News and announcements

Introduction
Perutnina Ptuj, a Slovenian food company specializing in the production of poultry meat and poultry products, has acquired TONI, a Croatian company that organizes the production, purchase, drying, storage and wholesale of grains. GRUBISIC & Partners Corporate Finance acted as the exclusive financial advisor to the management and shareholder of TONI in the transaction process.

Information about the Acquirer
Perutnina Ptuj is a leading food company in Slovenia and Southeast Europe, employing more than 4,600 people. It specializes in the production of poultry meat and poultry products and manages a vertically integrated production, where it controls every phase, from the cultivation of the land to the distribution of the products.

Information about the Target
TONI organizes the production, purchase, drying, storage and wholesale of grains to large food industries.

Transaction rationale
This acquisition further solidifies Perutnina Ptuj’s position as a regional leader in poultry meat and poultry product production and enhances its control over all stages of the production and distribution process.

Introduction
Invera Equity Partners, a Croatian PE fund focused on investing in small and mid-sized enterprises has provided growth equity capital to Entrio, a leading regional ticketing platform operating across Croatia, Slovenia, and Bosnia and Herzegovina. GRUBISIC & Partners Corporate Finance acted as the exclusive financial advisor to Entrio in the transaction process.

Information about the Acquirer
Invera Equity Partners is entrepreneur run private equity fund with global presence through its portfolio. Entrio marks their fourth investment, alongside Museum of illusions (global museum chain), Marles (producer of timber frame buildings & houses) and Kompare (insurance & telco aggregator platform).

Information about the Target
Entrio is a fastest growing SEE ticketing platform with best in class proprietary developed software solution offering digital ticket sales and established network of over 100 physical partner outlets. Aside from concert and festival organizers, Entrio platform serves both conferences and corporate events. With headquarters in Zagreb, Croatia, the company also has offices in Slovenia and Bosnia and Herzegovina. In 2023, the company sold more than one million tickets for over 3,000 events continuing its double digit growth rate.

Transaction rationale
With investment from Invera Equity Partners, Entrio aims to strengthen its position on existing markets in Croatia, Slovenia and Bosnia and Herzegovina, as well as opening new regional markets in combination with development of new products and services.

Introduction
Modirum, a global technology leader delivering innovative digital solutions and services across diverse industries, has completed the acquisition of ITgma Group, a prominent software and IT services provider in South-East Europe. GRUBISIC & Partners Corporate Finance acted as the exclusive financial advisor to the management and shareholders of ITgma Group throughout the transaction process.

Information about the Acquirer
Founded in Helsinki in 1997, Modirum has been a global leader in payment authentication until the divesture of this segment in late 2023 to Entersekt, Accel-KKR based platform. Following this strategic shift, Modirum expands its focus to include Professional Services, Security Technologies, and Fintech Consultancy, while broadening its scope into payment and security technology.

Information about the Target
Established in 2009, ITgma Group has emerged as one of the leading South East European software service providers with focus on Telco, Banking and Finance sectors. Renowned for its focus on quality and customer satisfaction, ITgma Group is recognized for excellence in delivering customized solutions to meet client needs. ITgma Group offers complex end-to-end software development solutions, covering both frontend and backend requirements, cloud infrastructure, business analysis/consulting, team rental, and project execution, catering to global clients spanning diverse industries. Led by a team of experienced professionals with over 20 years of industry experience, ITgma Group employs more than 125 specialists across its Macedonian, Serbian, and UAE delivery centers.

Transaction rationale
The acquisition of ITgma Group aligns with Modirum's M&A strategy following the divestiture of its payment authentication business and previous acquisitions of Cloudriven Oy and NSION Technologies in Finland and WebFactory in North Macedonia. This strategic move provides Modirum with access to critical markets, particularly in Telecom and Finance sectors. By combining the strengths and expertise of both companies, this strategic alliance aims to deliver cutting-edge solutions and drive sustainable growth in the AI-driven digital era.

Introduction
Acrisure, a fast-growing fintech operator of a top-10 global insurance broker, has acquired Euro Posredovanje through its European partner, Unilink S.A. GRUBISIC & Partners Corporate Finance acted as the exclusive financial advisor to the management and shareholders of Euro Posredovanje in the transaction process.

Information about the Acquirer
Unilink S.A., member of Acrisure group, is a leading insurance broker in Central and Eastern Europe. Headquartered in US, Acrisure is the fastest growing global insurance broker and one of the largest providing customers with intelligence-driven financial services solutions for insurance and reinsurance. The company employs over 16,000 employees in 20+ countries.

Information about the Target
Euro Posredovanje is one of the largest Croatian insurance brokers specialized in insurance and reinsurance mediations for all types of life and non-life insurance, insurance counselling, risk and damage assessment, and damage compensation assistance.

Transaction rationale
By acquiring Euro Posredovanje, Acrisure continues its robust M&A strategy and enters the Croatian market, further expanding its footprint in SEE. Former owners of Euro Posredovanje become new shareholders of Acrisure and continue to manage Croatian operations, supported by strategic partners within Acrisure group.

Introduction
Döhler, a global producer in food, beverage and nutrition industry, has acquired Frikos, a Serbian company renowned for its expertise in premium quality freeze-dried fruits.
GRUBISIC & Partners Corporate Finance acted as the exclusive financial advisor to the management and shareholders of Frikos in the transaction process.

Information about the Acquirer
Döhler is a global producer, marketer and provider of technology-driven natural ingredients, ingredient systems and integrated solutions for the global food, beverage and nutrition industry. The group consists of 45 production sites, 75 offices and application centers, and employs 9,500 people.

Information about the Target
Frikos specializes in processing of premium frozen and freeze-dried fruits, with a focus on organic locally grown products. Located in the heart of Serbia's raspberry cultivation region, the company has established a strong reputation for premium quality products delivered across US, Canada and Europe. In addition, Frikos has developed proprietary technologies related to freeze-drying which are at forefront of global innovation in the sector.

Transaction rationale
This acquisition marks a significant step in enhancing Döhler's strategic product portfolio, particularly in the area of organic red berries. The strategic location of Frikos, coupled with their in-house technology and robust quality management systems, leverages the expertise of local farmers and supports continuous improvement of their product quality. In partnership with Frikos management, Döhler will build on this success and strengthen its global market position.

Introduction
Infinum Ltd. (“Infinum”), the largest independent Croatian software design and development agency, is strategically expanding its operations to the USA by acquiring 100% of ExpandTheRoom LLC (“ETR”), a New-York based digital strategy and design agency. GRUBISIC & Partners Corporate Finance acted as an exclusive financial advisor to Infinum in the transaction process.

Information about the Acquirer
Founded in 2005, Infinum is an independent design and development consultancy that partners with leading global brands and world-renowned enterprises to deliver innovative digital solutions for an array of industries including finance, healthcare, hospitality, retail, and automotive. Infinum's work is used by millions around the world and has been recognized with prestigious industry awards including Red Dot and iF Design Award. Employing almost 400 professionals, the company operates from eight offices across the US and Europe to design, build, and scale authentic digital experiences that deliver value to business and empower people. Infinum has a history of working with major global brands and has a diverse client roster including Philips, Porsche, Warner Bros, and Hallmark.

Information about the Target
Headquartered in New York, ETR is a highly regarded digital strategy and design agency celebrated for its inventive approach to crafting captivating digital experiences, with more than 20 years of experience in delivering and creating digital experiences to the clients such as Citibank, ESPN, Reuters, Business Insider, MLS (Major League Soccer), Honda and others. Their expertise encompasses strategy, user experience design, and digital transformation, consistently delivering impactful solutions to a diverse client portfolio. With a fully distributed team covering the entire US market, ETR is poised to continue supporting their existing clients while extending their services to new clients within the Infinum group. As the US office expands, employees will have the opportunity to engage in significant projects on the global stage.

Transaction rationale
By acquiring ETR, Infinum is strategically expanding its operations in the US market and reinforcing its global presence for large enterprise clients. This move reflects Infinum's commitment to maintaining its upward growth trajectory. This acquisition was funded through a combination of internal resources and EBRD loan totaling EUR 10.8 million, designated for both this acquisition and upcoming strategic acquisitions. Infinum consolidated revenues are expected to increase by over 20% compared to the previous year, with projected revenues of EUR 29 million for 2023.

Introduction
ALFI Private Equity Fund, a Slovenian PE fund focused on investing in high growth companies, and Accession Capital Partners, formerly known as Mezzanine Management, providing growth capital, have acquired 100% of shares in Vemo Trade, one of the leading SEE premium paper bag manufacturers based in Koprivnica, Croatia. GRUBISIC & Partners Corporate Finance acted as an exclusive financial advisor to the Seller in the transaction process.

Information about the Acquirer
Established in 2019, ALFI Private Equity Fund (ALFI PE) is a Slovenia-based independent private equity fund focusing on investing in developing, innovative and fast-growing first class SMEs and midcaps based or doing business predominantly in Slovenia and in Croatia. With their acquisitions, they focus on operational improvements, potential for international expansion, and long-term performance.
Having successfully invested close to EUR 800 million across four funds, Austria-based Accession Capital Partners (ACP) provide growth capital to mid-market businesses, facilitating stronger business growth both organically and through acquisitions. Established in 2000 as a mezzanine debt provider, they have since become a one-stop-shop for growth capital, providing all types of funding depending on what best suits a particular business at a specific point in its development.

Information about the Target
Headquartered in Koprivnica, Croatia, Vemo Trade is a well-established paper bag manufacturer in Southeast Europe. Founded in 1995, the company has built a reputation as an efficient and flexible supplier of paper bags, handling clients in retail, food and beverage, pharmaceutical, marketing, and delivery service industries. Roughly 98% of sales are generated in the export markets, predominantly Western Europe. Vemo is also a leader in implementing environmental standards, with its own solar power plant expected to make the business fully self-sufficient by the end of this year, as well as additional systems to manage water, wastewater, and waste in accordance with the best practices in the sector.

Transaction rationale
With the acquisition of Vemo Trade, ALFI PE, backed by ACP, have added another Croatian company to their portfolio and emerge as a new stakeholder who can provide strong support for Vemo Trade’s further growth.

Introduction
Biochem Polska, a Polish company specializing in the distribution of medical and pharmaceutical products and consumables, has acquired Kvantum-Tim, a Croatian distributor of medical products and consumables based in Rakitje. GRUBISIC & Partners Corporate Finance acted as the exclusive financial advisor to the management and shareholder of Kvantum-Tim in the transaction process.

Information about the Acquirer
Biochem Polska, headquartered in Stara Iwiczna near Warsaw, is a Polish company specializing in the distribution of medical and pharmaceutical products. The company was founded in 1996 as a distributor of pharmaceutical substances used for the hospital production of infusion fluids and medical preparations. Over time, Biochem has become one of the leading distributors in the fields of anesthesiology, neonatology, oncology, and hemodialysis in the Polish market.

Information about the Target
Kvantum-Tim, established in 2002 and headquartered in Rakitje near Zagreb, is one of the leading Croatian distributors of medical products and consumables in the fields of professional diagnostics, rehabilitation, medical products for personal use, and others. The company collaborates with approximately 600 pharmacies, all domestic wholesale companies, as well as numerous healthcare institutions in Croatia. Kvantum-Tim's portfolio consists of over 5,000 products from renowned global manufacturers such as Rossmax, Intermed, Rebstock, Rextra, and others.

Transaction rationale
By acquiring Kvantum-Tim, Biochem enters the Croatian market and establish a strong market position based on the Kvantum-Tim brand.

Introduction
Span d.d., a company listed on the Zagreb Stock Exchange (SPAN-R-A), specializing in professional services in the design and development of information systems, has acquired a 100% stake in GT Tarkvara, a leading Estonian licensing and software asset management company. GRUBISIC & PARTNERS CORPORATE FINANCE acted as an exclusive financial advisor to Span Group in the transaction process.

Information about the Acquirer
Span is one of the leading IT companies in Croatia, which, through subsidiaries in ten countries, operates around the world providing information systems design, cloud and cyber security services. In addition to Croatia, where the headquarters is located, Span is present in Slovenia, Ukraine, Azerbaijan, Moldova, UK, USA, Switzerland, Germany, and now also in Estonia. In 2021, the company was listed on the Zagreb Stock Exchange through an IPO and raised more than EUR 13 million of share capital. The main activities of Span and its subsidiaries, which as of today includes GT Tarkvara, are the provision of software asset management services, licensing, as well as design, development, and maintenance of information systems and cloud business. Span Group employs over 800 employees, led by Nikola Dujmović, CEO. In 2022, Span Group generated EUR 110 million of consolidated sales revenue, growing 8% YoY. As a leading expert for Microsoft technologies and leading regional Microsoft partner, Span is the first Croatian company that holds five Microsoft Solutions Partner statuses and thirteen Microsoft advanced specializations.

Information about the Target
Based in Talinn, GT Tarkvara is the largest provider of software in Estonia focused on licensing and software asset management. The company is a reliable partner to the major companies in the software industry, like Microsoft, Adobe, Veritas, Citrix, Symantec, VMWare, and others. As the largest Microsoft partner in Estonia, the company has had strong financial performance over the recent history, recording a 41% revenue growth in 2022 compared to 2021. In 2022, GT Tarkvara generated EUR 17 million of sales revenue. In addition to the private sector, the company is also strongly positioned in the public and education sector. The founder and former owner, Mr. Taivo Remmelgas, continues to manage GT Tarkvara as an independent business entity within Span Group.

Transaction rationale
With the integration of GT Tarkvara into Span Group, Span confirms its strategic goal to pursue further growth and expand to new markets. By entering the Estonian market, one of the most digitally advanced in Europe, Span will be able to utilize the expertise and market position of GT Tarkvara, and, combined with Span’s own extensive know-how and experience in cloud and cyber security services, create a foundation for further growth and business development in North European markets.

Introduction
Europapier International AG, an Austrian based paper merchant with subsidiaries across Central and Eastern Europe, has acquired Hygiene Pro Team, a leading Serbian distributor of professional hygiene products. GRUBISIC & Partners Corporate Finance acted as the exclusive financial advisor to the management and shareholder of Hygiene Pro Team in the transaction process.

Information about the Acquirer
Europapier International AG, a member of Heinzel Group, is one of the leading paper merchants in CEE, focused on providing tailored solutions for clients’ paper and packaging needs. With HQ in Vienna, Austria, Europapier Group consists of 16 subsidiaries with more than 1,000 employees in 13 countries throughout Central and Eastern Europe. In cooperation with leading global manufacturers, Europapier has developed a diverse portfolio of over 50,000 different products in areas of visual communication, printing and packaging paper, office papers, hygiene, and packaging solutions.

Information about the Target
Hygiene Pro Team (HPT), a Serbian company headquartered in Belgrade, is a leading Serbian distributor of professional hygiene products. Since its establishment in 2011, the company has grown into an industry pioneer offering a wide range of products in professional stationery, cleaning products and other hygiene consumables from renowned global manufacturers.

Transaction rationale
With the acquisition of Hygiene Pro Team, Europapier has strengthened its portfolio of hygiene products and expanded its footprint on Serbian market. Former owner of Hygiene Pro Team, who will continue to manage Serbian operations, has been provided with a strong global partner which will support further growth of the company, both on Serbian and nearby markets.

Introduction
Sandberg Capital, a Slovakian based private equity fund, has provided EUR 20m growth equity capital to Quantox Technology, one of the largest regional software development houses with HQ in Belgrade, Serbia. GRUBISIC & Partners Corporate Finance acted as the exclusive financial advisor to the management and shareholders of Quantox Technology in the transaction process.

Information about the Acquirer
Sandberg Capital is Slovakia based private equity fund focused on investing in SMEs across Central and Eastern Europe. With AUM exceeding EUR 340 million, the fund is committed to adding value and providing growth or expansion capital to investee companies for purpose of achieving companies’ long-term objectives, with proven expertise in managing and growing technology platforms.

Information about the Target
Quantox Technology, awarded by EY as Fast Growing Entrepreneur of the year in Serbia for 2021, is one of the largest regional software development houses, serving enterprise clients across Europe, Canada and USA. With headquarters in Belgrade, Serbia, the company employs more than 500 experts operating from 13 development centers in 7 different countries.

Transaction rationale
With EUR 20m investment from Sandberg Capital, Quantox is primed for a significant leap towards accelerating organic development, talent acquisition, and strategic global expansion, primarily enabling Quantox Technology to have a greater presence in European and US markets. Transaction marks the largest growth equity round in Serbia (excluding web3) and one of the largest in Southeastern Europe in 2022.

Introduction
Belfry, a Hungarian infrastructure company with subsidiaries across Central and Eastern Europe, has acquired a significant stake in Pismorad, a leading Croatia-based traffic signs manufacturer and surface roughening services provider. GRUBISIC & Partners Corporate Finance acted as the exclusive financial advisor to the management and shareholders of Pismorad in th e transaction process.

Information about the Acquirer
Belfry, a Hungarian company headquartered in Budapest, is a provider of a diverse range of infrastructure services. The Company operates in the areas of digital communication systems, especially in road and railway construction, the expansion of public utility infrastructure, such as traffic engineering and reconstruction works, asphalt and concrete manufacturing, as well as facility and vehicle fleet management. Belfry is currently present in 8 countries across Central and Eastern Europe. Belfry’s Croatian activities already include planning, engineering and installing electrical, communications and security technology systems for projects involving network development plans in road, rail, and building construction.

Information about the Target
Headquartered in Sveta Nedelja, Croatia, Pismorad is a leading vertical and horizontal traffic signs manufacturer and provider of surface roughening services in Croatia. Established in 1945, today the Company is the largest Croatian signalization manufacturer, driven by its persistent growth in recent years. In 2020, Pismorad built a brand-new production facility, expanding its capabilities with state-of-the-art machinery. The Company primarily serves state-owned national, cross-county and local road construction companies, and acts as a distributor to other regional signage producers.

Transaction rationale
By becoming a significant shareholder of Pismorad, Belfry strengthens its market position in Central and Eastern Europe, especially Croatia, and adds new capabilities to its product portfolio.

Introduction
Croatian Mezzanine Debt Fund, an alternative investment fund focused on providing mezzanine type debt to Croatian small and medium sized enterprises (“SMEs”), has provided growth capital to Camping Plitvice, a 5-star Croatian camping resort located in Plitvička Jezera. GRUBISIC & Partners Corporate Finance acted as the exclusive financial advisor to Camping Plitvice in the fundraising process.

Information about the Investor
Croatian Mezzanine Debt Fund is an alternative investment fund established and managed by Mezzanine Partners d.d., an alternative asset management company based in Zagreb. Croatian Mezzanine Debt Fund provides funding to Croatian SMEs and supports the management in their long-term development plans. The fund is committed to adding value and providing mezzanine type funding to investee companies in their expansion and growth stage.

Information about the Investee
Camping Plitvice is the first 5-star camp in Plitvička Jezera and the only camp in a 100km radius meeting the highest camping standards in Croatia. Located on an area of 18,700m2, the resort is equipped with all the necessary facilities for servicing its high purchasing power clientele residing at the camp. In addition to 17 Premium and Deluxe mobile homes and 29 camping pitches, the camp operates a fully equipped congress hall with 45 cinema seats, a 160-seat a la carte restaurant, a heated swimming pool, an amphitheatre, and other facilities.

Transaction rationale
Croatian Mezzanine Debt Fund provides the Company with growth (expansion) capital and emerges as a new stakeholder supporting the Company’s growth plans. Based on the agreed funding plan, proceeds from this transaction will be used to expand the Company’s existing camping area and add additional camping pitches to the site, thus strengthening Camping Plitvice’s position as the leading 5-star camping resort in central Croatia.

Introduction
Adria Dental Group, dental platform of Provectus Capital Partners, has acquired a majority stake in Dentum, one of the leading dental clinics in Zagreb, Croatia. GRUBISIC & Partners Corporate Finance acted as an exclusive financial advisor to the management and shareholders of Dentum in the transaction process.

Information about the Acquirer
Adria Dental Group is the largest dental group in Adria region, backed by Provectus Capital Partners, an investment company focused on investing in established, fast growing and profitable companies in SEE. With the new investment in Dentum Dental Clinic, Adria Dental Group has grown to 420 employees working in 5 clinics and 5 laboratories throughout Croatia, with more than 70 practices and over 160 dental specialists within the group.

Information about the Target
Dentum Dental Clinic is one of the leading dental clinics in Zagreb, Croatia. The company provides high-end dental solutions in implantology, prosthetics, aesthetic dentistry, orthodontics, endodontics, periodontology, and general dentistry. Dentum’s team consists of 70 employees, whereas clinic premises include 10 modern and fully equipped dental practices, and dental laboratory.

Transaction rationale
With the acquisition of Dentum Dental Clinic, Adria Dental Group has added another dental clinic and laboratory to its portfolio, positioning itself as market consolidator of dental sector in SEE region.

Introduction
Angelina, part of the Findos Investor group and one of the leading nautical charter management companies in Croatia, acquired 85% of shares in Ultra, a Croatian nautical company, which was founded in 1995 in Split. Ultra operates a charter fleet and is an authorized dealer for the sale of Beneteau and Fountaine-Pajot boats. GRUBISIC & Partners acted as the exclusive financial advisor to the management and shareholders of Ultra in the transaction process.

Information about the Acquirer
Headquartered in Graz, Austria, Angelina is one of the leading nautical charter management companies in Croatia. Founded in 1995 in Biograd as a small family business, Angelina today operates a fleet of more than 170 boats berthed in marinas in Sukošan, Biograd, Šibenik, Rogoznica and Trogir. Angelina’s fleet consists of sailing boats, catamarans, motor catamarans and motor yachts manufactured by international shipyards, such as Bali, Bavaria, Dufour, Hansa, Lagoon and others. In 2015, Angelina was named the best charter company in Croatia by the Croatian Chamber of Commerce.

Information about the Target
Headquartered in Split, Ultra is a nautical company operating a charter fleet of more than 50 boats. Ultra was founded in 1995 as a charter management company and a sailing school. Today, the Company is positioned as a one-stop-shop for nautical tourism: besides the charter fleet and the sailing school, the Company is an authorized dealer for the sale of boats by the French shipyards Beneteau (since 1999) and Fountaine-Pajot (since 2012) and performs third-party service of boats. Ultra’s fleet, which consists of sailing boats and catamarans, is berthed in ACI Split, ACI Pomer, ACI Dubrovnik and Marina Baotić, with most of the boats serving the Split Area. Since its inception, more than 3,200 participants completed one of Ultra’s sailing courses, which are certified by the International Sail and Power Academy (ISPA). In 2018, Ultra was awarded the “Tourism Flower” by the Ministry of Tourism, the Croatian Tourist Board and the Croatian Chamber of Economy, as one of the top 3 charter companies in Croatia.

Transaction rationale
With the acquisition of Ultra, Angelina strengthens its market position in Croatia, the world’s largest charter market, and increases its charter fleet significantly, in addition to expanding its presence in both the Pula and Split areas. Moving forward, Ultra will gradually enter the luxury charter management space.

Introduction
OYO Rooms, one of the world’s largest multinational online travel and hospitality platforms based in India, via its subsidiary OYO Vacation Homes, acquired 100% of shares in Direct Booker, the top vacation rental agency in Dubrovnik specializing in vacation rental management and technology. GRUBISIC & Partners acted as the exclusive financial advisor to the management and shareholders of Direct Booker in the transaction process.

Information about the Acquirer
Headquartered in Guargaon, India, OYO Rooms is a privately held multinational OTA with presence in more than 80 countries worldwide, making it one of the largest in the industry. It was founded in 2012 by Ritesh Agarwal, initially consisting mainly of budget hotels. Within less than a decade, the start-up quickly expanded globally, with thousands of hotels and vacation homes and millions of rooms in its portfolio today, achieving its rapid expansion by using a technology-driven franchise model. With over 5,000 employees, OYO Rooms generated USD 550 million of revenue in 2021. Over its lifespan, the company has made a number of acquisitions, integrating brands such as @Leisure, Belvilla, DanCenter, Traum-Ferienwohnungen, and many others. Direct Booker is added to its European branch OYO Vacation Homes, which manages over 140,000 holiday homes across 70 countries.

Information about the Target
Direct Booker is a leading Croatian short-term rental agency with management and IT services, based in Dubrovnik. The company manages 3,250 vacation homes, and has serviced over 2 million guests thus far. It started its business in 2010 by managing bookings for a small number of rentals. It quickly became one of the top vacation rental agencies in Dubrovnik and Croatia offering management in the process of booking, including online advertising over the biggest websites, guests communication, charges and VAT regulation, revenue management, facility management, transportation and transfer services, as well as developing Booker Tools, a proprietary property and channel management software system. Direct Booker underwent a major modernization period which ended in 2019 with the company growing into a modern IT/tourist company that offers high-level vacation rental solutions using a highly sophisticated property and channel management system.

Transaction rationale
With the acquisition of Direct Booker, OYO Rooms, via its subsidiary OYO Vacation Homes, boosts its presence on the Croatian short-term property rental market, adding 3,250 new units in this market niche, which has a high growth potential due to holidaymakers’ growing preference for private properties. The union will also unlock powerful synergies, with Direct Booker being able to utilize OYO’s resources for further developing and expanding its IT solutions worldwide. Former owners Nino Dubretić and Nikola Grubelić, as well as IT expert Ivan Bogoje, who continue to manage Direct Booker, have been provided with a strong global partner who will support further growth of the company.

Introduction
TaskUs (Nasdaq: TASK), a private equity backed provider of outsourced digital services and next-generation customer experience, has acquired Heloo, a digital customer experience solutions provider based in Croatia. GRUBISIC & Partners Corporate Finance acted as the exclusive financial advisor to the management and shareholders of Heloo in the transaction process.

Information about the Acquirer
U.S. based TaskUs, backed by one of the most renowned private equity groups, is a provider of outsourced digital services and next-generation customer experience to innovative and disruptive technology companies. Since its establishment in 2008, TaskUs has grown into one of the largest tech-enabled service providers, supporting numerous industry segments within the Digital Economy. With headquarters in Texas, USA, the company has more than 40,000 employees at 23 locations in 10 countries, serving clients in rapidly growing sectors including social media, e-commerce, gaming, streaming, food delivery, ride sharing, HiTech, FinTech and HealthTech. In June 2021, TaskUs marked its milestone achievement with initial public offering on Nasdaq under the symbol TASK.

Information about the Target
Founded in 2017, Croatia-based Heloo provides digital customer experience solutions to technology companies across all major communication channels and platforms with a particularly strong presence in e-commerce and gaming. Heloo’s employees across eight Eastern European countries support more than 8 million customer interactions annually on behalf of its clients and partners. Its broad range of service offerings include customer service, back-office support, partner relationship management, lead qualification, know your customer solutions, and quality assurance. With its best-in-class omnichannel and remote workforce delivery model, Heloo has a track record of delivering double and triple digit revenue growth with double digit operating profitability, while maintaining high client retention.

Transaction rationale
The acquisition of Heloo enhances TaskUs’ European language capabilities, diversifies TaskUs’ client mix with referenceable EU-based clients and helps to scale TaskUs’ global operations by expanding further into Eastern Europe. Similar to TaskUs, Heloo has high employee satisfaction with a 4.7 Glassdoor score, high client retention, and a strong client-centric culture. Heloo’s co-founders, Domagoj Makar and Tomislav Plesa, will continue managing the business after one of the most significant Services sector exits in Croatia.

Introduction
Looping Group, a prominent European group of regional leisure parks, has acquired Aquapark Istralandia, one of the leading water parks in Europe. GRUBISIC & Partners Corporate Finance acted as an exclusive financial advisor to the management and shareholders of Istralandia in the transaction process.

Information about the Acquirer
Looping is the leading European group of regional leisure parks with headquarters located in Saint-Malo, France. The Group consists of 16 parks of four types which include aquariums, animal parks, amusement parks, and water parks. Parks are located in France, UK, Netherlands, Switzerland, Germany, Spain, and Portugal, welcoming nearly 5.5 million visitors per year. The Group's sites are managed independently, enabling them to adapt to local conditions, while benefiting from Group's pooling resources in business aspects which include merchandising, catering services, marketing, digital services, finance and human resources. In 2019, Mubadala Capital became the new reference shareholder of Looping Group, aiming to accelerate the successful execution of its long-term strategy by maximizing opportunities provided by its existing portfolio, expanding through selective acquisitions, developing the attractiveness of its parks and continuing the development of in-situ lodging in several parks.

Information about the Target
Aquapark Istralandia is one of the leading water parks in Europe, located in Istria, Croatia. The park was officially opened in 2014, after which it quickly became one of the most renowned water parks worldwide, as evidenced by its TripAdvisor 2020 ranking, which ranks Istralandia as the 3rd best water park in Europe and 5th best worldwide. Istralandia's growth and development into one of the best water parks globally was managed by a private family, employing over 150 employees during the water park season. The park area is currently spread across 82,000 m2, welcoming over 180k visitors per season to its modern and attractive water park concept with up-to-date attractions and offerings aligned with the most recent trends, combined with multi-style pool assortment, comprised of 6 pools specially designed for different types of amusement. In 2021, Istralandia generated EUR 2.2m of EBITDA.

Transaction rationale
By integrating Istralandia into Looping Group, Looping has added a 4th water park to its portfolio of leisure parks and are now counting a total of 17 parks in 8 European countries. With Istralandia, Looping Group continues its long-term strategy by acquiring selective existing independent regional sites. Previous owners will continue to be involved in operating activities as part of the management board, supporting Istralandia in the prospective resort expansion and aiming to maintain Istralandia's reputation as one of the best water parks worldwide.

Introduction
Span Group, a publicly listed company on the Zagreb Stock Exchange (SPAN-R-A), specializing in professional services in the design and development of information systems, has acquired a 100% stake in Ekobit, one of the leading software development companies in Croatia. The value of the transaction is HRK 37.4 million. GRUBISIC & Partners Corporate Finance acted as an exclusive financial advisor to Span Group in the transaction process.

Information about the Acquirer
Span Group is comprised of three highly specialized IT solution companies – Span, BonsAI, and Trilix – which operate through nine branches around the world providing information systems design services. Apart from Croatia, where the headquarters are located, Span is present in Slovenia, Ukraine, Azerbaijan, Moldova, the United Kingdom, the United States, Switzerland, and Germany. In 2021, the company IPO’d on the Zagreb Stock Exchange and raised one hundred million kuna of share capital. The main activities of Span and its subsidiaries, which as of today include Ekobit, are the provision of software management services, licensing, as well as design, development, and maintenance of information systems and cloud business. Span Group employs over 550 employees, led by Nikola Dujmović, CEO. In 2021, Span Group generated HRK 767.3 million in consolidated operating revenue (+26% YoY), while EBITDA before non-recurring items amounted to HRK 48.6 million (+54% YoY) . Also, in 2021, the company was named Microsoft Partner of the Year in Croatia.

Information about the Target
Ekobit was founded in 1992 in Zagreb, where it is still headquartered today. The company also has a branch in Varaždin. Ekobit's core business is development of software solutions and applications and their integration into various business environments, with the primary emphasis on outsourcing, i.e. the formation of teams in charge of developing solutions in accordance with the requirements of individual customers. The company has also developed BizDataX, proprietary data masking software. In addition, Ekobit also provides consulting services and organizes DevArena, a conference on software development and information technology. Ekobit's primary market is Western Europe. Former co-owners Goran Glišić and Martin Kralj continue to manage Ekobit as an independent business entity within Span Group. Ekobit employs a staff of over 70 employees, most of whom are IT professionals. In 2021, the company generated HRK 24.5 million in operating revenue (+21% YoY) and HRK 4.9 million in EBITDA (+15% YoY).

Transaction rationale
By integrating Ekobit into Span Group, Span's business has been further strengthened in the segment of software solutions development, primarily through human capital brought by Ekobit's experts through their knowledge and experience. As a result of this transaction, both companies are expanding their service portfolios, opening new markets, and unlocking valuable synergies, thus creating a strong foundation for further development of their solutions and services.

Introduction
Infinum d.o.o. (“Infinum”), one of the largest Croatian companies with international experience in digital products development, is expanding its software development operations to North Macedonia by acquiring 3P Development (“3P”). 3P is a company specialized in development of web and mobile applications. GRUBISIC & Partners Corporate Finance acted as exclusive financial advisor to the management and shareholders of Infinum in the transaction process. The transaction is subject to customary regulatory approvals.

Information about the Acquirer
Infinum, one of the leading technology companies in Croatia, continues to expand its business operations by acquiring the North Macedonian company 3P as a part of a strategic plan to strengthen its delivery presence in the region. Consequently, in the last six months, three new offices in three new markets have been opened, so the Infinum group now operates in six locations across Europe and America (Croatia, Slovenia, USA, Montenegro, UK, and North Macedonia). With this acquisition, Infinum intends to scale 3P team to more than 100 employees in the next three years. Infinum currently employs over 350 professionals from various fields and works with clients from the automotive, finance, healthcare, telecommunications, and other sectors.

Information about the Target
3P was founded in 2011 by Mr Gjorgi Kosev. Infinum plans to retain Mr Gjorgi Kosev as an executive director for the Northern Macedonia market, who will primarily oversee developing Infinum operations on that market. 3P’s client portfolio includes companies such as Virgin Mobile, Novartis, Hilton, Coca-Cola HBC, and many others. 3P will continue to support the existing clients within Infinum Group, and as the Northern Macedonian office expands, employees will have the opportunity to work on the largest projects on the global market. 3P currently employs over 30 experts in the field of design and development of mobile and web applications.

Transaction rationale
With the acquisition of 3P, Infinum continues to expand its business operations and strengthen its delivery capacities, with the expectation that the positive trend of growth and development will continue in the future. Following the acquisition, Infinum’s employee base grows close to 400 employees.

Introduction
Provectus Capital Partners, an investment company from Croatia, has acquired a majority stake in Salona Dental, one of the leading dental polyclinics in Dalmatia, Croatia. GRUBISIC & Partners Corporate Finance acted as an exclusive financial advisor to the management and shareholders of Salona Dental in the transaction process.

Information about the Acquirer
Provectus Capital Partners (PCP) is an independent investment company focused on investing in established, fast growing and profitable companies in SEE. PCP investments are based on strong partnership with management and owners and on implementation of best corporate governance standards. In partnership with management teams, PCP defines strategy, implements long term financing structures and recruits executive talent. Average investment ranges between EUR 5-15 million, ranging from a large minority position to controlling majority ownership with a long-term perspective.

Information about the Target
Salona Dental is one of the leading dental polyclinics in Dalmatia, Croatia, with headquarters in Solin. The company has positioned itself as a complete dental center, providing a wide range of dental services in periodontology, implantology, prosthetics, pediatric dentistry, orthodontics, endodontics, oral surgery, and cosmetic dentistry. Salona Dental’s team consists of 35 employees, whereas polyclinic premises include 10 modern and fully equipped treatment rooms and dental laboratory.

Transaction rationale
With the acquisition of Salona Dental, Provectus Capital Partners has marked its 2nd acquisition within the dental sector, forming Adria Dental Group, the first regional dental group which will serve as the holding for the prospective consolidation of the dental sector.

Introduction
EKO Medimurje, one of the leading producers of metal structures in SEE, has acquired a majority stake in Hittner, a leading Croatian manufacturer of forestry and agricultural tractors. GRUBISIC & Partners Corporate Finance acted as an exclusive financial advisor to the management and shareholders of Hittner in the transaction process.

Information about the Acquirer
Established in 1906 and headquartered in Senkovec, Croatia, EKO Medimurje has grown into one of the most renowned suppliers of quality metal parts and welded constructions in SEE. Its main activities include manufacturing of machine parts for construction machinery, manufacturing of food industry machines, boilers' construction, recycling plant parts and construction of other custom metal structures for various customers. Company's expertise is evidenced by long tradition of cooperation with reputable machine equipment manufacturers such as Liebherr, Komatsu, Caterpillar, Wirtgen, Rubble Master, and others. EKO Medimurje's annual turnover amounts over EUR 30 mil, whereas employee count exceeds 420 employees.

Information about the Target
Hittner is a leading Croatian manufacturer of forestry and agricultural tractors, with strong footprint on European forestry market. The company was founded in 1987 and is headquartered in Bjelovar, Croatia, employing over 90 employees at its facilities. Hittner designs, manufactures and distributes a full line of forestry vehicles and equipment, including its flagship product – forestry skidder. In addition, the company manufactures and distributes a full line of farm machinery equipment and implements, including four-wheel drive tractors with a wide range of attachments. Apart from production of machinery for various use in forestry and agriculture, Hittner is engaged in the manufacturing of various metal parts, assemblies and spare parts due to their multifunctional machinery.

Transaction rationale
With the acquisition of Hittner, EKO Medimurje has expanded its operating activities into new market, while exploiting strong synergy effects in manufacturing processes, whereas Hittner has found a partner which would enable them growth, stability, resource efficiency and know-how, resulting in competitive positioning among international players via development of new lines of products and production processes’ optimization.

Introduction
Merkury Market, one of the leading Poland-based interior furnishings and construction material retailers, has acquired 100% of shares in Fliba and Emmezeta Srbija, jointly comprising Emmezeta, one of the leading home furnishing retailers in Croatia and Serbia, from Conforama, the former sole shareholder of Emmezeta. GRUBISIC & Partners Corporate Finance acted as an exclusive financial advisor to the Seller in the transaction process.

Information about the Acquirer
Established in 1991 and headquartered in Krosno, Poland, Merkury Market has grown into one of the most renowned DIY interior furnishings and construction material retailers in its region in southern Poland. In addition to Poland, Merkury Market has presence in Slovakia (2004), as well the Czech Republic, where the company expanded by acquiring Baumax in 2015. Operating in nearly 60 stores across these three countries, Merkury Market provides its customers with over 55,000 items, catering to both individual customers, as well as contractors and wholesalers.

Information about the Target
Emmezeta, jointly comprised of Fliba (Zagreb, Croatia) and Emmezeta Srbija (Belgrade, Serbia), is one of the leading home furnishing retailers and a household brand in Croatia and Serbia. The Emmezeta concept was founded in 1972 in Italy as a company specializing in the sale of household goods. Its Croatian branch was founded in 1998. In 2002, Emmezeta Group, active in Italy and Croatia at the time, was acquired by Conforama, Europe’s second largest home furnishing retail chain and a member of Steinhoff Group. The Serbian branch was added in 2014 through the acquisition of Kika. Emmezeta’s product portfolio includes furniture, consumer electronics, and home decorations, with furniture being the main driver of sales. Managed from Zagreb, Croatia by Mr. Slobodan Školnik, CEO, and Mr. Andrzej Pawel Sitarz, CFO, Emmezeta employs 1,000 people across Croatia and Serbia. In 2019, the Company had a record year, generating EUR 152 million of consolidated sales revenue.

Transaction rationale
With the acquisition of Emmezeta, Merkury Market enters new markets in Croatia and Serbia and instantly establishes a strong market position in the region by utilizing the well-established Emmezeta brand.

Introduction
Stanić Beverages d.o.o., member of Stanić Group, has entered into a definitive agreement with Saponia d.d. and Koestlin d.d., members of the Mepas Group, on the acquisition of a 98.25% share in Maraska d.d., one of the oldest producers of alcoholic and non-alcoholic beverages in Croatia. After the completion of the transaction, Stanić Group will make a binding offer for the purchase of all remaining shares (1.75%), held by the minority shareholders. GRUBISIC & Partners acted as the exclusive financial advisor to the management and shareholder of Stanić Group in the transaction process.

Information about the Acquirer
Stanić Beverages, a regional leader in manufacturing of branded juices and related products under the Juicy brand, operates within two production plants in Croatia (Jastrebarsko) and Bosnia and Herzegovina (Kreševo), with a total production capacity of 150 million litres per year. One of the main brands of Stanić Bevereages is Juicy, and with the acquisition of Maraska, Stanić Beverages is expanding its production capacities in the segment of non-alcoholic beverages and enters into a new segment of strong alcoholic beverages, which is seen as an opportunity for growth and development. In the past thirty years, Stanić Group has established itself as a market leader in the field of production and distribution of non-alcoholic beverages, distribution and wholesale of tobacco products, retail and distribution of consumer electronics, and has achieved long-term cooperation with the world’s largest companies and brands such as Heineken, LG Electronics, Phillip Morris, Diageo, and others. Some of the companies operating within the Stanić Group are Stanić Beverages Croatia and Bosnia and Herzegovina, Boreas, Borvel, Stanić Trade, and others. Stanić Group is 100% owned by Mr. Svjetlan Stanić. In 2020, Stanić Group consolidated revenue reached 270 million euros, with more than 1000 employees.

Information about the Target
The beginnings of Maraska, one of the oldest producers of strong alcoholic and non-alcoholic beverages in Croatia, date back to 1946, when the three most famous Zadar’s liqueur factories consolidated their operations and created a unique company Maraska, a factory of liqueurs, chocolates, and candy in Zadar. Today, Maraska sells its products on the domestic market, through the retail, wholesale, and HoReCa segments, as well as on the foreign markets, of which Bosnia and Herzegovina, Montenegro, and Slovenia are the most prominent. Other markets include Austria, Belgium, Denmark, the Netherlands, Germany, the USA, Canada, Switzerland, Spain, and others. The most prominent brands of Maraska are Amarena juices and Maraschino liqueur, which is produced on the basis of the indigenous Zadar variety of Maraska cherry, as well as the brands Pelinkovac, Orahovac, Travarica, and Šljivovica. The majority shareholders of Maraska are Saponia d.d. (52.90%) and Koestlin d.d. (45.35%), members of the Mepas Group, while the remaining 1.75% stake is held by minority shareholders. In 2020, Maraska generated 11.5 million euros of revenue and employed more than 150 employees.

Transaction rationale
By the acquisition of Maraska, Stanić Group continues to expand its portfolio of non-alcoholic beverages, but more importantly, it enters into a new niche – the production of strong alcoholic beverages. It is expected that the acquisition of Maraska will result in synergies that will lead to top products in all categories, thus creating new market trends ready to respond to demands and needs of domestic and foreign customers. In Stanić Group, Maraska has found a partner that will enable growth, stability and improvement through investment, resource efficiency, and knowledge transfer, that will enable further expansion into domestic and foreign markets.

Introduction
Generali Growth Equity Fund, an alternative investment fund focused on investing in fast growing small and medium sized enterprises, has acquired a majority stake in Diverto, a fast growing information security service provider based in Zagreb, Croatia. GRUBISIC & Partners Corporate Finance acted as an exclusive financial advisor to Generali Growth Equity Fund in the transaction process.

Information about the Acquirer
Generali Growth Equity Fund is an alternative investment fund established and managed by Generali Investments. Generali Growth Equity Fund invests in small and medium sized enterprises (“SMEs”), providing support to their senior managers in growing and developing their businesses. The fund is committed to adding value and providing growth or expansion capital to investee companies for purpose of achieving companies’ long-term objectives.

Information about the Target
Founded in 2007, Diverto is an information security service provider based in Zagreb, Croatia, and is considered one of the pioneers of cybersecurity in the region. With a human capital of 30 IT experts, the Company provides a high level of information security to companies, institutions, and other organizations, by protecting them against security threats that can cause data breaches, financial loss, and damaged credibility. Over 100 clients are provided with a variety of information security services ranging from consulting services (governance, risk and compliance, assessments and tests, education and training) to managed services and solutions (incident response, defense services, SOC – security operation center). Over the period 2018-2020, Diverto’s sales revenue has almost doubled, driven by the acquisition of new customers and growth of managed services, mainly SOC and defense services.

Transaction rationale
Generali Growth Equity Fund acquires a majority stake in the Company with a plan to consolidate cybersecurity businesses in the region and expand Diverto’s market reach, while the founding shareholders continue to manage the business and retain minority stakes. With increasing demand for cybersecurity services stemming from the rise of cyber crime, growing digitalization trends, as well as stricter regulatory environment, Diverto is expected to continue generating double-digit growth rates and establish itself as the leading cybersecurity business in the region.

Introduction
EMMA Capital Group, an investment holding focused on the emerging markets of Central and Southeast Europe, has completed a growth equity investment in Bazzar, the fastest growing technology company operating e-commerce marketplace in SEE. GRUBISIC & Partners Corporate Finance acted as a financial advisor to the founders of Bazzar in the transaction process.

Information about the Acquirer
EMMA Capital is a private investment holding established in 2012 at the initiative of Mr. Jiří Šmejc. EMMA Capital seeks to make investments in the growing markets of Central and Southeast Europe, and to a lesser extent in other markets of Europe, Asia, and North America. As part of its strategy, EMMA Capital often takes active role in the management of its portfolio companies. In addition to the targeting exceptional and proven retail and B2C businesses, EMMA Capital invests across sectors such as fintech, consumer finance, gas and energy distribution, gaming, insurance, pharma, and healthcare.

Information about the Target
Bazzar is the fastest-growing Croatian technology company operating e-commerce marketplace for lifestyle consumer brands and one of the best performing of its kind in SEE region. Bazzar offers a wide range of products and it’s considered as a diversified marketplace combining both lifestyle and FMCG products with more than 200 thousand listed products and over 750 thousand site unique visitors per month. With several hundred thousand registered customers, over 700 committed merchants, and an in-house tailor-made technology, Bazzar is expected to become one among region's forerunners of the growing digital economy development.

Transaction rationale
EMMA Capital joins the company via growth equity financing and emerges as a new shareholder while the founding shareholders will continue to manage the business and retain significant stakes in the company. Based on a shared development plan, which will allow the company to significantly benefit from the accelerated growth, the proceeds will be used to further strengthen Bazzar’s market position in Croatia, as well as to expand onto international markets with particular emphasis on Southeast Europe.

EMMA Capital’s investment in Bazzar underlines its strategy of focusing on growth companies with international expansion opportunities.

Introduction
Transcom, a portfolio company of Altor private equity, signed an agreement to acquire City Connect, a Croatia-based omnichannel customer experience specialist, primarily serving the German-speaking markets through its nearshore delivery from the Adriatic region. GRUBISIC & Partners Corporate Finance acted as a financial advisor to the management of Transcom in the transaction process.

Information about the Acquirer
Transcom is a global customer experience specialist, providing customer care, sales, technical support, and credit management services through its extensive network of contact centers and work-at-home agents. With over 28,000 customer experience specialists at 50 locations across 23 countries, Transcom delivers services in 33 languages to international brands in various industry verticals.

Information about the Target
City Connect is a fast-growing customer care provider delivering its services in 17 languages to international brands in growing industries throughout Europe and North America. City Connect employs more than 620 people across Croatia, North Macedonia, and Slovenia and primarily serves blue-chip and fast-growing tech companies. The company is expected to generate EUR 15 million in revenue for 2021 with double-digit profitability.

Transaction rationale
Over the past years, Transcom has significantly improved profitability, developed a strong digital offering, and it is now growing fast in attractive segments such as eCommerce & Tech. German market being a strategic priority for Transcom, it is in continuous search for strengthening its nearshore operations to support growing demand for its services. By teaming up with City Connect, Transcom consolidates its position as a market front runner in the Southeast Europe region ad further reinforces its German-language delivery capabilities.

Introduction
Iskra has acquired 100% of shares in Elka, the largest cable manufacturer in SEE, thus making the second investment in Croatia after acquisition of refitting shipyard (2019) in Šibenik, Croatia. GRUBISIC & Partners acted as the exclusive financial advisor to the management and shareholder of Elka in the transaction process.

Information about the Acquirer
Headquartered in Ljubljana, Slovenia, Iskra is a leading regional and globally renowned provider of intelligent industrial solutions and cutting-edge electrical products. During 75 years of continuous production, Iskra has gained a respectable international reputation and has evolved into the largest Slovenian based company engaged in (i) process automation, (ii) communication and security systems for electricity distribution, transmission, and network systems, (iii) water purifiers, (iv) communication via high voltage lines, (v) automation of rail and road transport, and (vi) software solutions in the field of energy and logistics. Many high-tech products in the field of energy, electronic capacitors, interference suppression elements, electrical measuring instruments, batteries, antennas, and potentiometers are in the Iskra's product range, as well as galvanizing, facility management, and maintenance services. Iskra is owned by the Šešok family. In 2020, Iskra’s consolidated revenue reached EUR 130 million, whereas number of employees exceeded 1,300.

Information about the Target
Elka was founded in 1927 in Zagreb, Croatia, and since the initial production of wires and cables, the company has expanded the scope of product range towards the production of new types of cables, primarily focusing on (i) high, medium, and low voltage power cables, (ii) telecommunication cables, (iii) fiber optic cables, (iv) fiber optic protective ropes and overhead lines, (v) flame redundant, fire-resistant and halogen-free shipboard and offshore cables, (vi) petrochemical cables, and others. Elka is the largest cable manufacturer in Southeast Europe, privately owned by Mr. Miljenko Hacek, with annual revenue of EUR 60 million and more than 200 employees.Today, Elka produces almost eight tons of finished products per employee and generates more than 90 percent of revenues via export, while the rest is realized on the domestic market. The dominant export market is the European Union, with more than 80 percent of exported finished goods, while the rest of export is realized in the SEE region. The largest customers encompass large European distributors such as Klaus Faber AG, SKW Schwechater Kabelwerke GmbH, Cable Service Srl, Meinhart Kabel GmbH, as well as national energy companies E.O.N., EnBW, HEP and others.

Transaction rationale
By the acquisition of Elka, along with the existing investment in the refitting shipyard in Šibenik, Iskra has expanded its market footprint in Croatia through new partnership with strong synergy effects. Long-term plans include new product developments and innovative cable solutions, aiming to expand current customer base and further strengthen long-term cooperation with existing customers. In Iskra, Elka has found a partner which would enable further growth, stability, resource efficiency and know-how, resulting in competitive positioning among global players via development of new technologies and production processes’ optimization.

Introduction
Vela Software, a subsidiary of Constellation Software, acquired 100% of shares in SVAM Plus, one of the fastest growing ERP software providers in the region, adding the Company as a complement to its operating businesses Juniper and IN2 Group. GRUBISIC & Partners acted as the exclusive financial advisor to the management and shareholders of SVAM Plus in the transaction process.

Information about the Acquirer
Constellation Software
Headquartered in Toronto, Canada, Constellation Software is a listed publicly traded company (TSX:CSU) providing software and services to a number of industries, both in the public and private sectors, with an aim to acquire, manage and build market-leading software businesses that develop specialized, mission-critical software solutions to address the specific needs of particular industries. The Company was founded in 1995, assembling a portfolio of vertical market software companies that have the potential to be leaders in their particular market. Since then, Constellation Software grew rapidly through a combination of acquisitions and organic growth, and established a strong constellation of companies with a large, diverse customer base comprised of over 125,000 customers operating in over 100 countries around the world. The business is split into two distinct segments: (i) the public sector segment, which includes businesses focusing upon government and government-related customers, and (ii) the private sector segment, which includes businesses focusing upon commercial customers. With over 15,000 employees, the Company has offices in North America, Europe, Australia, South America, and Africa. In 2020, the Company generated consolidated revenues of close to USD 4 billion, with EBITDA exceeding USD 1 billion. Constellation Software has completed over 500 acquisitions of small, medium, and large private and public companies since its inception.

Vela Software
Vela Software is a subsidiary of Constellation Software, based in Toronto, Canada. It is an operating group of Constellation Software that acquires, manages and builds industry specific software businesses globally, as well as provides software and services to a diversified group of public and private sector markets. The Company is a decentralized, learning-focused organization that offers coaching and resources in a number of areas to help good companies become exceptional. In line with Vela and Constellation investment philosophy, acquired businesses are typically left as decentralized stand-alone entities, with Vela and Constellation providing vertical market software expertise, operational support, and capital to help the acquired businesses grow organically and/or through acquisitions.

Information about the Target
SVAM Plus engages in the development, implementation, and maintenance of its proprietary business information system OperaOpus, a software solution often recognized as first choice among  manufacturing companies in Croatia. In addition to manufacturers, OperaOpus is also used by many other companies across various industries. SVAM Plus provides design and customization of information systems to business processes, consulting services in the systematization of information, consultancy services in the formulation of business analysis and definition of transparent accounting, consulting services in the areas of controlling, as well as ensuring clients with permanent adjustments. It was established in 1995 by a group of IT experts who began to develop their own software solutions, and OperaOpus was first implemented in 1997. Since then, with constant monitoring of the latest IT developments, the Company has grown into a modern engineering company that offers a highly parameterized system and consulting services in business process management. SVAM Plus is based in Zagreb, Croatia and employs 35 people.

Transaction rationale
With the acquisition of SVAM Plus, Constellation Software, via its subsidiary Vela Software with subdivisions Juniper Group and IN2 Group, strengthens its market position in Croatia and the region and finds a new partner with whom they plan to unlock strong synergies and achieve growth in new market niches. The experience, knowledge, and quality of SVAM Plus products will contribute to the realization of the Group's plans to expand the customer base and further strengthen long-term cooperation with clients. With SVAM Plus, Constellation Software has found a partner with a recognized product which will be further developed, now supported by powerful resources within the newly formed partnership. The previous owners of SVAM Plus, Sanda Prebanić, Hrvoje Zrilić, and Mario Mandić, who continue to be involved, are looking forward to new opportunities and further growth and development of the Company.

The AVK Group is a global market leader in manufacturing valves and hydrants. Headquartered in Denmark, the Group is divided into three main business units: AVK Water, AVK Industrial, and AVK Advanced Manufacturing. With its extensive product range of valves, hydrants, and accessories, AVK Water serves the markets of water and gas supply, sewage, and fire protection. AVK Industrial offers a comprehensive program of valve solutions to customers engaged in water treatment, power generation, oil and gas, the marine industry, pulp and paper, mining, the chemical industry, air separation, and related industries. Advanced Manufacturing comprises companies supplying rubber, plastic, and metal components, both to companies within the AVK Group and external customers in various industries, including food, pharmaceutical, transport, and wind energy. With over 100 companies and 4,400 employees in 36 countries across Europe, the Middle East, North and South America, Australia, Asia, and Africa, the AVK Group has a global presence. In fiscal year 2019/2020, the Group generated EUR 807 million of sales revenue and EUR 67 million of operating profit, with improved operating margin compared to the previous year, supported by a range of initiatives to improve operational performance and strengthen the Group’s market position.

Headquartered in Croatia and also present in Bosnia and Herzegovina, OMV-INDOIL is a regional leader in manufacturing industrial valves used in oil and gas, energy, water and wastewater, shipbuilding, pharmaceutical, and other processing industries. Using own technology, designs, and production capacity, the Company designs and manufactures special valve solutions in accordance with customers’ requests, finding new technical solutions for valve operations and continuously developing proprietary valve designs. In addition to industrial valves manufacturing, OMV-INDOIL is one of the leading suppliers of fittings and complete pipeline material needed for construction and maintenance of infrastructural projects. In 2020, OMV-INDOIL generated EUR 12.6 million of sales revenue and EUR 1.65 million of EBITDA, with the greater part of its revenue coming from exports. The Company employs 130 people, of which 90 in Croatia and 40 in Bosnia and Herzegovina.

The AVK Group has acquired majority shareholding in OMV-INDOIL. The Croatian-based valve company with headquarters in Zagreb was founded 30 years ago by Mr. Tomislav Matkovic, who will continue in the business as a minority shareholder and as a key stakeholder in the development of the company in the new partnership with the AVK Group.

The family-owned company has manufacturing sites in Zagreb, Croatia, and in Capljina, Bosnia & Herzegovina, and produces mainly high-performance ball and butterfly valves in various materials. In addition, the company offers a range of special valves and project capabilities to local contractors.

OMV-INDOIL was looking for a reliable, strategic partner to build a stronger foundation for growth and to extend the sales network for global business and therefore, a partnership with the AVK Group was found to be a good match.

On one side, the partnership will strengthen OMV-INDOIL’s brand and position and will enable the company to benefit from the AVK Group’s global setup, strengthen the value proposition and ensure future growth.

On the other side, the AVK Group will gain access to a new domestic market and segment. In addition, AVK will be able to benefit from OMV-INDOIL’s strong brand name in the region, and the new products will complement AVK’s existing product programme within the industrial segment. Especially, through AVK’s InterApp sales organisations, there will be great cross-selling opportunities. OMV-INDOIL has an interesting growth in the energy sector and supplies to companies such as the Siemens Group, which also opens a new segment for the AVK Group with a lot of opportunities for further growth and development.

Founded in 1974, Weyland GmbH wholesales and distributes steel and metal. Headquartered in Austria, Weyland GmbH markets and manufactures building materials and fixing systems, fittings, derived timber products, carpentry and building supply, household and seasonal items, and electrical appliances. The Weyland Group has approximately 800 employees in 8 locations across Europe, while Weyland GmbH has more than 500 employees at the location in Austria. In the fiscal year 2019/2020, the Weyland Group generated EUR 496 million of sales revenue, of which EUR 386 million pertained to Weyland GmbH.

MIP Metal is headquartered in Croatia with more than 10 years of experience in trading and processing ferrous and non-ferrous metallurgy products. MIP Metal engaged in a joint venture with Weyland GmbH in 2010 and founded MIP Weyland. Each of the co-owners had a 50% stake in a newly established entity. MIP Weyland was primarily engaged in metal products wholesale, retail, and processing. In 2019 MIP Weyland has recorded EUR 11.5m of sales revenue with 22 employees.

In November 2020 Weyland GmbH signed an agreement with MIP Metal to acquire the remaining 50% share in their joint venture, making it 100% owner of MIP Weyland.

GRUBISIC & Partners acted as exclusive financial advisor to the management and shareholders of MIP Metal in the transaction process.

E.ON Hrvatska, part of E.ON Group, is one of the largest energy companies in Croatia, operating as a supplier and distributor of natural gas and electricity, designer and manufacturer of solar power plants, and a concessionaire for wastewater treatment in Zagreb. As part of consolidation strategy in Croatian gas market, E.ON Hrvatska has acquired Plin-projekt and its subsidiary Moslavina plin, which expanded its industry footprint in Croatian gas market after acquiring Koprivnica plin and Montcogim plinara.

Plin-projekt is a supplier and distributor of natural gas in the city of Nova Gradiška and its wider area. Apart from own distribution network, the company owns 100% of shares in Moslavina plin, distributor of natural gas in the city of Kutina, city of Popovača and municipality of Velika Ludina. Combined with Moslavina plin, company’s total distribution network amounts to 811 km.

GRUBISIC & Partners acted as exclusive financial advisor to Iniziative Macchi S.r.l in the sale of its ownership stake in Plin-projekt.

Generali Growth Equity Fund is an alternative investment fund established and managed by Generali Investments. Generali Growth Equity Fund invests in small and medium sized enterprises (“SMEs”), providing support to their senior managers in growing and developing their businesses. The fund is committed to adding value and providing growth or expansion capital to investee companies for purpose of achieving companies’ long-term objectives.

Eko Papir is a leading manufacturer of flat bottom paper bags with or without handle, paper bread & bakery bags, greaseproof paper bags and greaseproof wrapping paper on Croatian market. Generali Growth Equity Fund has acquired 75% of shares in Eko Papir, while 25% of shares remains in the ownership of the founder’s family. The current management will remain in the company in order to support Eko Papir’s further growth and expansion in collaboration with the new shareholder.

GRUBISIC & Partners acted as exclusive financial advisor to the management and shareholders of Eko Papir in the transaction process.

Ano Insurance Solutions is a provider of risk management, insurance, and reinsurance brokerage services. Ano Insurance Solution was founded in 2000, and at that time it was the first and only business entity in Croatia registered for the provision of insurance brokerage services. In the previous two years Ano has served as an exclusive Aon global network correspondent in Croatia.

Raiffeisen Bonus, under the Raiffeisen Croatia group, is one of the leading insurance and reinsurance intermediaries in Croatia. Raiffeisen Bonus predominantly engages in intermediation of non-life insurance.

GRUBISIC & Partners acted as exclusive financial advisor to the management and shareholders of Ano Insurance Solutions in the transaction process.

R22 Group, Warsaw Stock Exchange listed company, is a growing holding of technology firms present in multiple countries with head office in Poznań, Poland. The group is involved in hosting services, omnichannel communication services automating electronic communication with the customers and telecommunication services, while business operations are run as part of a whole value chain – from creating own solutions, through their technological maintenance and development, to comprehensive sales and customer service. Acquisition of Avalon is aligned with the group’s strategy to become a leading hosting provider in Central and Eastern Europe with over 500 thousand customers by 2020.

Avalon is a leading Croatian service provider offering full hosting capabilities on Microsoft and open-source platforms - Linux. It provides services such as web hosting, virtual private servers, dedicated servers, SSL certificates, provisioning, monitoring, online collaboration, email and domain management to more than 16,000 websites across Europe. The company’s services are specially tailored for small businesses, aiming to provide them with a simple-to-use, elegant and affordable home for their websites with secure and automated management from any place, any device and at every moment.

GRUBISIC & Partners acted as exclusive financial advisor to the management and shareholders of Avalon in the transaction process.

Headquartered in Basel, Switzerland, the acquirer through its group companies researches, develops, manufactures and supplies dental implants, instruments, CADCAM prosthetics, biomaterials and digital solutions for use in tooth replacement and restoration or to prevent tooth loss. The company offers a wide range of products and services to dental practitioners, clinics, dental supply organizations and laboratories all over the world. The principal production sites for implant components and instruments are in Switzerland, USA, Brazil and Germany, while CADCAM prosthetics are milled centrally in Germany, USA, Japan and Brazil. The production facility for biomaterials is located in Sweden. The group employs over 5,000 people worldwide and has generated CHF 1.36bn in revenue in 2018. Acquirer’s shares are traded on the SIX Swiss Exchange in Zurich.

Medikadent distributes dental implants, instruments and prosthetics in Croatia, Bosnia & Herzegovina, Kosovo, Albania and Montenegro and has been cooperating with the buyer prior to being acquired. The shareholders of the company will remain as managing directors in order to support company's further growth and expansion under the new owner.

GRUBISIC & Partners acted as exclusive financial advisor to the management and shareholders of Medikadent in the transaction process.

Tokić is the leading retailer and franchisor of automotive and commercial vehicle spare parts in SEE region, headquartered in Zagreb (Croatia). The company has more than 100 branded stores throughout Croatia, Slovenia and Bosnia and Herzegovina, with the widest range of automotive and commercial vehicle spare parts, consisting of more than 220,000 products from over 230 brands of the world’s largest car parts’ manufacturers.

Autocentar Marinići is a retailer and wholesaler of vehicle spare parts, operating throughout Istria and Kvarner region in Croatia from three sales centers.

On Jun 19th 2019, Tokić has acquired 100% stake in Autocentar Marinići, which was their first acquisition of franchisee within its network.

GRUBISIC & Partners acted as an exclusive financial advisor to the management and shareholders of Tokić, completing valuation of the company prior to transaction process, creating transaction structure including its principle terms and conditions, preparing and co-managing due diligence, conducting financial due diligence, and advising on preparation and negotiation of all material elements of comprehensive transaction documentation.

NCP Shipyard had a concession on maritime good and together with its related company NCP Group have been producing special catamarans and providing refit and maintenance services for yachts, navy ships, and other vessels. NCP Shipyard was in bankruptcy procedure since late 2017, however all business operations continued and were carried through NCP Group.

ISKRA is a globally recognized (and largest Slovenian) provider of intelligent industrial solutions and cutting-edge electro technical products. The company aims at improving existing applications and introducing new technologies within variety of sectors, but with particular emphasis on energy, electro technical components, installations, traffic, telecommunications, and facility management.

In October 2018 ISKRA has signed an agreement with NPC's largest creditor on redemption of its claims from NCP including a pledge over concession and other shipyard's assets. In late January 2019 Croatian Government has approved transfer of concession to ISKRA Shipyard 1 Ltd., which was a condition precedent for closing. As part of the overall transaction ISKRA is taking over all operating assets of NCP Shipyard and employees and contracts of NCP Group allowing for undisturbed continuation of core business activities.

GRUBISIC & Partners acted as an exclusive financial advisor to the management of NCP, which included financial analysis, simulation of various scenarios and preparation of a bankruptcy plan, transaction structuring and evaluation of appropriate models for transfer of business operations and NCP’s assets to ISKRA.

Salus is one of the leading wholesale suppliers of medicines and other pharmaceutical products in Slovenia. The company is part of Salus group and has been listed on Ljubljana Stock Exchange since 1992. Consolidated revenue of the group in 2017 amounted to EUR 232m. Sanolabor is a leading Slovenian distributor of medical and orthopedic devices, medicines and lab materials through wholesale channels and network of specialized retail shops. It has subsidiaries in Croatia and Serbia and also supplies customers in Bosnia and Herzegovina, Macedonia, Montenegro and Kosovo.

Salus had initially conditionally bought 58% of Sanolabor, with obligation of submitting mandatory public takeover bid, but under suspensive condition of reaching at least 75% of total shares. The bid was open between 30 November, 2018 and 27 December, 2018 during which Salus has acquired additional 40% of outstanding shares, reaching a total of 98.14% of Sanolabor shares for a consideration of EUR 17.5m.

GRUBISIC & Partners acted as an exclusive financial advisor to the management and shareholders of Sanolabor, completing valuation of the company prior to transaction process, creating transaction structure including its principle terms and conditions, preparing and co-managing due diligence, and advising on preparation and negotiation of all material elements of comprehensive transaction documentation.

Sanitaria Dentalwaren GmbH from Austria is a distributor of dental equipment and materials with subsidiaries in Southeast Europe. The company has sold 51% stake in Sanitaria Dental d.o.o., its Croatian branch, to the local management. GRUBISIC & Partners were engaged as an exclusive financial advisor to the management of Sanitaria Dental, completing valuation of the business, putting together deal structure, and preparing and helping management negotiate all aspects of transaction documentation.

Major shareholder of Bilić-Erić Security has sold a significant part of its equity stake to Posmrtna Pripomoć. Bilić-Erić Security is one of the leading full-service security companies providing residential and business clients protection services throughout Croatia. GRUBISIC & Partners acted as project manager and exclusive financial advisor to the management and shareholders of Bilić-Erić Security in the process of finding suitable investor and conducting complete transaction process, from structuring all the way to implementation.

Končar D&ST Inc. is a regional leader in the production of distribution, medium power and special transformers. The company has acquired a 74% stake in Power Engineering Transformatory Sp. Z o.o., which was carved out of Power Engineering S.A. The target, based in Czerwonak, Poland, is specialized in manufacturing and repairing of medium power transformers up to 63 MVA and with a voltage of up to 145 kV. GRUBISIC & Partners acted as project manager and exclusive financial advisor to the buyer.

AON Plc is the leading global provider of risk management, insurance and reinsurance brokerage services with operations in 120 countries and employing more than 70,000 people. After 17 years of operations and successful positioning of AON Croatia amongst most relevant insurance brokers on the market, the local management had performed a management buyout and has fully acquired all Croatian subsidiaries of AON. After rebranding, the company will continue to cooperate with AON as exclusive correspondent for Croatian market. GRUBISIC & Partners acted as exclusive financial advisor to the management in completing the buyout.

Inspire Fusion, a private equity fund managed by Inspire Investments, has acquired 86% of Kompas Zagreb Inc., one of the leading and most prominent travel agency in Croatia. Kompas is especially renowned for its outgoing travel and MICE arrangements. GRUBISIC & Partners acted as project manager and exclusive financial advisor to the management and shareholders of Kompas in the process of finding appropriate investor and managing complete transaction process.

Požgaj group, one of the leading Croatian wood processing companies, with special focus on panel and parquet business, has raised equity capital from an association Posmrtna pripomoć. By performing capital increase, Posmrtna pripomoć has acquired 15% ownership stake in the group. Požgaj will use the proceeds to finance working capital which will allow for further growth of production and sales. Alongside Posmrtna pripomoć, the shareholders of Požgaj group are private equity fund Nexus FGS and Požgaj family. GRUBISIC & Partners acted as project manager and exclusive financial advisor to the management of Požgaj group in the process of finding suitable investor and conducting complete transaction process, from structuring all the way to implementation.

Hospitality and Retail Systems Ltd., a leading IT / software services provider for the hospitality and retail industries in Central & Eastern Europe, has acquired 100% in Micros Fidelio Hrvatska d.o.o. (MFH), an industry leader in Croatian market. The sellers were Micros Fidelio Ireland Ltd. and Oracle Austria GmbH. GRUBISIC & Partners acted as exclusive financial advisor to the buyer.

GRUBISIC & Partners as member of Globalscope International M&A Advisors presents you with overview and analysis of recent M&A trends and activities within lower mid-market segment (transactions up to USD 150m) during 1H of 2016, based on analysis of 20,208 transactions of which 24% were cross-border. The report contains information on:

1. Number and value of transactions.

2. Relative valuations at which transaction were executed.

3. Overview and statistics across sectors

4. 4. Overview and statistics across regions.

By combining its expertise in corporate finance (mergers, acquisitions and sale of companies, valuations, capital raising, and financial restructuring) and strong partner network of 51 firms in 41 countries through its membership in Globalscope, GRUBISIC & Partners can adequately address and serve needs of its existing and prospective clients.

Please download full report here.

Dominion Hosting Holding SpA (DHH), stock-market listed and headquartered in Milan, Italy, is one of the leading providers of web hosting services in the European emerging digital markets, with a special focus on the Balkans. Through its subsidiary, Plus Hosting d.o.o., DHH has acquired 100% of Infonet d.o.o., a main hosting player on the Croatian market. GRUBISIC & Partners acted as project manager and exclusive financial advisor to the seller.

Elanija d.o.o. has sold Vila Rosina d.o.o. to Tommy d.o.o., a major retailer in Dalmatia region. Vila Rosina consists of land and existing villa at premium location on Bačvice, city of Split, and project documentation for construction of luxurious apartments and boutique hotel. GRUBISIC & Partners acted as advisor to the seller.

GRUBISIC & Partners held in-house education program in Erste Bank Croatia for employees from corporate banking department. The program covered topics of financial analysis and profitability evaluation of investment projects (capital budgeting techniques). The program was conducted during May for two groups of attendees lasting two days per group.

Algoritam d.o.o. acquired 47% of shares in the bookstore chain APM d.o.o. from Profil International d.o.o. and Mozaik knjiga d.o.o. By completing the transaction Algoritam d.o.o. reached 98.7% ownership stake in APM d.o.o. GRUBISIC & Partners acted as financial adviser to the management and owners of Algoritam d.o.o.

Model Holding AG, headquartered in Weinfelden, Switzerland, as majority shareholder of Model pakiranja d.d. from Zagreb, Croatia, has completed the squeeze out procedure i.e. the transfer of shares from minority shareholders. GRUBISIC & Partners acted as financial advisor in the process which included valuation of Model pakiranja d.d.

GRUBISIC & Partners held in-house education program in Erste Bank Croatia for employees from corporate banking department. The program covered topics of financial analysis and profitability evaluation of investment projects (capital budgeting techniques). The program was conducted during October for two groups of attendees lasting two days per group.