Yesterday, Petrol announced that it completed the legal merger of Crodux derivati dva d.o.o. into Petrol d.o.o., Zagreb two months ahead of schedule.
This marks the successful completion of one of Petrol Group’s major business mergers in its almost 80-year-long history. Through this, Petrol has become the 2nd largest provider of petroleum products in Croatia and one of the largest Croatian companies, consolidating its position as an integrated energy solutions provider. By doing so, the Petrol Group is consolidating its strategic position in SEE markets.
The merger of Crodux derivati dva d.o.o. into Petrol d.o.o., Zagreb was entered into the Croatian Register of Companies on 2 November 2022. As a result, Crodux derivati dva d.o.o. was dissolved and its entire operations, including assets and liabilities, were transferred to Petrol d.o.o. Zagreb.
Nada Drobne Popović, President of the Management Board of Petrol d.d., Ljubljana, commented on the occasion, saying: “A year of intensive activities connected to the integration, cooperation and creation of synergies in merging two companies into one, the merger of Crodux derivati dva d.o.o. into Petrol d.o.o. Zagreb – is behind us. This is one of the Petrol Group’s major mergers in the last ten years. Together, we are now stronger, larger and more effective in pursuing our goal, which is to offer the best customer experience. By purchasing petroleum products and merchandise as one entity and having two strong brands, we have become an even stronger player in the field of petroleum product sales in Croatia where we have also boosted sales of supplementary assortment (gastro, merchandise, services…), increased the value of the loyalty programme for all customers, and enhanced sales of energy solutions. Together, we are also upgrading the wholesale network. In line with the Petrol Group’s strategy for 2021–2025, we will expand the portfolio of customers in the fields of energy commodities and energy transition services via our sales network in Croatia, and invest in the renewable electricity generation,”.
The contract on the acquisition of the 100% business share in Crodux derivati dva, d.o.o. was signed on 12 January 2021 and the transaction closing took place on 6 October 2021. This was followed by the integration of operations into the Petrol Group. As the last step of integration, the merger was scheduled to be executed by the end of 2022; however, all related procedures and tasks were successfully completed two months before the scheduled deadline.
By acquiring Crodux derivati dva d.o.o., the Petrol group has gained 93 additional service stations. With a total of 202 points of sale, the Petrol Group’s market share in Croatia has increased from 13 to 23%. In 2021, both companies together sold 887k tons of petroleum products.
Petrol d.o.o. Zagreb has around 2,200 employees who, after the merger of the two companies into one, together pursue the Petrol Group’s vision to become an integrated partner in the energy transition. The planning and execution of integration involved all business segments: sales, purchasing, IT, marketing and communications, logistics, HRM, legal affairs, investments and maintenance, and finance. Each business function was represented by an integrated working group comprised of representatives from all three companies, and the integration project group together included more than 100 persons.
In the last five years, Petrol Group invested EUR 276.7m in Croatia. The Petrol Group also runs renewable electricity generation in Croatia. The Glunča and Ljubač Wind Power Plants produce enough electricity to supply 45k average households. Moreover, the Petrol Group is building three solar power plants, Suknovci, Vrbnik and Pliskovo with a total installed capacity of 22 MW and an expected electricity output of 29 GWh in 2021, which will start operating in the spring of 2023 in Croatia. Additionally, the Petrol Group owns 66 EV charging stations, has three petroleum product storage facilities, and five liquefied petroleum gas storage facilities in lease, and three concessions for natural gas under its own company, Zagorski Metalac d.o.o., with 18k active connections.
