Merger of Crodux derivati dva into Petrol successfully completed
Two months ahead of the schedule, the legal merger of Crodux derivati dva d.o.o. into Petrol d.o.o., marks a successful completion of one of Petrol Group’s major business mergers in its almost 80-year-long history. Petrol has now become the second largest provider of petroleum products in Croatia and one of the largest Croatian companies, consolidating its position as an integrated provider of energy solutions. By doing so, the Petrol Group is consolidating its strategic position on SEE markets.
The merger of Crodux derivati dva d.o.o. into Petrol d.o.o. 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..
“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. – 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,” said Nada Drobne Popović, President of the Management Board of Petrol d.d., Ljubljana on the occasion of the completed integration.
The contract on the acquisition of the 100 percent 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. The merger, as the last step of integration, was scheduled to be executed by the end of 2022; however, all related procedures and tasks have been successfully completed two months prior to the scheduled deadline.
By acquiring Crodux derivati dva d.o.o., the Petrol Group has received 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 percent. In 2021, both companies together sold 887 thousand tons of petroleum products (Crodux’s share in 2021 is included solely from transaction closing onwards, that is, from October 2021). This way, Petrol is consolidating its position as the second largest petroleum product seller in Croatia and an important player on SEE markets.
“With the inclusion of Crodux’s points of sale into Petrol’s business system, synergies in the fields of petroleum product purchase and sales, partnership in the energy transition, marketing and customer relationship management have been successfully implemented. The legal merger of two companies into one is facilitating operations in every aspect. The merger into one legal entity has enabled Petrol to become one of the largest Croatian companies. Via the smart sales format, we are uniting the best practices from both companies, which together implement state-of-the-art technologies to support Petrol in providing the best customer experience in Croatia. Despite the legal merger of the two companies, we are keeping the Crodux brand, as we want to utilise its power and good reputation on the Croatian market,” emphasised Boris Antolovič, Director of Petrol d.o.o..
Petrol d.o.o. currently 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, offering a wow customer experience. The planning and execution of integration involved all business segments: sales, purchasing, IT, HR, 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. The integration project group together included more than 100 persons.
In the period of the last five years, the Petrol Group invested EUR 276.7 million in Croatia. The Petrol Group also runs renewable electricity generation projects in Croatia. The Glunča and Ljubač Wind Power Plants produce enough electricity to supply 45,000 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 the 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 (Zadar, Zagreb-Žitnjak and Ploče) and five liquefied petroleum gas storage facilities (Sv. Križ Začretje, Unešić, Banići, Divoš and Kukuljanovo) in lease, and three concessions for natural gas under its own company, Zagorski Metalac d.o.o., with 18,000 active connections.