- The signing of the Share Purchase Agreement (SPA) represents an important step toward the completion of the transaction
- Following the completion of the transaction, PIK Vrbovec is set to become part of BOSQAR’s Future Food vertical, alongside Panvita Group and Mlinar Group
- Pending the finalization of the transaction, the Future Food vertical will become one of the leading regional food and agriculture platforms in Southeast Europe
Zagreb, Croatia, May 18, 2026 – BOSQAR INVEST (BOSQAR d.d. – ZSE: BSQR) and Fortenova Group announced on Monday that they have signed a Share Purchase Agreement (SPA) under which BOSQAR INVEST plans to acquire a 100 percent stake in PIK Vrbovec, one of Croatia’s leading producers of meat and processed meat products.
Upon completion of the transaction, PIK Vrbovec will join BOSQAR’s Future Food vertical, alongside Panvita Group, the leading Slovenian agri-food group, and Mlinar Group, the leading bakery group in the Adria region. The transaction is planned to be carried out in partnership with the existing shareholders, the Polanič family.
On May 11, the General Assembly of BOSQAR d.d. adopted a decision to increase the company’s share capital through a secondary public offering of shares (SPO), with the funds raised intended primarily to finance the announced acquisition of a 100 percent stake in PIK Vrbovec, as well as other M&A opportunities within the group’s key business verticals.
The completion of the transaction remains subject to the fulfilment of the prescribed conditions precedent, including obtaining regulatory approvals from the competent authorities and the finalization of the financing framework.
Given the structure of the transaction, the final purchase price will be set upon closing.
Darko Horvat, President of the Management Board of BOSQAR d.d., the holding company of the BOSQAR INVEST group, stated:
“The signing of the SPA is an important step in the process of the planned acquisition of PIK Vrbovec and the further development of BOSQAR’s food business vertical. We believe that PIK Vrbovec, together with Panvita and Mlinar, can form a strong regional food and agriculture platform focused on long-term growth, operational excellence, and strengthening the resilience of supply chains in the region.
We are now entering the final phase of the process, which includes obtaining regulatory approvals and fulfilling the remaining conditions for closing the transaction. We will continue to inform the public in a timely manner about all relevant developments.”
Creating a Leading Regional Fresh Food Group
As previously communicated, subject to the signing of the Share Purchase Agreement and the fulfilment of all necessary conditions and regulatory approvals, the Future Food vertical of the BOSQAR INVEST group, based on publicly available financial statements for 2024, would generate revenues of approximately EUR 640 million and employ around 4,800 people, positioning it as the leading fresh food group in the region.
The platform would be based on a highly integrated agricultural production base, encompassing multiple farms, more than 120,000 tonnes of annual production of meat, fruit, vegetables, and bakery products, three of the most advanced processing facilities in the region, livestock capacity of approximately 120,000 pigs and 4.5 million broiler chickens.
Subject to prior regulatory approval by the competent authorities and the finalization of the investment in PIK Vrbovec, BOSQAR INVEST is expected, on a pro forma basis and within its current scope of business, to generate more than EUR 1 billion in annual revenues and over EUR 100 million in EBITDA on a pro forma consolidated basis in 2026.