KPMG Deal Advisory acted as the exclusice sell-side M&A advisor and has successfully assisted owners in disposal of 100% of equity stakes in grocery retailer CBA Market, s.r.o. (“CBA Market“) to TERNO real estate s.r.o. (“Terno“), who operates supermarket chains under brands Terno and Kraj. Through the acquisition of CBA Market, Terno family of brands grows to include CBA brand, together with 12 new retail stores, located mainly in central Slovakia.

About the deal

CBA Market

CBA Market is Slovak grocery retailer who operates 12 stores, of which 9 are located in Banska Bystrica region and one is located in Bratislava and Svaty Jur. It is also a shareholder in CBA SK, a.s., a company owned by 10 economically independent entities that cooperate under franchise license of CBA. CBA Market was established and developed as a family business by Mrs. Marcela Kureková and her son Mr. Stanislav Kurek.


Terno operates supermarket chains Terno and Kraj, mainly located in western Slovakia. Thanks to the acquisition of CBA Market and further expansion it plans to operate 155 stores by year end.

„The new acquisition helps us to establish our presence in central Slovakia, especially Horehronie region, where we were not present so far. We also look forward to future cooperation within CBA SK, a.s. We see numerous synergies that can be utilized in all areas of our operations as well as in obtaining more favorable purchasing terms, which will result in improving of our final product and service for customers,“ added Stanislav Čajka, CEO of Terno.

The acquisition also helps to widen range of Terno product portfolio to include CBA private label, assortment of over 580 food and non-food products.


KPMG in Slovakia acted as the exclusive sell-side M&A, legal and tax advisor to CBA Market on the successful transaction and selling equity stakes to Terno. KPMG assisted the owners of CBA Market throughout the entire transaction process from transaction preparation, investors solicitation, transaction structuring assistance, negotiation of commercial terms of the transaction, providing legal and tax advisory up until the closing in November 2021.