Croatia-based investment company Bosqar Investment is investing €100 million in Mlinar Group, a bakery chain in the Adriatic region.
This investment is a joint venture with existing Mlinar shareholders and management. Bosqar will initially acquire a 50.1% stake and ultimately hold a 67% indirect stake in Mlinar.
MidEuropa, a private equity firm with a strong presence in Central Europe and a partner of Bosqar, will also support the expanded group by reinvesting its remaining stake.
'Future Food' Business
With this investment, Bosqar Investment will significantly expand its 'Future Food' business. It follows a previous investment in the Slovenian food company Panvita.
By combining Panvita and Mlinar, Bosqar aims to create a stronger platform for growth in the food sector, particularly for Panvita's regional expansion plans.
Darko Horvat, president of the management board at Bosqar, and Peter Polanič, co-chairman of Future Food, commented, “By leveraging the strengths of both Mlinar and Panvita, we are poised to unlock growth opportunities and new market opportunities across the region.”
Robert Knorr, managing partner at MidEuropa, said, “This partnership marks a significant step forward for Mlinar Group, as it combines MidEuropa's deep-rooted industry expertise in the region and Bosqar's strategic vision and resources.
“Together, we will work to position Mlinar and expand its influence in the region and across international markets, reinforcing its status as a leader in the industry.”
Business Expansion
Mladen Veber, president of the management board of Mlinar Group, added, “Mlinar is a leader in the bakery industry thanks to its focus on quality, innovation, and development of new products.
“Empowered by this investment from Bosqar Invest and its partners, Mlinar will be in an ideal position to realise its ambitions when it comes to regional and international markets, expanding its footprint and its services to become a leading regional fresh food producer, distributor, and convenience retail chain.”
Mlinar Group
Mlinar Group is one of the largest bakery chains in the Adriatic region, serving a market of 16 million people. The group operates a network of over 300 retail outlets across Croatia, Slovenia, and Serbia. It also has five production facilities.
Its product portfolio includes brands such as Mlinar Croatia, Mlinar Slovenia, and Hleb i Kifle, which caters specifically to the Serbian market.
As majority owner since 2019, MidEuropa significantly transformed Mlinar from a family-run business to a modern, customer-focused company.
They brought in experienced leadership, expanded the store network, improved operations, and entered new markets, nearly doubling the company's revenue during their ownership.
Mlinar Group generated €163 million in revenue in 2023 from sales in more than 20 countries, including Romania, the Netherlands, Sweden, Switzerland, and South Korea.
