Dinova–Diona d.o.o. (Diona) is one of the oldest Croatian fast-moving consumer goods (FMCG) retailers, established more than 60 years ago. The owners decided to exit the retail business and refocus on its core business. During 2013–2015, the group has completed the divestment process of its retail network and now it operates only in the town of Zagreb with approximately 138 stores.
The whole project lasted almost two years and was successfully completed in a series of six separate transactions. As a result, the retail business with total revenues of over 90 milion Euros was sold to following investors: Gavranović, Ribola, Konzum, Lonia, Spar and Istarski supermarketi.
Caper, M&A International Inc.‘s member firm in Croatia, acted as exclusive advisor to the seller in all six transactions. Caper was invited to develop several exit options and to propose the best one that would satisfy most of the pre-agreed seller’s goals. Following Caper’s analysis, Diona’s retail business was divided into several business units, based on a combination of geographical and store format criteria. Some of the business units were tailor-made to best suit the acquisition criteria. The business units were then directly offered to several strategic partners. The deal was structured in such a way that the buyers were offered to acquire the business, in-store equipment and inventories, and take over the employees, while the seller retained ownership over all the stores, which were rented to the buyers.