Croatian investment company Bosqar Invest has completed the acquisition of a majority share in local bakery business Mlinar for around €100m ($117.3m).
The deal saw Bosqar, in partnership with existing shareholders of Panvita Group and Mlinar’s management team led by CEO Mladen Veber, take a 67% indirect stake in the bakery group.
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Bosqar said in a statement it acquired the holding from MidEuropa, a UK-based private-equity firm, which will retain a minority interest in Mlinar.
MidEuropa took a majority share in 2019 from owner Mato Škojo, who kept an undisclosed stake in the business.
Bosqar said the transaction is a “major step forward” in its strategy to develop a “leading regional food platform by combining strong local brands, operational excellence, and sustainable production practices”.
Darko Horvat, president of the management board at Bosqar d.d., the holding company of Bosqar Invest, said: “Together with our trusted partners – MidEuropa, the Panvita team, and Mlinar’s leadership – we look forward to building and developing Mlinar Group with great enthusiasm, a focus on innovation, and a shared commitment to excellence.
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By GlobalData“The finalisation of this transaction is a key step in the evolution of our future food vertical, which we envision as a leading platform for long-term growth and value creation in the region.”
Bosqar launched its food vertical following the acquisition of a 51% stake in Panvita, a Slovenian agricultural and food company, in 2024.
Mlinar has five production facilities and a workforce of over 2,500, according to the group’s website. It sold 220 million product units in 2024 from a portfolio that includes bread, sandwiches, savoury treats, cakes and desserts.
In 2023, the company’s total revenue surpassed €163m, generated through its retail network, wholesale, and exports to over 20 markets such as Romania, the Netherlands, and Sweden, along with Switzerland and South Korea.
Mlinar operates over 300 retail locations across Croatia, Slovenia, and Serbia under its Mlinar Croatia, Mlinar Slovenia, and Hleb i kifle brands, catering to a market of 16 million people.
