Croatia’s Bosqar Invest targets Africa for BPO expansion via M&A
ZAGREB, CROATIA — Croatia’s Bosqar Invest, a diversified holding group listed on the Zagreb Stock Exchange, is eyeing expansion into Africa through business process outsourcing (BPO) acquisitions.
According to company founder and majority owner Stjepan Oreskovic, they aim to harness local talent and drive further growth through the expansion.
Strategic push into Africa’s BPO market
Oreskovic revealed that Bosqar Invest is actively seeking BPO acquisition targets in Africa, leveraging its in-house mergers and acquisitions (M&A) expertise.
“We are actively working on that. We have a world-class M&A team and a pipeline with multiple potential targets at any point in time,” he said in a SeeNews interview. “It’s incredible how many talented people live there.”
The company’s strategy prioritizes markets with growth potential, dynamic economies, and strong talent pools.
“We are really a conglomerate of partners,” Oreskovic emphasized.
“We never take over a company if we would need to replace everyone who works there. We look for partners who share our values and vision. That is why so far, all our acquisitions have been a complete success.”
Recent acquisitions and financial performance
Bosqar Invest’s recent acquisitions have already contributed to its financial strength. In the first quarter of 2025, the group reported EBITDA of €11 million ($12.4 million), a 27% year-on-year increase. The company credits it to investments and acquisitions over the past year, which have positioned it for further market consolidation and new partnerships.
A notable recent move includes the business process and technology outsourcing (BPTO) division, operating under the Mplus brand, which secured agreements to acquire over 96% of Czech BPO provider Conectart and 100% of Romanian BPO firm Valoris Center. “We are working on [finalizing] the deal in Romania in a standard process, pending regulatory approval,” Oreskovic stated.
Bosqar Invest has also expanded its presence in the food sector, acquiring a 67% indirect stake in bakery group Mlinar for €100 million ($112.7 million) and a 51% stake in Slovenian agri-food group Panvita for €50 million ($56.4 million).
Diversified operations across Europe and beyond
Bosqar Invest operates across several countries and sectors. Its BPTO vertical, Mplus, includes M Plus Croatia and its subsidiaries. The HR vertical, through the Workplace Group, holds Manpower licenses in select locations.
The Food vertical builds on the century-old expertise of Panvita, aiming to lead the Southeast European food industry. Additionally, Bosqar Invest maintains investments in tourism, real estate, and education and is active in Turkey and Georgia.
