Studenac, Croatia’s largest grocery retailer by store count, has completed its acquisition of Slovenian retailer following approval from anti-trust regulators.

The move will see Kea’s 32 stores added to Studenac’s network of over 1,300 locations.

Based in the town of Šentjur, Kea operates in the regions of Celje, Maribor, Prekmurje, and Primorje, with an average store size of 250 square meters and 2023 revenue of nearly €50 million.

Studenac announced its intention to acquire Kea in July this year.

The company said that the Slovenian market offers attractive macroeconomic and demographic advantages, including membership in the eurozone and the second-highest GDP per capita of the European Union's 11 Central European members.

Studenac added that its research indicates there is “significant” space for organic expansion of the chain's format.

The company has a growth strategy based on both organic expansion and acquisitions. Since 2018, the company claims to have more than tripled its network of stores and has completed nine major acquisitions.

"Studenac’s entry into Slovenia is a natural step in our international expansion," said Michal Seńczuk, chief executive of Studenac. “We believe that the values shared by Kea and Studenac, along with Kea's strong technical and market capabilities, provide a solid foundation for building a successful story in Slovenia — one that both employees and customers will be proud of.”

In June this year, Studenac announced it would acquire 36 stores from Zagreb-based retailer Decentia.

The move aims to strengthen its position in the Croation capital, taking its store count to over 130 after the deal is complete.

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