The Croatian burger chain Submarine, which recently acquired Vivo Fusion Food Bar in Romania, expects total investments in expanding its restaurant networks in the two countries to reach €5 million by the end of 2028, Submarine’s founder, Aleksandar Lazinica, told SeeNews.
“This year and the next three years, we plan to invest over 5 million euros ($5.8 million) in expanding our portfolio,” Aleksandar Lazinica said in an interview with the cited publication.
Submarine, which is majority-owned by Croatian venture capital fund Prosperus Growth and owns two of its own restaurants in Romania, closed a deal in December to acquire a majority stake in Vivo Fusion Food Bar. Details of the deal were not made public, but Lazinica said the Romanian founders of Vivo Fusion Food Bar will remain with their company as minority shareholders.
For now, Submarine and Vivo Fusion Food Bar will continue to operate under separate brands. Submarine opened its first restaurant in Croatia in 2014. It now operates 19 locations in the Adriatic country and plans to open two more this year.
Submarine entered Romania in 2021 with a “dark kitchen” model that offers Submarine burgers through a delivery app. Since December 2022, it has opened its own brick-and-mortar restaurants there. It is the first Croatian burger chain to expand abroad.
Lazinica said he was drawn to investing in Romania’s restaurant market because of Romania’s impressive culinary culture and relatively high population, as Bucharest alone has over two million inhabitants, and the entire country has around 19 million people, with many regional urban centers.
“It is a similar market to Croatia in terms of culture and purchasing power, while Bucharest is a vibrant European capital, full of young and trendy people looking for new experiences – including taste,” said Lazinica.
“Unlike Croatia, the restaurant business in Romania is not seasonal, but operates all year round,” he explained.
Vivo operates six restaurants in Bucharest, two in Iași, one in Pitești and one in Brașov, with plans for further expansion. Total expected revenues from Submarine operations in Croatia and Romania in 2025 are around 30 million euros, which will be generated in over 30 restaurants with 500 employees.
“Southeastern Europe is ready for a concept like ours, where certain consumer groups prioritize enjoying high-quality food prepared with fresh and local ingredients,” said Lazinica.
Currently, there is a growing number of such consumers in the region, especially among young and trendy people in large urban areas, people who appreciate gourmet burgers and the “farm-to-table” concept, those looking for healthier food options without additives and GMOs, as well as families and tourists as a special category of customers, he emphasized.