Enterprise Investors has acquired Croatian grocery store network Studenac from the company’s founder Josip Milavić.

The family business was founded in the early 1990s and operates 384 stores across the south of Croatia in the Dalmatia region. It employs over 2,600 people and had revenues of €190m last year.

Enterprise Investors will work to grow Studenac’s network, consolidate the market and enhance the business’s current stores’ performance.

Enterprise investors partner Michał Kędzia said: “In the recent years, the food retail market in Croatia enjoyed healthy growth on the back of increasing disposable income and a rapid rise in the number of tourists.

“We believe that Studenac will benefit from favourable macroeconomics, a strong tourism industry and consumers’ preference for shopping close to work or home,” he added.

The investment was made from Polish Enterprise Fund VIII, which closed last year at €498m after just three months on the road.