12 Sep SEAF celebrates completion of successful exit from Gomex, Marking a Resounding Achievement in Serbia’s Food Retail Landscape
Belgrade, Serbia (September 12, 2023) – Following execution of a successful agreement for exit of Gomex (or the “Company”) in 2022, SEAF today announced receipt of the final tranche of the agreed upon exit consideration. The payment marks a monumental achievement in the Company’s business development and of the journey of Mr. Goran Kovacevic as an entrepreneur. Through SEAF’s investment, Gomex, became one of Serbia’s premier supermarket chains.
In 1997, Mr. Kovacevic, arrived in Zrenjanin, in northern Serbia, with little more than hope and determination. Displaced from his home in Bosnia during the tumultuous Balkan conflict, Goran founded Gomex out of his desire to create economic opportunities in a region historically plagued by high youth unemployment and limited economic investment, but which had welcomed him as a refugee.
In 2007, SEAF recognized the potential and invested €1.47 million in the Company, helping Goran to grow Gomex from 16 stores with 306 employees before SEAF’s investment to 207 stores providing nearly 2,400 quality jobs and generating annual revenues of €147 million. Thanks to its innovative strategy and partnership with SEAF, Gomex evolved into a major supermarket chain, striking a perfect balance between offering a wide product assortment at competitive prices and staying close to its customers. Today, Gomex is a sought-after employer in the Vojvodina region as well as in Central Serbia and has funded many socially responsible projects for school children from 1-6 years old. SEAF’s strategic investment and unwavering commitment to Gomex has played a pivotal role in this remarkable growth story.
The successful exit, to CEECAT Capital, manager of a larger, regional private equity fund, CEECAT Fund II, positions Gomex and its staff well for further growth and surpasses our expectations for both returns and impact.
SEAF’s commitment to fostering economic growth extends beyond Gomex. We are proud to share that we have invested in six other supermarket companies in Northern Macedonia, Romania, Georgia, Afghanistan, and Poland, part of more than 40 investments that SEAF-managed Funds have made globally in food retail and its supply chain. These investments reflect our dedication to supporting businesses that contribute to local communities and create opportunities for sustainable development.
“SEAF congratulates Goran and the entire Gomex team on this exceptional achievement. We are confident that with support from CEECAT Capital, who has since acquired a major stake in Gomex, the Company will continue to thrive and inspire other leaders in the region,” shared Gary Dodge, Managing Director at SEAF
For more details on this project, contact:
Nokuthula Nkhoma, Senior Manager for Communications at nnkhoma@seaf.com