Fortenova Group, the successor of the restructured Agrokor Group, has signed an agreement with Springwater Capital (SWC) on the sale of the Kompas Ljubljana and Kompas Porec travel agencies, the group announced on its website on Wednesday.

The transaction will be formally closed following the approval of the concentration of SWC and Kompas by the Slovenian Market Competition Agency.

Fortenova’s Chief Financial Officer, James Pearson, said: “With this transaction Fortenova Group will largely complete the process of exiting its tourist investments that accounted for a significant part of our non-core business, which we have been successfully disposing of throughout the course of this year.”

“I believe this transaction will have significant positive benefits to the existing business and employees who, on behalf of the Fortenova Board and Executive Directors, I would like to thank for all their hard work and dedication in what has been an extremely challenging year in the tourism sector,” he added.

This will enable the group to “focus on strengthening all the parameters of our core businesses – retail, food and agriculture, and streamline our organisational and management structures,” Pearson said.

The Kompas network is one of the oldest and largest tour operators organising individual and group travel in the Adria region, and the region’s largest destination management company. In 2019, more than a million travellers used the wide range of the Kompas network’s tourist services, having realised over six million overnight stays.

SWC has a deep investment expertise in the tourism sector with investments in Spain, Portugal and Belgium. This includes Spain’s fourth largest company in the travel sector, as well as the largest travel agency network in Portugal, Fortenova said.

Abut a year ago Fortenova Group announced that it would gradually exit from its non-core business, listing two tourism companies for sale – Atlas and Kompas.

Late September the group announced that the TUI tourism group was taking over its share in the Karisma Hotels Adriatic (KHA). TUI acquired 33.3% of Fortenova’s share in Karisma which manages Kolocep Hotels, Zivogosce Hotels and Adriasense Zagreb.