Advance Capital Partners to Acquire Mass

Ljubljana, 16^th July 2025 – Advance Capital Partners has reached an agreement with the owners of the successful Slovenian footwear retailer Mass to acquire a majority equity stake in the company. After completion of the suspensive conditions and approvals from the competent agencies for competition protection, the special investment fund managed by Advance Capital Partners will become the 60% owner of Mass. The transaction is expected to be completed in the autumn. 

“The strategic partnership between Advance Capital Partners and Mass represents one of the largest M&A deals in specialized retail in the Adriatic region. Mass, together with its employees, has repeatedly demonstrated an excellent understanding of market trends and customer preferences. With a thoughtful and comprehensive approach, the group has consistently achieved impressive double-digit growth rates for several years, outpacing general market growth. Given its solid foundations, the group is ideally positioned to take the next step, leveraging both organic growth and further acquisitions to unlock its full potential. At Advance Capital Partners, we already have extensive experience in specialized retail and e-commerce, which is one of our key strategic sectors,” said Aleš Škerlak, President of the Management Board of Advance Capital Partners. “Our plans for Mass are very ambitious. Over the next five years, we aim to open approximately 100 new stores and triple annual revenue to around EUR 300 million. On the one hand, we want Mass to expand across its three existing markets; on the other hand, enter new countries and, by upgrading its business model, become the leading omnichannel footwear and fashion accessories retailer in Central and Eastern Europe (CEE),” Škerlak added.

“Over the last three decades, Mass has grown into a strong regional footwear retailer with 520 employees in Slovenia, Croatia, and Austria. To fully harness the company’s potential, we decided to partner with Advance Capital Partners, which will help us execute our ambitious growth plans in the next strategic period. This decision was made thoughtfully. Our goal is to further strengthen our position in Slovenia and Croatia and expand our operations in Austria. With Advance Capital Partners’ support, we also plan to soon expand our retail and online footprint to the Czech Republic, Bulgaria, and Romania, and within five years to enter additional CEE markets. The entire region shows promise in the footwear and fashion accessories segment, and consumer spending in this part of Europe is expected to grow at an above-average rate,” said Sašo Apostolovski, CEO and Founder of Mass, who will – along with other current partners – retain a 40% equity stake and continue to play an active role in the Mass group following the conclusion of the transaction.

Mass was established in 1990 when it also opened its first brick-and-mortar store in Ljubljana. Two decades later, the company entered the Croatian market, and in 2024 expanded into Austria under its own Mass brand and the Skechers franchise. In addition to a strong online presence, Mass operates six physical Mass stores and one Skechers store in Austria. The group currently runs 75 Mass and Skechers stores across approximately 53,000 square meters and has been heavily investing in the growth and development of its e-commerce platform for several years. Mass Group is planning double-digit revenue growth in 2025, targeting approximately EUR 110 million in revenue. According to the latest projections, Europe’s footwear market will surpass EUR 100 billion in annual revenue for the first time, with the strongest growth expected in the CEE.

Advance Capital Partners specializes in private equity and is led by a team of seasoned professionals with an outstanding track record that has successfully executed over 30 of the most complex mergers and acquisitions in the region. For each portfolio company, Advance Capital Partners defines a clear strategy and fosters growth in partnership with existing owners and management. In the first three fundraising rounds, Advance Capital Partners secured EUR 198m commitments for its ACP SIS fund, making it the largest private equity fund in the region. ACP SIS fund is subject to Securities Market Agency oversight and plans to invest in up to 12 companies, developing them into leading players in the Adriatic region with over 20 million inhabitants. The fund’s target sectors include energy solutions, IT, mobility/logistics, specialized retail/e-commerce, healthcare, industrial technologies, and other special opportunities that may emerge on the market. The company’s second alternative investment fund ACP AIS II holds a majority equity stake in Big Bang Group, which has expanded into Croatia, Serbia, and Bosnia and Herzegovina in recent years. By 2028, the group is expected to generate approximately EUR 600m in revenue.

This notice is of an informative nature and is intended solely to inform the public about the activities of Advance Capital Partners, upravljanje alternativnih investicijskih skladov, d.d., Dalmatinova ulica 8, 1000 Ljubljana, Company Registration Number: 9430598000, Tax Identification Number: SI63283069, Registered Capital: 650,000.00 EUR, which is registered with the District Court in Ljubljana, www.acp.si (Advance Capital Partners d.d.), and is authorized by the Securities Market Agency to manage alternative investment funds. Advance Capital Partners d.d. manages two alternative investment funds, i.e., Advance Capital Partners d.d., specialni investicijski sklad, k.d., Dalmatinova ulica 8, 1000 Ljubljana, Company Registration Number: 9450017000, Tax Identification Number: SI75430576, which has the status of a special investment fund and is subject to the supervision of the Securities Market Agency, and Advance Capital Partners d.d., alternativni investicijski sklad II, k.d., Dalmatinova ulica 8, 1000 Ljubljana, Company Registration Number: 9699597000, Tax Identification Number: 40649466, which is intended exclusively for professional investors. This notice does not constitute a marketing communication, an offer, or an invitation to subscribe to or acquire units of the specialized investment fund Advance Capital Partners, d.d., SIS, k.d., or the alternative investment fund Advance Capital Partners d.d., AIS II, k.d.