Serbia’s Alta Group has completed its acquisition of the Idea, Mercator and Roda retail businesses from Croatia’s Fortenova Group, taking ownership of a nationwide food retail and distribution network with annual revenue of approximately €780 million.
The transaction transfers ownership of Idea Marketi and four associated businesses covering fresh-food distribution, customer loyalty programmes, property operations and information technology. The purchase price and financing arrangements have not been disclosed. The acquired network comprises more than 300 retail outlets across over 80 Serbian cities and municipalities, employs thousands of workers and maintains commercial relationships with more than 600 suppliers. The change of ownership represents a significant expansion of Alta’s business activities and reshapes the ownership structure of Serbia’s consumer retail sector.
Financial Performance Puts Profitability Under Pressure
Idea Marketi’s reported financial statements for 2025 show that operating revenue fell by approximately 14% to €780 million, from around €911 million in the previous year. The company recorded a net loss of approximately €34.5 million, compared with a loss of around €3.2 million in 2024. Meanwhile, EBITDA declined by about one-third to €50.3 million. The figures show that the business continued to generate positive earnings before interest, taxes, depreciation and amortisation, but its operating performance did not translate into a positive net result.
Improving profitability could require lower procurement costs, more efficient inventory management, higher store productivity, property-cost optimisation and stronger customer retention. The challenge will be to improve margins without undermining market share through excessive price increases or reduced service quality.
The network includes neighbourhood supermarkets, larger stores and hypermarkets, each with different operating requirements. Smaller outlets depend heavily on convenient locations and frequent customer visits, while larger formats face greater pressure from operating expenses, price competition and changing shopping habits.
Distribution and Technology Offer Scope for Operational Changes
The acquisition also includes Enna Fruit Grocka, which supplies fresh fruit and vegetables, alongside Super Kartica, M-Profil SPV and mStart Business Solutions.
The portfolio therefore extends beyond physical retail outlets to encompass distribution infrastructure, supplier relationships, customer data and technology platforms. These operations could provide opportunities to improve efficiency across the network.
Fresh-food logistics are particularly important because product spoilage, transport costs, inventory turnover and availability directly affect retail margins. Potential improvements could include refrigerated distribution, warehouse automation and demand forecasting, although no detailed investment programme has been announced. The ownership change could also affect purchasing arrangements, payment terms and market access for domestic food producers and agricultural suppliers. In Serbia’s competitive retail market, purchasing power and distribution efficiency remain important factors in protecting margins.
Alta’s stated intention to modernise the business will need to be reflected in measurable operating performance, rather than the size of the acquired network alone.
Financing and Working Capital Remain Key Questions
The undisclosed purchase price leaves the transaction’s financing structure unclear. Beyond the initial acquisition payment, the new owner may face additional funding requirements for store renovations, information-system integration, warehouse improvements, supplier obligations and working capital. Retailers handle substantial cash receipts while meeting regular commitments to suppliers, landlords and employees. Managing these flows becomes particularly important during a change of ownership.
Banks and other lenders assessing the enlarged business are likely to examine sustainable EBITDA, debt-servicing capacity, inventory turnover, lease liabilities and operating cash flow. Any future financing arrangements will also need to distinguish the acquired companies’ obligations from those of other Alta Group businesses. Although Alta has interests in the financial sector, available transaction announcements do not identify any institutions that financed the acquisition. Suppliers will also be watching whether the new owner maintains existing commercial arrangements or seeks changes to improve retail margins.
Fortenova Withdraws from Serbian Food Retail
For Fortenova Group, the sale represents a strategic exit from Serbian food retailing. The Croatian group has indicated that it intends to concentrate resources in markets where it has stronger competitive positions. Maintaining and expanding the Serbian network would have required additional investment, highlighting the importance of profitability, competitive positioning and capital requirements in regional retail groups’ decisions about individual markets.
The transfer to domestic ownership does not, by itself, resolve the acquired business’s financial challenges. The outcome will depend on whether Alta can address the network’s existing weaknesses while maintaining its competitive position. Key indicators will include revenue stabilisation, operating margins, cash generation and investment in distribution infrastructure.
