Darko Pervan to Purchase Croatian Spacva, Planning Huge Investment

June the 3rd, 2021 - Darko Pervan, who is a Swedish-Croatian investor quite well known across the country for his business moves and various acquisitions, will be the one to take over the Croatian Spacva company.

As Novac/Jozo Vrdoljak writes, Quaestus Private Equity sold 75.8 of its shares of the Croatian Spacva to Swedish-Croatian investor Darko Pervan and his Croatian company Pervanovo, and the plans now are quite ambitious indeed.

Until recently, the Polish flooring manufacturer Barlinek was the most serious investor in the Croatian Spacva company. But after that enterprise gave up on the venture, Darko Pervan's Pervanovo came into play. Representatives of the Quaestus Private Equity Kapital II fund were in Sweden about a year or so ago and talked personally to Darko Pervan, who is considered one of the most desirable investors in the wood industry, but Pervan kept things close to his chest all the time.

Now it can be seen that Pervan's move was indeed a brilliant strategic move, and the lion's share of the takeover was done by Stjepan Vojnic.

''The process of finding a strategic investor for the Croatian Spacva company began back in September 2020, at during very challenging times given the epidemiological situation.

During the process, talks were held with the largest and most reputable European wood industries and several investment funds. The entire wood industry has operated very successfully since last summer and with surprisingly good results given the situation, but uncertainty and limitations in normal business and travel have made it much more difficult to implement the process that was led entirely by Quaestus.

In the second step of the process, interested investors conducted an in-depth survey of the Croatian Spacva company. Corporate governance and transparent operations have been the focus of Quaestus and Spacva since the very first day of the takeover, and an in-depth look was only a formal confirmation of many years of good practice. The transaction was finalised during the month of May and a transition period will now follow until the assembly is held.

We're pleased with the outcome because satisfactory conditions have been achieved for our investors, but the long-term future of Spacva has also been ensured. As such, both goals of the funds for economic cooperation have been met. The Croatian Spacva company is in an extremely good financial situation with fully organised business processes, and Darko Pervan and the companies in the Bjelin Group have all the necessary resources, knowledge and vision to turn Spacva from a mere Croatian leader to a European leader in the wood industry,'' said Mario Popic from Quaestus Private Equity.

Quaestus otherwise initially took over Spacva back in 2013, after it had fallen into a severe crisis.

An investment of 200 million euros

Stjepan Vojnic, the director of the companies Pervanovo and Bjelin, recently revealed that in this cycle, the companies owned by Darko Pervan headquartered here in Croatia intend to invest 200 million euros. Bjelin, Pervan's second company operating in Croatia, manages plants for the production of floor coverings in Bjelovar and Ogulin, and he's been the owner of the company Furnir from Otok for over two years now.

In addition to the strength of the brand and its implied tradition, the huge value of the company and its contract with Croatian Forests (Hrvatske sume) is also of significance. A quota of 45,000 cubic metres of oak per year for a period of one decade has been agreed.

The Croatian Spacva company's geostrategic position is also valuable due to the fact that the area of ​​Vinkovci still has a sufficient number of interested workers trained to work in the wood industry in this country. During the first quarter of 2021, Spacva recorded 65 million kuna in revenue and 3.4 million kuna in profit, and its inventories were worth a massive 81 million kuna as of March the 31st.

For more, follow our business section.