IMAP is one of the most successful international companies specializing in M&A transactions in the mid-market segment. In our region, IMAP is present through IMAP SEE, headquartered in Zagreb, operating in the markets of Croatia, Slovenia, Serbia, and Bosnia and Herzegovina. The founder and executive partner of IMAP SEE is Jurgis Oniunas, who has completed over 70 transactions in more than 20 years. It is indeed difficult to find a more relevant interlocutor on the topic of mergers and acquisitions.
What are the trends in the Croatian and regional M&A market?
– Looking at the long term, the number of M&A transactions in our region sharply declined after the global economic crisis in 2008. This number has slowly recovered over the last 15 years and is now at its highest level in the last four years. Of course, the number of transactions always depends on fluctuations in the macroeconomic environment. Currently, we are in a situation where Croatia is still somewhat undervalued, there are still many opportunities because we have been in the Eurozone and Schengen for less than two years and we are not yet fully integrated into all of that.
Are there more clients in Croatia who are offering companies for sale or those who are looking for targets?
– In the vast majority, about 90 percent, our clients are business owners who want to sell. As for demand, I can illustrate with an example of a project in the tourism sector we are currently working on, where we were looking for an investor. We received eight non-binding offers, among which there were more domestic than foreign investors. However, this is not usual. In most projects, we have two to three bidders. We have many good companies, and there is good interest from European investors.
Do you have examples in practice where a potential acquirer is looking for an unspecified target in the Croatian market?
– There are not many cases of companies wanting to buy unspecified businesses in Croatia. If they have some interest, it is because they have already worked with the company, they know it, and they have some synergies. Sometimes we receive what I would call fishing request – where foreign companies are looking for unspecified companies in a certain sector, but these are often unserious requests.
When is the right time to sell a company?
– That is a question every client must decide for themselves, but the ideal moment would be when the company is still growing but requires some new resources. In this way, we can present the company to potential buyers as an opportunity for future profit increase. It is excellent when this coincides with a good macroeconomic environment, when the economy is on an upward trajectory. It is definitely a bad time to sell when the company is already in trouble.
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