Coast Plus

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Overview

Provision of a senior long-term loan to Studenac d.o.o. (the "Company"), the largest food retailer in Croatia by number of stores, for acquisition of Pemo and Lonia (food retailers in Croatia), future investments and refinancing of the portion of the existing loan.

Project ID 53353

Status Repaying

Location

Croatia

Business Sector

Food and Agribusiness

Notice Type

Private

Project timeline

Exploratory
Passed Concept Review
Passed Structure Review
Passed Final Review
Board Approved
Signed
Implementing
Completed

Company Contact Information

Michal Halwa
michal.halwa@studenac.hr
+385 (91) 282 8275
www.studenac.hr
Cetvrt Ribnjak 17 21310 Omis Croatia

Project ID 53353

Status Repaying

Location

Croatia

Business Sector

Food and Agribusiness

Notice Type

Private

Environmental Category

Approval Date

09 Jun 2022

Disclosure date

10 Jun 2022

As permitted by paragraph 2.6 of Section III of the Access to Information Policy, disclosure of this PSD was deferred in accordance with paragraph 1.4.4 of the Directive on Access to Information.

Coast Plus (Croatian) (PDF, 0.23MB)

Project description

Project objectives

The loan will support the Company in its expansion efforts as well as expected further efficiency and profitability improvements.

Transition impact

ETI Score:65

usive: the project will strengthen human capital resilience and development through (i) improvements in the Company's HR policies and practices benefitting both new Ukrainian refugee recruits, primarily women and young people, as well as the existing staff from the host community; and (ii) active participation in the country wide policy dialogue initiative "Svoja" aimed at promoting the integration of refugees displaced by the war on Ukraine into the Croatian labour market.

Green: the project will support improvements in stores' energy efficiency via implementation of high efficiency lighting, air conditioning and refrigeration equipment in both existing and new stores.

Client information

STUDENAC DOO

Studenac is an existing client of the Bank and one of the largest food retail chains in Croatia. The Company is owned by Enterprise Investors.

EBRD Finance Summary

EUR 37,130,000.00

Total project cost

EUR 89,920,000.00

Additionality

The Banks's additionality stems from the tailored financing structure, mitigation of non-financial risks and support delivered on setting higher gender and economic inclusion standards.

Environmental & Social Summary

Categorised B (ESP 2019). Environmental and social due diligence was undertaken internally building on previous due diligence and using reporting provided by the Company in the context of existing projects. Key issues considered included the capacity, policies and procedures of Pemo and Lonia to manage key environmental and social issues, labour and occupational health and safety management within stores, site specific issues in relation to individual supermarkets. In previous transactions with Enterprise Investors third party consultant expertise was employed to review the approach of Studenac and an environmental and social action plan was agreed to address identified gaps in relation to management of hazardous materials, management of wastes, registration of ozone depleting substances and management of staff complaints. Studenac has completed the implementation of the ESAP and now has adequate procedures in place to ensure compliance with the Bank's PRs. Studenac will be required to ensure that Pemo and Lonia, once integrated, will have the same policies and procedures in place to ensure compliance with the Bank's Performance Requirements. Part of that process will include targets related to improvement of facilities to achieve the green transition elements of the project such as the upgrade of lighting, air conditioning and refrigeration equipment with highly energy efficient and low GHG technologies. This will be monitored via annual environmental and social reporting provided by the Company.

Technical Cooperation and Grant Financing

None.

Company Contact Information

Michal Halwa
michal.halwa@studenac.hr
+385 (91) 282 8275
www.studenac.hr
Cetvrt Ribnjak 17 21310 Omis Croatia

PSD last updated

10 Jun 2022

Understanding transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with the EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and its associated Environmental and Social Requirements (ESRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”. The ESP and the ESRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation, and to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about the environmental and social (E&S) performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD also requires its clients to disclose information, as appropriate, about the risks and impacts of projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all of the Bank's activities in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The EBRD believes that identifying and resolving issues in the project assessment and approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts andhelps to monitor integrity risks in projects post-investment.

OCCO is further responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, either within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to compliance@ebrd.com. OCCO will follow-up all matters reported. It will review all matters reported. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP, which entered into force on 1 January 2025, sets out how the EBRD discloses information and consults with its stakeholders to promote better awareness and understanding of its strategies, policies and operations. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (for example, through the client’s project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the mechanism is: to support dialogue between project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or the project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate and how to submit a Request for review. Alternatively, contact IPAM by email at ipam@ebrd.com for guidance and more information on IPAM and how to submit a request.

Environmental and Social Documentation is not available for this project.

Selected procurement notices related to this project may be shown below. Further procurement opportunities related to this and other projects, if available, maybe be viewed in the EBRD Procurement Portal.

The EBRD's Environmental and Social Policy (ESP), Access to Information policy (AIP) and Project Accountability Policy (PAP) enable sound and sustainable development in its projects. The Independent Project Accountability Mechanism (IPAM) deals with complaints about environmental, social and disclosure matters related to the Bank’s investments.

No complaints about this project have been made so far.

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Coast Plus

Overview

Project timeline

Company Contact Information

Project description

Project objectives

Transition impact

Client information

EBRD Finance Summary

Total project cost

Additionality

Environmental & Social Summary

Technical Cooperation and Grant Financing

Company Contact Information

PSD last updated

Understanding transition

Business opportunities

General enquiries

Environmental and Social Policy (ESP)

Integrity and compliance

Access to Information Policy (AIP)

Independent Project Accountability Mechanism (IPAM)