After Maresi’s Acquisition, Bonkulović’s Owner Gains Access to the Region

The entry of foreign companies into the domestic food and beverage distribution sector is becoming increasingly common, with the latest example being the Austrian company Maresi, part of the Vivatis food group, which has acquired a 70 percent stake in the Croatian distribution company Salvia. Salvia is a distributor of over 40 international premium food and beverage brands and the owner of the renowned Zagreb delicatessen Bonkulović. Although details about the transaction’s value have not been publicly disclosed, it represents a significant acquisition in the Croatian FMCG sector.

Given that Maresi already has subsidiaries in Hungary, the Czech Republic, Slovakia, and Romania, it seems that the Croatian food distributor was indeed attractive to him, but also stable enough to be viewed as a starting point for further expansion in the region.

There is a general consolidation of distributors in the market, with stronger distributors acquiring smaller local ones to optimize costs and achieve greater volume, confirms Joško Vučetić, a partner at Caper, a firm specializing in mergers and acquisitions (M&A).

– Large chains have strong negotiating power and a robust offering of private labels, which puts pressure on distributor margins, so consolidation among them is a logical response for greater business volume, better logistics, and a stronger negotiating position – explains Vučetić.

He adds that with this acquisition, Maresi gains a ready-made platform for entering the Croatian market, established relationships with key retailers and HoReCa clients, enters a premium portfolio, and has the potential for further expansion in the region. This is confirmed by the statement from Maresi’s director, Sabine Schwaiger, who emphasized that Maresi’s expansion into Croatia and increased presence in the CEE region strengthens their ‘position for future acquisitions of partner brands’ and that at the same time ‘existing collaborations with Salvia can be successfully expanded to other countries’.

The Bašić Family Remains at the Helm

Salvia was founded back in 1991 by the Bašić family, who have owned it until today. Over three decades, it has grown into one of the key domestic distributors of food brands such as Loacker, Ricola, Ahmad Tea, Schär, St Michel, De Cecco, Lotus, Bauli, and others. In addition to distribution for Croatia, it is also present in Slovenia, and the company is a market leader in the gluten-free food, premium tea, premium confectionery, and ethnic food segments. They decided to sell the majority ownership stake after more than 30 years of operation to lay the groundwork for the next 30 years.

– The sale of the majority stake was a step that enables us to achieve just that – stability, greater investments, and a stronger market position. This is not about an acquisition for short-term profit, but about a joint investment in the future of the company. This was crucial for us to ensure that the organization retains its identity, values, and way of working. The new majority owner brings additional knowledge, experience, and resources while respecting what we have built over decades – explains Mirko Bašić, the company’s director, adding that they sold a majority, not the entire stake, because the family wants to continue actively participating in the management of the company.

– The role of the family, or our management in general, in the new ownership structure remains the same. We still retain all operational functions and continue to actively lead the company – notes Bašić.

The negotiation process lasted several months, and the confirmation from the Competition Agency arrived in October, after it was determined that Salvia has market shares of less than five percent in all categories and that it overlaps with Maresi only in the dairy and egg segment. With Maresi entering the ownership structure, Salvia gains a strong international owner and FMCG player in the CEE region with experience in managing partner and proprietary brands.

– Thanks to their international network and access to new brands, we expect to be able to bring some new products to the Croatian market over time – announces Bašić.

Doubled Revenue in Five Years

One of the interesting aspects of this acquisition is the Bonkulović delicatessen, a store offering delicatessen meats, cheeses, chocolates, alcoholic beverages, pasta, and other food and non-food products, established in 2009 and located in the Kaptol Center. The store is an integral part of Salvia and operates within the same company as a separate brand. Bašić emphasizes that the acquisition will not affect the store, stating that ‘Maresi has no plans to change Bonkulović’s business model’. However, he reveals that they continue to develop this important segment, which constitutes a large part of the business and contributes to the results and profitability of the company, as well as the entire portfolio of brands within Salvia.

In 2024, Salvia achieved revenue of 23.1 million euros, a profit of 2.6 million euros, and an EBITDA of nearly four million euros, with 91 employees, according to available data. Compared to 12.3 million euros in revenue in 2020, the company’s revenue has nearly doubled in four years. Additionally, Salvia has recorded continuous growth in newly created value, exports, and investments in recent years, which is exceptional in a sector that has faced logistical challenges and margin pressures in recent years.

Bašić emphasizes that the growth is the result of a combination of several key factors. – First, long-term cooperation with our key principals has built significant mutual trust, enabling continuous joint investment in brand development and ensuring us a competitive advantage and customer loyalty. Second, a focus on quality, operational efficiency, and process optimization has allowed for increased profitability and sustainable growth. Third, expansion into the Slovenian market and the success of Bonkulović as a recognizable player in the superpremium segment in Croatia have opened additional opportunities for growth and revenue diversification. Furthermore, a strong organizational culture and the expertise of our team are key to implementing all these strategies, which ultimately resulted in doubling revenue over the past five years and an excellent credit rating of A1 – explains Bašić.

Salvia also has significantly better current liquidity and a net profit margin above the sector average. It operates in the category of wholesale distribution of other food and ranks among the largest by revenue, although this comparison is relative due to different classifications of distributors. A significant portion of revenue is also generated from exports, primarily to Slovenia, where it represents brands that it distributes in Croatia as well.

Opportunity for ‘Premiumization’

In distribution, Salvia competes with several large domestic and foreign distributors such as AWT, Atlantic, and Orbico with a broader product portfolio, as well as smaller distributors like Dupin, Nikas, Naturala, and others. However, Vučetić explains that Salvia is a small specialist for premium and niche brands and is far from the breadth and volume of Atlantic’s and Orbico’s portfolios, which include other products besides food, such as cosmetics and technology.

– I do not expect this acquisition to particularly affect such large distributors – says Vučetić.

However, he warns that potential challenges of this acquisition could include aligning pricing policies, discounts, fees, and marketing activities, as well as organizational, operational, and IT integration, which ties into the current challenges in the market that, according to Bašić, make maintaining a high level of service alongside rising costs, adapting to changes in retail channels, and ensuring product availability at reasonable prices.

In addition to all this, Salvia is also striving to keep up with changes in consumer habits. For instance, Bašić points out that the premium segment in Croatia shows stable and gradual growth, and consumers are increasingly interested in products with higher added value.

– As living standards rise, consumers become more aware of quality and sustainability, which further increases the space for premiumization. Additionally, growing consumer attention to origin, authenticity, and tradition opens opportunities for premium brands to highlight their advantages and excel in the market – confirms Bašić.

Thus, Salvia has the opportunity to leverage these trends and, alongside Maresi, expand its offering of premium brands.

Stronger Negotiating Position

Vučetić, on the other hand, believes that with this acquisition, Salvia will be able to strengthen its negotiating position with retailers, due to the larger volume and number of brands, but also facilitate the introduction of new international brands into Croatia through Maresi’s existing network.

– Therefore, while the acquisition of a majority stake in Salvia is not an example of a daily acquisition, it clearly confirms the trend of distributor consolidation, the entry of a larger foreign group, and a focus on the premium niche, as opposed to the mass market covered by Atlantic and Orbico – concludes Vučetić.

Food and beverage distribution in Croatia remains a challenging business. Logistical costs and the demands of retail chains pressure margins. Salvia has successfully operated in such an environment so far, but the transition to foreign ownership will show whether the new ownership can maintain the agility that has kept Salvia afloat for thirty years. This, of course, largely depends on how the aligned visions of Maresi and the Bašić family will be realized in practice and reflected in the daily management of the business.