Žito Group buys Zvijezda brands from Fortenova for €116M
What's the deal? Croatian food conglomerate Fortenova Grupa has sold its ZvijezdaDealroom has a profile for this one. Try Dealroom → and Zvijezda Slovenia subsidiaries to Žito Group for €94M in base price, with the total transaction value reaching €116M once financial assets and liabilities are included. The deal, signed on May 13, gives Žito full ownership of three regional food brands — Zvijezda, Margo, and Omegol.
Zvijezda is one of Croatia's oldest food producers, best known for its edible oil and mayonnaise, which hold the number one position on the Croatian market. Žito financed the acquisition with a €90M bank loan and its own funds.
Why now? The deal closed after all regulatory authorities approved the concentration. For Fortenova, the sale allows it to focus on its core retail network. For Žito, it represents a major expansion of production capacity and regional presence.
Žito is already one of Croatia's largest agricultural and food companies, with vertically integrated operations spanning meat processing, edible oil production, animal feed, and egg production. Adding Zvijezda's portfolio and facilities should deepen that integration.
What could go wrong? The €90M in debt Žito took on to fund the acquisition is substantial. If synergies between the two companies take longer than expected to materialise — or if consumer demand softens in the region — the debt burden could weigh on the combined group's finances.
Additional price corrections are still possible under the agreed pricing mechanism, which means the final cost could shift.
The signal: Dealroom classifies Zvijezda as a mature company and Žito Group as a breakout-stage business, underscoring that this is an established regional producer being absorbed by a fast-scaling acquirer looking to consolidate Southeast Europe's fragmented food sector. The deal's €116M price tag and heavy debt financing suggest Žito is betting that vertical integration — from crop production through to branded consumer goods — will generate enough margin to justify the leverage.
Read more: fortenova.hr
