Serbian investment group ALTA Group has taken ownership of the IDEA, Roda and Mercator retail networks from Croatia’s Fortenova Group, acquiring a business with approximately €780 million in annual operating revenue but significant profitability challenges. The transaction expands ALTA’s presence beyond banking and financial services into large-scale retail.
The acquisition covers Idea Marketi and four affiliated companies operating in food distribution, property management, customer loyalty services and information technology. The network comprises more than 300 IDEA stores, 33 Roda supermarkets and two Mercator hypermarkets, serving customers across more than 80 Serbian municipalities. Despite its national reach and established brands, the retailer’s financial performance has deteriorated. Idea Marketi recorded approximately €780 million in operating revenue, down from €911 million, while its net loss widened to €34.5 million, compared with €3.2 million previously.
Transaction Valuation and Financial Exposure
Neither ALTA Retail nor Fortenova has disclosed the final acquisition price. Earlier Serbian media reports, citing sources familiar with the transaction, estimated an equity purchase price of approximately €40 million, alongside around €100 million in assumed debt. This would imply an enterprise value approaching €140 million, although the figures remain unconfirmed. Based on those estimates, the implied enterprise value would equal approximately 0.18 times annual operating revenue. Idea Marketi’s EBITDA reached approximately €50.3 million, representing a decline of 33%. The indicative enterprise value would therefore amount to roughly 2.8 times annual EBITDA.
These calculations do not account for possible transaction adjustments, the quality of reported earnings, financing obligations or future capital requirements. Although EBITDA remained positive, the substantial net loss highlights the gap between operating earnings and bottom-line profitability. ALTA’s returns will consequently depend on its ability to improve the retailer’s financial performance while managing the debt and other obligations attached to the acquired business.
Restructuring Focuses on Stores, Logistics and Costs
The acquisition provides ALTA with an established retail platform, recognised consumer brands and substantial purchasing volumes. These assets could support more efficient procurement, distribution and inventory management, but the decline in revenue and widening losses point to weaknesses in the existing operating model. Restoring profitability from the reported net loss would require an improvement of at least €34.5 million in annual earnings, equivalent to approximately 4.4% of operating revenue, assuming other conditions remain unchanged. Achieving that improvement would be challenging in a competitive food retail market characterised by narrow margins.
Idea Marketi had already begun restructuring before the ownership transfer. Its disclosed measures included store-network optimisation, logistics changes, organisational restructuring and workforce reductions. ALTA’s management must determine whether to intensify those measures or pursue a more gradual recovery through sales growth, commercial renegotiations and operational modernisation.
The affiliated businesses provide additional capabilities. Enna Fruit Grocka supports fresh-food supply, Super Kartica operates a customer loyalty platform, mStart Business Solutions provides IT and digital infrastructure expertise, and M-Profil SPV handles property-related operations. Greater coordination between these businesses could help improve inventory turnover, reduce distribution costs and develop more targeted customer offers. However, technology upgrades and store modernisation would require additional investment before their benefits are reflected in financial results.
ALTA’s Financial Services Background and Funding Questions
ALTA Group’s expansion into retail creates potential links between its commercial operations and its established financial services activities. Possible areas of integration include digital payments, loyalty products, supplier financing and working-capital management.
The banking and retail operations remain separate legal and regulated entities. The acquisition’s financing structure has not been publicly disclosed, and no confirmed information establishes that ALTA Bank financed the purchase. For lenders and investors, key considerations include the retailer’s existing debt, cash generation, supplier payment obligations and capital expenditure needs. A high-revenue business reporting recurring losses may face liquidity pressure if inventory financing costs rise or suppliers shorten payment terms.
Improving cash conversion while maintaining reliable supplier relationships will therefore be an important part of the restructuring process.
Suppliers and Domestic Food Producers Face New Ownership
The acquired network works with more than 600 suppliers, providing a nationwide distribution channel for Serbian agricultural producers, food manufacturers and consumer-goods companies. The new ownership could create opportunities for domestic suppliers if procurement policies prioritise local production and more efficient delivery routes. However, the outcome will depend on purchasing volumes, payment terms and negotiations over commercial margins.
A retailer seeking to restore profitability may reduce procurement costs, streamline product ranges and renegotiate supplier contracts. While such measures could improve margins, they may also place pressure on smaller businesses that depend heavily on major retail chains. Changes in purchasing volumes and payment practices could also affect the working-capital requirements and credit risks of food producers and distributors financed by banks.
The business will continue to operate within Serbia’s retail regulatory framework, which includes temporary margin restrictions introduced in September 2025 and subsequent proposals to regulate trading practices. Profitability will depend on both internal restructuring and the wider competitive and regulatory environment.
Fortenova Withdraws as ALTA Takes Control
For Fortenova Group, the sale reflects a strategy of concentrating capital on markets where it has stronger competitive positions. The group had previously indicated that establishing a leading retail position in Serbia would require substantial investment over an extended period.
Its exit reflects the capital demands of competing in a fragmented, price-sensitive market. ALTA, meanwhile, gains immediate scale and access to established retail brands but also inherits a business requiring operational and financial improvement. The outcome will depend on the new owner’s ability to stabilise sales, strengthen operating margins, manage debt and restore profitability while maintaining the retail network and relationships with employees and suppliers.
