.16 billion of four-year bonds to refinance a prior loan associated with Agrokor's restructuring. Further financing work included refinancing Mercator's €385 million debt in 2021 and reducing the number of important creditors from the much more fragmented structure inherited from Agrokor and Mercator. The restructuring also involved disposing of non-core assets and real estate. Fortenova pursued a selective agricultural and food-production expansion. In late 2020 it acquired assets of a dairy plant in Osijek and began dairy production under the Kravica Kraljica brand on 1 January 2021. In the same period, it advanced the consolidation of Mercator. Following regulatory and ownership obstacles, 69.57% of Mercator's shares were transferred from Agrokor to Fortenova on 23 April 2021. Mercator became part of Fortenova's Retail Division, and Fortenova ultimately became its sole owner in April 2022. The group also sold its frozen-food business in September 2021. The transaction included Ledo plus, Ledo Čitluk, Frikom and smaller affiliated companies and was completed with Nomad Foods for €615 million. This divestment supported the group's effort to focus on core retail, food manufacturing and agricultural activities. In October 2021, Fortenova joined the UN Global Compact. Financial performance and leverage improved during the first years of operations. The cited material states that the debt-to-adjusted-EBITDA ratio fell from 7.2 times at formation to 3.6 times at the end of 2022, while operating profit rose from €122 million in 2017 to more than €300 million in 2022 and revenue reached approximately €5 billion. These figures describe the transformation from the Agrokor-era financial structure but are not presented here as a current financial forecast. Ownership remained a difficult issue. Agrokor creditor claims were converted into equity, leaving Sberbank with a 42.5% stake through SBK ART and VTB as another Russian shareholder. After sanctions were expanded following Russia's invasion of Ukraine, the banks' ownership rights, including voting rights, were frozen or restricted. Negotiations to transfer Sberbank's stake to Croatian pension funds did not produce a completed transaction within the relevant deadline. In July 2024, Fortenova announced that MidCo had been sold to Iter BidCo, whose owners were non-sanctioned equity holders of TopCo. The completed restructuring removed sanctioned Russian and Belarusian equity holders. Open Pass became the dominant shareholder of Iter BidCo with 93.78%, while more than 80 minority investors collectively held 6.22%. Today, Fortenova is a regional holding and operating group rather than a single-product brand. Its portfolio spans major grocery retailers, beverage and mineral-water producers, edible-oil companies, meat and dairy operations, agriculture and distribution. Its strategic significance lies in the scale and integration of its Southeastern European network and in its transition from a court-supervised restructuring vehicle into an operating group with consolidated ownership and financing.
- 2024
Sanctioned shareholders exit
[1]The ownership transformation through Iter BidCo removed sanctioned Russian and Belarusian equity holders.
- 2022
Mercator becomes wholly owned
[1]Fortenova became the sole owner of Mercator.
- 2021
Mercator joins the retail division
[1]A majority shareholding in Mercator was transferred to Fortenova.
- 2020
Osijek dairy assets acquired
[1]Fortenova acquired assets of an Osijek dairy plant and prepared production under Kravica Kraljica.
- 2019
Fortenova Group starts operating
[1]The successor group began operations on 1 April.
- 2018
Creditor settlement becomes final
[1]The Agrokor creditor settlement was sanctioned in July and became final after the High Commercial Court's October decision.
- 2017
Agrokor enters extraordinary administration
[1]Croatia activated the Extraordinary Administration Procedure on 10 April to address Agrokor's insolvency risk and systemic economic importance.
Products and positioning
A diversified Southeastern European food, retail and agriculture platform built around regional scale, essential consumer categories and vertically integrated supply chains.
Grocery retail
Konzum
Konzum is Fortenova's Croatian retail business and one of the group's principal customer-facing operations. It operates supermarkets and other retail formats selling everyday groceries, fresh food, household goods and consumer products.
Grocery retail
Mercator
Mercator is a major retail chain operating in the former Yugoslav markets. It became part of Fortenova's Retail Division in 2021 and was wholly owned by Fortenova from 2022, expanding the group's regional retail scale.
Beverages
Jamnica
Jamnica is a Croatian beverage producer associated particularly with mineral water and other refreshment products. It is one of Fortenova's core beverage businesses and supplies both domestic and regional markets.
Edible oils and food products
Zvijezda
Zvijezda is a Croatian food producer known for edible oils and related food products. It forms part of Fortenova's branded manufacturing portfolio serving household and food-service demand.
Edible oils and food products
Dijamant
Dijamant is a Serbian food company producing edible oils and other food categories. Within Fortenova, it supports the group's regional manufacturing footprint and portfolio of everyday consumer products.
Agriculture and food production
Belje
Belje combines agricultural production with food manufacturing and is one of Fortenova's vertically connected operating businesses. Its activities link farming, primary production and branded food categories.
Dairy · 2021
Kravica Kraljica
Kravica Kraljica is the dairy brand under which Fortenova began production at its Osijek facility on 1 January 2021 after acquiring relevant dairy assets in late 2020.
Controversies
2022
Sanctions-related ownership restrictions
Sberbank and VTB's positions in Fortenova became subject to sanctions-related restrictions after Russia's invasion of Ukraine. Voting and other ownership rights were frozen or restricted, complicating governance and the proposed transfer of the Sberbank-related stake.
2019
Slovenian competition proceeding concerning Costella
Slovenia's competition agency initially imposed a €53.9 million fine on Agrokor for failing to notify the 2016 acquisition of Costella. A Ljubljana court reduced the fine to €1 million in 2020, characterizing the failure as negligent rather than an intentional attempt to evade notification requirements.
2017
Agrokor insolvency and extraordinary administration
Fortenova was created as the successor structure to Agrokor after the Croatian conglomerate entered extraordinary administration because of illiquidity and excessive debt. The restructuring became an international insolvency and creditor-settlement process.
Marketing campaigns
- 2021UN Global Compact participation
International
Fortenova joined the UN Global Compact, aligning its corporate sustainability positioning with the initiative's principles on responsible business and sustainable development.
Outcome. The group became a participant in the world's largest corporate sustainability initiative.
Brand decisions
2024
Restructure ownership through Iter BidCoM&ABackground
Sanctions affecting Russian shareholders had restricted the exercise of ownership rights and complicated the group's governance.
Action taken
Fortenova Group MidCo B.V. was sold to Iter BidCo B.V., owned by non-sanctioned equity holders of TopCo.
Aftermath
Fortenova announced that it no longer had sanctioned Russian or Belarusian equity holders; Open Pass held 93.78% of Iter BidCo and participating minorities held 6.22%.
2021
Acquire and consolidate MercatorM&ABackground
Mercator had remained outside Fortenova's operating structure at launch and was subject to ownership and competition-law complications.
Action taken
Fortenova received 69.57% of Mercator's shares in April 2021 and later completed the acquisition of the remaining ownership.
Aftermath
Mercator became an integral part of Fortenova's Retail Division and was wholly owned by Fortenova in April 2022.
2021
Sell the frozen-food businessM&ABackground
Fortenova used portfolio divestments to reduce leverage and concentrate on core food, retail and agriculture activities.
Action taken
It sold Ledo plus, Ledo Čitluk, Frikom and related companies to Nomad Foods.
Aftermath
The transaction simplified the portfolio and generated proceeds for financial consolidation.
Transaction value. €615 million (September 2021)
2020
Enter dairy production under Kravica KraljicaProduct launchBackground
Fortenova sought to reinforce its food-production platform through an acquisition of dairy assets in Osijek.
Action taken
The group acquired the plant assets and commenced dairy production under the Kravica Kraljica brand on 1 January 2021.
Aftermath
The move expanded Fortenova's active food-manufacturing portfolio.
2019
Refinance inherited Agrokor-related debtStrategyBackground
The newly established group needed to replace financing inherited from Agrokor's extraordinary administration and obtain medium-term stability.
Action taken
Fortenova issued approximately €1.16 billion in four-year bonds to refinance an earlier loan.
Aftermath
The transaction brought in new international investors and supported the group's post-restructuring financial platform.
Bond issuance. Agrokor-related 2017 loan → Approximately €1.16 billion of four-year bonds (September 2019)
Sources1 sources
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