BOSQAR INVEST has acquired a controlling stake in leading Adria-region bakery group Mlinar in a €100m transaction backed by European private equity firm MidEuropa.

The deal, which includes a 67% indirect stake, of which BOSQAR will immediately hold 50.1%, marks a major expansion of BOSQAR’s recently launched Future Food vertical.

The investment builds on BOSQAR’s acquisition of Slovenia-based Panvita Group earlier this year. Together, Mlinar and Panvita are expected to create a regionally dominant food solutions platform with strengthened synergies and scale.

Darko Horvat, President of the Management Board at BOSQAR, and Peter Polanič, Co-Chairman of Future Food, said, “By leveraging the strengths of both Mlinar and Panvita, we are poised to unlock growth opportunities and new market opportunities across the region… We’re convinced that we’ve put together a winning team.”

MidEuropa, which has supported Mlinar’s transformation since 2019, will retain a minority stake. “We also enjoy a shared understanding, trust, and experience that has developed over the years,” said Robert Knorr, Managing Partner at MidEuropa. “Together, we will work to position Mlinar and expand its influence in the region and across international markets.”

Mlinar reported €163m in revenue and 2,500 employees in 2023. The company operates over 300 sales points across Croatia, Slovenia, and Serbia and exports to more than 20 countries.

“Mlinar will be in an ideal position to realise its ambitions when it comes to regional and international markets,” said Mladen Veber, President of the Management Board of Mlinar Group.

Following regulatory approval, BOSQAR projects its consolidated pro forma revenue will reach €700m in 2025, supported by a group workforce exceeding 16,000.

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