MidEuropa Partially Sells its Stake in Mlinar to Bosqar Invest

December 20, 2024
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MidEuropa, a leading European private equity investor with deep roots in Central Europe, announces the partial sale of its stake in Mlinar, a major bakery chain in the Adria region, to Bosqar Invest, a Zagreb-listed Croatian investment company operating in the Consumer and Business Services sectors, and its co-investors. Upon completion of the transaction, MidEuropa will retain a sizeable minority stake in the business, reflecting the Firm’s commitment to continue strengthening Mlinar’s position as an industry leader in Southeast Europe.

Since MidEuropa’s investment in 2019, Mlinar has been transformed from a founder-led organisation to a modern consumer brand. MidEuropa brought in a professional management team with support from select industry veterans and led by Mladen Veber, a seasoned CEO with decades of experience in the FMCG industry. Under MidEuropa’s ownership, Mlinar has nearly doubled its revenues, grown its store network from c.200 to over 300 stores, modernised its existing stores, and enhanced its operational capabilities. Mlinar also expanded its footprint in Croatia, Slovenia, and Bosnia (through franchise partnerships), and entered the Serbian market through the acquisition of local bakery chain Hleb & Kifle in 2020.

Alain Beyens, Operating Partner at MidEuropa, commented:

“Mlinar is a great example of MidEuropa’s successful track record of building regional consumer champions in Central Europe. Together with an exceptional management team led by CEO Mladen Veber, we transformed Mlinar from a local player in Croatia into a leading bakery chain in the Adria region. We look forward to working closely with Bosqar to expand Mlinar’s reach in the region and across international markets, reinforcing its status as a leader in the industry.”

Filip Kisdobranski, Operating Principal at MidEuropa, added:

“Under MidEuropa’s ownership, Mlinar has undergone a remarkable transformation into a highly efficient and innovative company. This transformation is marked by internationally competitive production and logistics, as well as a revitalised and expanded store network. We are excited about the opportunity to work with Bosqar on strengthening Mlinar’s regional leadership and expanding its international footprint.”

Mladen Veber, CEO of Mlinar, said:

“Mlinar is a leader in the bakery industry in the region thanks to its focus on quality, innovation, and development of new products. We are extremely pleased with what we have achieved with MidEuropa’s backing and would like to thank them for their continued support. Empowered by this investment from Bosqar, 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.”

Filip Kisdobranski, Nikola Damiani, Ivo Cavrak, and Aleksandar Dragicevic led the execution of the deal from MidEuropa’s side. Advisors to MidEuropa included: EY and Deloitte as transaction services advisers and Dechert, with the support of Karanovic Partners, as legal counsel.

The transaction is subject to customary regulatory and antitrust approvals.