BOSQAR INVEST finalizes $118Mn Mlinar Group acquisition
ZAGREB, CROATIA — BOSQAR INVEST has successfully completed its acquisition of a 67% indirect stake in Mlinar Group, a bakery group in the Adria region.
The transaction, valued at over €100 million ($118 million), was finalized on June 30 after receiving all necessary regulatory approvals.
The acquisition, conducted in partnership with Panvita shareholders led by Peter Polanič and Mlinar’s management team under Mladen Veber, marks a significant expansion of BOSQAR’s Future Food vertical.
MidEuropa, the previous majority owner, retains a minority stake and will continue to support Mlinar’s strategic development and international growth.
“The finalization 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,” Darko Horvat, President of the Management Board at BOSQAR d.d, said in a statement.
The acquisition is expected to accelerate BOSQAR INVEST’s ambition to build a leading regional food platform by combining strong local brands, operational excellence, and sustainable production practices.
About BOSQAR INVEST
BOSQAR INVEST is a European holding company operating across multiple sectors, including:
- Business Process and Technology Outsourcing (BPTO): Brand Mplus
- Human Resources (HR): Brands Manpower and Workplace
- Food: Brand Future Food
Since 2016, BOSQAR INVEST has acquired 84 companies, driving growth through a combination of organic expansion and strategic M&A.
The group employs over 16,000 people and operates in 21 countries, with projected consolidated pro forma revenue reaching €700 million ($824 million) in 2025.
BOSQAR’s ownership structure includes pension funds, institutional investors, international private equity funds, development institutions, and private investors. The company is recognized for its standardized operational models, digitalization, and focus on financial stability and results.
About Mlinar Group
Mlinar Group stands as the largest bakery group in the Adria region, serving a market of 16 million people. The group operates over 300 retail locations across Croatia, Slovenia, and Serbia, five production facilities, and a workforce of approximately 2,400 employees.
In 2023, Mlinar reported revenues exceeding €163 million ($192 million), with exports to more than 20 international markets, including Romania, the Netherlands, Sweden, Switzerland, and South Korea. The company sold over 220 million bakery products last year, with 96% of raw materials sourced locally.
