June 2019 - present




Stores opened in Croatia
Innovative SKUs launched for the Croatian market
Invested into new production lines

Croatian baked goods specialist Mlinar


MidEuropa acquired a majority stake in the Croatian baked goods specialist Mlinar in June 2019, with the Founder retaining a minority stake. Benefitting from a strong leadership position in its core domestic market, Mlinar has a clear opportunity to consolidate the regional retail bakery market and expand its B2B business regionally and in Western Europe by leveraging its well-invested production facilities and logistics network. Management has been working with MidEuropa to accelerate organic growth of the retail network and B2B segment, improve operational efficiency and expand geographically with a targeted M&A programme.


Partnership highlights:

  • Improving customer experience and driving retail sales through a streamlined commercial model and enhanced new product development 
  • Capitalising on revenue synergies with MidEuropa’s other portfolio companies
  • Expanding Mlinar’s footprint via M&A expansion in Serbia and winning B2B clients in Western Europe
  • Commenced a comprehensive ESG programme including production, energy efficiency and human resources
  • Investing in internal capabilities, such as enhancing management reporting and IT systems to improve decision-making, productivity and quality


Value creation:

  • Organic Growth
  • Acquisitive Growth
  • International Expansion
  • Operational Excellence
  • Digitalisation