Clifford Chance with UniCredit and Zagrebačka Banka on mega refinancing of Fortenova

Clifford Chance has advised UniCredit and Zagrebačka banka on the €550 million refinancing of Fortenova Group, the largest vertically integrated retail operator in Southeast Europe. The transaction represents the biggest privately arranged corporate financing in Croatia led by a single banking group and was completed on 1 October 2025.

Through this refinancing, the Fortenova Group has strengthened its financial stability and is well positioned to further consolidate its leadership in the regional market. The deal also marks the company’s first bank financing since its establishment in 2019.

With over 40,000 employees and more than 2,500 retail outlets and distribution centres, Fortenova Group operates directly across five key markets in Southeast Europe. The Group was founded on 1 April 2019 following the successful completion of Agrokor’s pre-bankruptcy settlement procedure.

Clifford Chance advised the banks with a cross-border team spanning the firm’s Amsterdam, Delhi, Frankfurt, London and Munich offices. The team was led by partner David Neu (PICTURED), and included senior associates Christopher Banks and Giuseppe Chiaula (Munich), associate Jeffrey Arthur (Frankfurt), counsel Amin Tamaddoni, associate Shaun Campbell, and trainee lawyer Fiorri Michael (Amsterdam), partner Jemma Dick and associate Wanipa Ndhlovu (London), and senior consultant Adrija Das (Delhi).

Cadwalader, Wickersham & Taft advised Fortenova Group, with London-based partner Andro Atlaga and associate Valmir Merkaj acting for the company.