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Croatia anti-trust agency allows CVC Capital Partners acquisition of three marinas

Croatia’s anti-trust agency AZTN (Agencija za zaštitu tržišnog natjecanja) has approved the planning acquisition of three local marinas, which belong to Turkey’s Dogus Group by Luxembourg- headquartered private equity group, CVC Capital Partners.

Ten marinas overall are intended to be taken over by CVC Capital Partners; the other seven include four in United Arab Emirates and three in Greece.  The marina trio acquired will comprise of the Dalmacija, Borik and Sibenik marinas.

The Adriatic Croatia International Club (ACI) is the largest player in the Croatian marina market, operating 22 marinas and holds 20-30% share of the total marina market in the Croatia.

After an extensive study, AZTN explained, “The Croatian marina market is asymmetric and fragmented.”

In the study, it was found that Croatian marinas would hold a 10-15% share in the deal of the national marina market and make CVC the second largest operators of marinas in Croatia, through Venilia Investment. The AZTN established that, “the remaining number of smaller players control less than 5% of the market”.

The four marinas that are owned or operated by D-Marin in Montenegro and Turkey are not part of the transaction.

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Source: Ibi news

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