The Phoenix story. Upon exiting bankruptcy, the largest regional DIY retail chain was given a second chance. Alongside our partners and fellow shareholders, we took control of the company and carved the path towards faster growth, this time to avoid any unnecessary hiccups. The company grew quickly and continues to do so to this day.
Once, Pevex was the largest DIY retail chain in Croatia. The company grew quickly yet the strategical shift towards logistics was done too fast and with too much ambition and it all came down with the global financial crisis back in 2008. Pevex filed for bankruptcy and the creditors were given shares of the company for the claims they had towards Pevex.
The company was given a second chance and thing started to move for the better though slowly. As creditors had their own liquidity problems and things weren’t moving as fast as they would have liked, some of them chose to sell the shares. We saw an opportunity to accumulate the shares and were confident we would be able to return Pevex to the once held glory. Although we were a minority shareholder at the time, other shareholders recognized our plan and our vision to turn things around and we were given the vote of confidence by the general assembly.
Upon taking control of the company alongside our partners, we took the hands-on approach and quickly changed both the supervisory and the management board and things started rolling. It didn’t take long for Pevex to regain the once held frontrunner position and today Pevex seems stronger than ever with more than 2000 hardworking employees still growing at a stellar pace. In the meantime, we sold our shares and switched to some new challenges. What a story, what a feeling to help build something great.
The values we believe we bring to the table are real world experience, transparency, simplicity combined with speed while always having our own skin in the game.
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