Consortium of Aminess, FEAL and Texo Molior selected for the recapitalization of Jadran d.d.
The consortium comprising Aminess, FEAL and Texo Molior has been selected as the investor in the recapitalization process of Jadran d.d., a hotel and tourism company headquartered in Crikvenica. According to information published on 10 August 2026, following completion of the recapitalization, the consortium is expected to acquire a 53.74 percent ownership stake and thereby assume majority control of the company. The existing institutional shareholders, including Croatian mandatory pension funds, are expected to remain significant minority partners. However, the transaction has not yet been completed: its implementation depends on decisions by the General Assembly, fulfilment of the recapitalization conditions and the required regulatory approvals, including proceedings before the Croatian Competition Agency. Jadran is thus entering a new phase of ownership and business restructuring at a time when the company is simultaneously seeking to stabilize its operating activities and prepare a new investment cycle.
The consortium is heading towards a 53.74 percent ownership stake through the recapitalization
The process of finding a new investor was formally initiated by a decision of Jadran's General Assembly dated 23 March 2026. On 8 April, Jadran reported that it had received non-binding offers, and after the company's due diligence process, on 8 June it also announced the receipt of binding offers from potential investors. At that stage, the Management Board, together with the Supervisory Board, was expected to consider the offers and propose to the General Assembly the selection of an offer with an appropriate explanation. According to the announcement regarding the selection of the consortium of Aminess, FEAL and Texo Molior, following completion of the process the partners are expected to hold 53.74 percent of Jadran's shares. That percentage corresponds to the recapitalization structure that had previously been envisaged through the issuance of 32.5 million new ordinary shares, while as of 30 June 2026 Jadran had 27,971,463 existing ordinary shares.
Before the recapitalization, pension funds play the dominant role in the ownership structure. According to Jadran's unaudited consolidated report for the second quarter of 2026, the PBZ CO mandatory pension fund, category B, held 58.30 percent of the share capital through a custodian bank, while the Erste Plavi mandatory pension fund, category B, held 30.56 percent. Together, as of 30 June, these two institutional investors held almost nine tenths of the company's existing capital. The recapitalization would reduce their relative stakes because the number of shares would increase substantially, but the announcement regarding the selection of the investor indicates that they would remain important minority shareholders. The final post-transaction structure will be known only after all steps have been completed, the new shares have been registered and the transaction conditions have been fulfilled.
Jadran enters the process with challenging business indicators
The announcement of business stabilization comes after a period in which Jadran's results showed visible pressure on revenue and profitability. According to the official unaudited report for the second quarter, from April to June 2026 Jadran d.d. generated EUR 5.89 million in total revenue, seven percent less than in the same period of 2025, while total expenses increased by six percent to EUR 8.06 million. In that quarter, the company recorded a pre-tax loss of EUR 2.18 million, while EBITDA amounted to negative EUR 470 thousand. In the first six months of 2026, the company's total revenue fell by five percent to EUR 7.27 million, while the pre-tax loss reached EUR 5.52 million. This is precisely why the announced entry of a new majority owner represents not only a change in the shareholder structure but also an attempt to create a financial and management foundation for recovery and new investments.
At Group level, the results also show why capital strengthening has become important. According to the same report, the Jadran Group generated EUR 8.79 million in revenue in the first six months of 2026, around one percent less than a year earlier, while the pre-tax loss increased to EUR 7.97 million. The Group's EBITDA during that period was negative and amounted to approximately EUR 2.26 million. At the same time, the company reported that in the second quarter it recorded five percent fewer commercial overnight stays than in the comparable period of 2025 and listed strong competition among tourist destinations, interest-rate risk, liquidity, inflation and the sensitivity of tourism demand to geopolitical and security circumstances among its key risks. Such a combination of seasonality, investment needs and weaker results explains why the consortium cites stabilization, greater operational efficiency and longer-term development as priorities.
A portfolio extending from the Crikvenica Riviera to Brač
Jadran is a hotel company with a tradition spanning more than six decades and a portfolio distributed across the northern and central Adriatic. The announcement regarding the selection of the consortium states that the company manages 12 accommodation properties on the Crikvenica Riviera, the island of Krk, the Makarska Riviera and the island of Brač, with approximately 2,000 accommodation units. Jadran's investment presentation from January 2026, referring to the portfolio as of 30 September 2025, listed 2,129 operational accommodation capacities in hotels and campsites as well as additional non-operational assets. The portfolio includes, among others, Boutique Hotel Esplanade, Heritage Hotel Stypia, Hotel Katarina, Omorika, Kačjak, Elements Camping Selce, Hotel Delfin in Omišalj, Boutique Hotel Noemia in Baška Voda and Grand Hotel View on Brač. The breadth of this portfolio gives Jadran a significant presence in several established tourism areas, but at the same time increases the complexity of renovation, product standardization and revenue management.
For guests, the most visible aspect of future changes will be the quality of the properties, services and amenities, while the ownership and financial structure will remain in the background of the everyday travel experience. In this sense, the new investment cycle could affect the renovation of hotels and campsites, the positioning of individual properties, the digitalization of sales channels and the development of additional amenities, but specific projects, timelines and investment amounts have not yet been officially announced. Readers planning a stay in the northern Adriatic can meanwhile browse accommodation offers in Crikvenica and the surrounding area, regardless of the stage the corporate transaction will have reached. For the destinations in which Jadran operates, the pace of any construction works will also be important, because major interventions in the hotel portfolio may affect the seasonal availability of capacity. According to the information currently available, the detailed investment program for the new ownership cycle has yet to be presented.
Aminess, FEAL and Texo Molior combine three different areas of expertise
The consortium is structured to combine hotel management, industrial and investment expertise, and construction and engineering competencies. Aminess is expected to bring to the partnership its experience in managing hotels, campsites and resorts, as well as systems for sales, marketing, revenue management, digitalization and employee development. Aminess's official website shows that the group already operates in a number of destinations that overlap with Jadran's portfolio, including Crikvenica, the island of Krk, Makarska and Brač. The partners highlight precisely this overlap as the basis for operational synergies, knowledge sharing and more efficient management. In practice, such synergies could relate to shared sales channels, procurement, pricing management, digital systems, service standards and work organization, although the specific integration model has not yet been publicly elaborated.
FEAL enters the consortium as an industrial partner with experience in aluminium systems, profiles, façades and solutions for construction and other industrial applications, as confirmed by information on the company's official websites. Texo Molior, on the other hand, describes itself on its official website as a Croatian construction and infrastructure company with experience in technically demanding projects, including urban and industrial facilities, transport and utility infrastructure, maritime works and the revitalization of properties. Such a combination of competencies gives the consortium the capacity to consider operational management and the physical renovation of the portfolio simultaneously. Nevertheless, the mere fact that the members possess the relevant areas of expertise does not mean that individual works within the future investment cycle have already been contracted. For now, the confirmed common objective is to create a more stable ownership and development platform for Jadran.
Aminess emphasizes stabilization and a new investment cycle
Aminess Management Board President Mladen Knežević stated that the investment represents an important joint step forward for the three partners and confirmation of Aminess's long-term development strategy. According to his statement published alongside the news about the consortium's selection, the partners believe that Jadran has significant development potential and intend to work with the existing minority shareholders on stabilizing operations, raising quality and creating the foundations for a new investment and development cycle. He particularly highlighted the fact that Aminess is strengthening its presence in destinations in which it already operates, which should facilitate the transfer of experience and knowledge. In business terms, this means that the value of the transaction is sought not only in taking over existing capacities but also in the possibility of increasing their productivity and market position through joint management. Whether that potential is realized will depend on the speed of capital investments, the ability to manage costs and revenue, and the success of integrating different organizational systems.
An important part of the story also concerns employees. The original announcement about the transaction states that there are more than 490 employees, while Jadran's consolidated report as of 30 June 2026 lists 539 employees at Group level, showing that the number of employees varies depending on scope and season. In its announcements, the consortium identifies employee development as one of the areas to which Aminess's operational know-how should be transferred. In the hotel industry, where service quality and workforce availability are directly linked to the guest experience, this is just as important as investment in the infrastructure itself. For the local communities in which Jadran operates, continuity of employment, seasonal demand for workers and the way in which the new investment plans will affect suppliers and other business partners will be important.
The transaction has not yet been completed, and key formal steps still lie ahead
The most important point is to distinguish the selection of the investor from the completion of the transaction. According to the announcement regarding the consortium, the acquisition of a 53.74 percent ownership stake is conditional upon the adoption of the necessary decisions by the General Assembly, fulfilment of all recapitalization conditions and regulatory approvals, including approval by the Croatian Competition Agency. Jadran had previously convened its regular General Assembly for 31 August 2026 in Crikvenica, but the notice published before the consortium was selected contains an agenda covering the annual reports for 2025, coverage of losses, discharge of the Management Board and Supervisory Board, the remuneration policy and appointment of the auditor, without a separate item concerning the recapitalization. Therefore, according to publicly available documents as of 11 August 2026, it is not yet clear whether the decisions required for the transaction will be the subject of a subsequently announced formal procedure, a separate assembly or another step provided for under the rules of the process. Until this is clarified and the regulatory approvals are obtained, the consortium should be regarded as the selected investor rather than as the already registered majority owner.
For Jadran, the next phase will also be important because of the need to present the capital structure, investment timeline and future management model to the market more precisely. Existing shareholders will need to receive a clear picture of how the ownership structure is changing, what obligations the new investor has and how the announced development cycle will be financed. Employees and destinations will be particularly interested in plans for individual properties, possible periods of reconstruction and the standards expected after renovation. Guests will experience the change most directly through product quality, availability of capacity and level of service. If all formal conditions are fulfilled, the entry of Aminess, FEAL and Texo Molior will open a new period for Jadran in which the success of the transaction will be measured not only by the 53.74 percent ownership stake but also by actual improvements in business results, portfolio quality and the company's competitiveness on the international tourism market.
Sources:
- Jadran d.d. - notice on the receipt of binding offers from potential investors dated 8 June 2026 (link)
- Jadran d.d. - unaudited consolidated management report for the second quarter of 2026, data on ownership, employment and business results (link)
- Jadran d.d. - investor presentation from January 2026, overview of the portfolio and accommodation capacities (link)
- Jadran d.d. - invitation to the regular General Assembly scheduled for 31 August 2026 (link)
- SEEbiz - announcement on the selection of the consortium of Aminess, FEAL and Texo Molior for the recapitalization of Jadran d.d. dated 10 August 2026 (link)
- Aminess - official overview of the group's destinations and properties, used to verify the overlap of destinations with Jadran's portfolio (link)
- FEAL - official company website, overview of aluminium systems and industrial solutions (link)
- Texo Molior - official company profile and description of construction and infrastructure competencies (link)