Pevex for Sale, Possible Price 500 Million Euros

The largest shareholders Pevex have initiated the sale of their shares, Jutarnji list reported on Tuesday, stating that the possible price is 500 million euros.

Jutarnji has learned that KPMG has been chosen as the advisor for the sale of the company, which is expected to prepare everything for collecting initial offers from potential investors.

Pavao Vujnovac, Jurica Lovrinčević, and Mario Radić, as the three largest shareholders of Pevex, are ready to sell their shares in a company that has transformed from bankruptcy to a market leader in the ‘do-it-yourself’ segment over the past few years. Currently, Pevex has 2,200 employees, 27 sales centers, and with further growth in online sales this year, they expect revenues of around 2.7 billion kuna.

“- The shareholders have initiated the sale of their shares in Pevex, and I can confirm that I am among them. Whether all interested shareholders will sell their shares at the end of the process will depend on the overall package of offers from interested investors – confirmed Pavao Vujnovac, owner of Energia naturalis group and chairman of its Management Board, who is the largest shareholder of Pevex with a 37 percent stake.

Jurica Lovrinčević, special advisor to the Minister of Economy and former CEO of Pevex, holds a total of 23 percent of the shares, personally and through his company Dicentra. Due to his advisory position in the Ministry of Economy, he did not want to comment on the potential sale of Pevex, but unofficially we learn that he is also ready to sell his shares.

This is also evidenced by the negotiations for a settlement that, as we learn, are being conducted with the Management regarding the lawsuit that Jurica Lovrinčević filed with the Association of Small Shareholders of Pevex, seeking the annulment of all decisions of the General Assembly from May 2022, as well as those regarding the approval of annual financial statements.

In order for a potential buyer to encounter an organized situation, the goal is to reach a settlement regarding the aforementioned lawsuit, which, according to unofficial information, is very likely.