BOSQAR INVEST Successfully Completes Acquisition of Mlinar Group

BOSQAR INVEST's acquisition of Mlinar Group successfully concluded after meeting all relevant requirements

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Zagreb, Croatia, July 1st, 2025 – The investment of BOSQAR INVEST (BOSQAR d.d. – ZSE: BSQR) and its partners in a 67% indirect stake in Mlinar Group, a leading bakery group in the Adria region, has received regulatory approvals from the competent authorities, met all relevant requirements, and was concluded.

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As part of the transaction – valued at over 100 million euros in aggregate – BOSQAR has acquired a majority stake from MidEuropa, a European private equity investor, marking a significant expansion of the group’s Future Food vertical.

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The investment was carried out in partnership with the shareholders of Panvita, led by Peter Polanič, and Mlinar’s management team, headed by Mladen Veber.

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In addition, BOSQAR’s longstanding partner MidEuropa retained a minority stake and will continue supporting the group’s strategic development and expansion across regional and international markets.

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The finalization of the transaction represents a major step forward in BOSQAR’s strategy to build a leading regional food platform by combining strong local brands, operational excellence, and sustainable production practices.

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“We are incredibly proud to welcome Mlinar into the BOSQAR INVEST ecosystem. Together with our trusted partners – MidEuropa, the Panvita team, and Mlinar’s leadership – we look forward to building and developing Mlinar Group with great enthusiasm, a focus on innovation, and a shared commitment to excellence. The finalization of this transaction is a key step in the evolution of our Future Food vertical, which we envision as a leading platform for long-term growth and value creation in the region,” Darko Horvat, President of the Management Board at BOSQAR d.d., the holding company of the BOSQAR INVEST group, said.

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For more details related to the investment, read this announcement.

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About BOSQAR INVEST:

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BOSQAR INVEST (BOSQAR d.d., together with its subsidiaries) is a European leader that operates in multiple industries, including business process and technology outsourcing, information technology, employment services (HR), and Food.

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With an innovative business model, BOSQAR INVEST accelerated its expansion on the market with intensive organic growth and an M&A platform. Through its buy-and-build strategy, it has acquired 84 companies since 2016. BOSQAR INVEST is focused on improving the profitability and operations of each of its acquired companies through its standardized operational models that result in significant organic growth of all companies inside the group and the group itself.

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BOSQAR INVEST operates through the BPTO business vertical (brand: Mplus), the HR business vertical (brands: Manpower and Workplace), and the Food business vertical (brand: Future Food). All business verticals are focused on shareholder value creation through a commitment to best practices in digitalization, structured key accounts management programs, rigorous financial stability and focus on results, and strong and dedicated management teams.

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In its ownership structure, BOSQAR INVEST brings together pension funds, institutional investors, international private equity funds, development institutions, and private investors. The BOSQAR INVEST business community consists of over 15,000 employees, and the group’s companies operate from 21 countries around the world.

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