By Alex V 
Croatia’s biggest food producer and retailer, Fortenova Grupa, has refinanced a €550 million (around $645 million) deal with two of the country’s largest banking institutions, UniCredit and Zagrebačka Bank (ZBB). The deal is a major success for the company, bolstering its financial stability and growth potential.
The refinancing deal, announced on July 25, 2025, is the biggest private corporate financing transaction ever engineered by one bank group in Croatia. Fortenova Group underlined that this is a key milestone in further consolidating and securing its financial position in an increasingly competitive market.
From Agrokor to Fortenova: A Turnaround Story
Fortenova Group, previously Agrokor, is a giant in Southeastern Europe’s food retail and production industry. Agrokor was in line for a headline-grabbing bankruptcy in 2017, prompting a massive restructuring exercise of domestic and foreign creditors. In mid-2018, through the well-crafted plan to restructure, the company avoided going under.
Following its restructuring and rebranding in 2019, Fortenova has set out to recover and grow. The new refinancing agreement is the first bank financing the business has obtained since it was established as Fortenova Group. This demonstrates that the financial market has renewed trust in the business of the company and its long-term plan.
Widespread Debt Reduction and Financial Performance
CEO Fabris Perusko pointed out the remarkable financial achievement Fortenova has made since 2019. “We have reduced gross debt from €2 billion to €650 million and simultaneously more than doubled the group’s EBITDA,” Perusko said. This change is an example of the company’s commitment to financial restraint and operating excellence.
The refinancing will be effective as of October 1, 2025. Through the securing of beneficial terms from UniCredit and Zagrebačka Bank, Fortenova will be able to improve liquidity, streamline its capital structure, and fund additional investments and expansion projects.
Strategic Significance for Croatia and the Region
The agreement also has wider implications for Croatia’s economy and the regional banking industry. Fortenova is the largest private business in the Balkans and a significant Croatian employer. Its financial stability has direct consequences for thousands of jobs and the stability of local partners and suppliers.
UniCredit did the top arranger job in the financing transaction, which reflects the bank’s responsibility in financing major corporate participants in Croatia as well as the broader Southeast European region. Zagrebačka Bank’s involvement reflects the depth and ability of domestic Croatian banking organizations to finance large-scale transactions.
Outlook and Future Plans
With its balance sheet significantly reinforced, Fortenova should aim to solidify market leadership, drive innovation investment, and build its retail and food manufacturing presence. The deal of refinancing gives a stable financial platform for the company to weather market turbulence, such as inflationary pressures, supply chain distortions, and shifting consumer diets.
Fortenova’s management continues to prioritise sustainable growth and operational excellence as top goals. The turnaround tale of the company is watched closely as a standard for corporate restructuring and recovery in emerging European markets.
Frequently Asked Questions (FAQs)
Why is Fortenova’s €550 million refinancing agreement significant?
This refinancing transaction is the largest private corporate financing in Croatia by a single banking group. It improves Fortenova’s financial solidity and brings liquidity to facilitate growth and operational efficiencies.
Who are Zagrebačka Bank and UniCredit in this transaction?
UniCredit is a prominent Italian-headquartered European banking group, and Zagrebačka Bank is among the largest banks in Croatia. Together, they collaborated to issue the refinancing loan to Fortenova, reflecting their commitment to large Croatian businesses.
What was the financial state of Fortenova prior to the refinancing?
Prior to the refinancing, Fortenova had managed to cut its gross debt from €2 billion to €650 million since 2019 and more than double its EBITDA, evidencing enhanced financial strength and operational efficiency.
When will the refinancing agreement become effective?
The refinancing deal is set to be effective on October 1, 2025.
Why does Fortenova matter to the Croatian economy?
Fortenova is Croatia’s largest food manufacturer and retailer and a major local employer. Its financial well-being affects thousands of jobs, suppliers, and the general stability of the Croatian food sector and retail market.
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