- The investment reflects continued momentum by Mlinar since its acquisition, reaffirming BOSQAR INVEST's ability as investor and operator consistently generating transformational value.
- At the same time, the investment provides a robust foundation for further strategic expansion.
December 19, 2025, Zagreb, Croatia – On Friday, BOSQAR INVEST (BOSQAR d.d. – ZSE: BSQR),a perpetual capital investor and company builder in the Adria region, announced a strategically significant investment round in Mlinar, totaling up to EUR 80million, led by the European Bank for Reconstruction and Development (EBRD) with up to EUR 50 million, with participation from BOSQAR INVEST and MidEuropa.
„This investment marks a pivotal step in advancing Mlinar’s long-term growth strategy and further validates the strength of our operating model. The EBRD’s leadership in this round – and our ongoing partnership – reflects strong confidence in the progress we have achieved and the value we continue to create across our portfolio,“ said Vanja Vlak, Member of the Management Board of BOSQAR d.d., the holding company of the BOSQAR INVEST group, and Group CFO.
„The EBRD’s strategic entry into Mlinar validates the quality of our business model, financial performance, and long-term potential.This represents a significant acknowledgment of the work we have done so far, as well as our strategic vision“, said Mladen Veber, President of the Board of Mlinar.
„We are pleased to support our client Bosqar as they expand further in the Food vertical through our investment in Mlinar Group's ambitious growth strategy, which combines organic expansion and targeted acquisitions. We believe that, under BOSQAR INVEST’s strategic leadership, Mlinar is well positioned to accelerate its growth and create sustained value. Our investment will also support Mlinar’s energy efficiency initiatives and help advance higher standards of employee inclusion,“said Natalia Zhukova, EBRD Director Head of Food and Agribusiness.
" This investment demonstrates theEBRD’s commitment to supporting high-growth companies with strong fundamentals and clear strategic direction. Mlinar’s growth story is a testament to the transformative impact of strategic investment and partnership, and we are excited to join our long-standing partners Bosqar and MidEuropa to support Mlinar’s ambitious plans. By supporting Mlinar’s expansion and modernisation, the EBRD is helping to strengthen the bakery sector’s resilience and competitiveness across Croatia and neighbouring markets",Tamas Nagy, EBRD Director, Co-head Private Equity, added.
„We are proud of Mlinar’s remarkable progress since its acquisition, which has enabled us to welcome two strong partners - BOSQAR INVEST and the EBRD - within the same year. This milestone reflects the strength of Mlinar’s trajectory and our shared vision for its future. We remain fully committed and look forward to working closely with both investors to further accelerate Mlinar’s growth,“ said , Partner atMidEuropa.
The investment is set to further reinforce Mlinar’s market position,strengthen BOSQAR's Future Food business vertical, and validate the strong value creation track record across the BOSQAR INVEST portfolio.
Two-Phase Investment Structure
The transaction is structured in two phases:
Phase 1 – An initial EBRD investment of EUR 35 million for an approximately 17% ownership stake in Mlinar, providing immediate growth capital to accelerate scaling, product development, and market expansion.
Phase 2 – An additional EUR 45 million is expected to be deployed over 12-24months, whereby the EBRD could elect to provide up to EUR 15 million, while BOSQAR INVEST and MidEuropa could elect to provide the remaining EUR 30 million.
Strengthened Financial Performance and Outlook
The investment by EBRD provides a clear market endorsement of Mlinar’s momentum and reaffirms the value-add that BOSQAR INVEST delivers through active governance and strategic leadership of its operating companies.
BOSQAR INVEST continues to deliver strong operational and financial performance, marked by consistent revenue growth (Q3 2025 Revenue: EUR 449million, +75% vs. Q3 2024) and expanding EBITDA (Q3 2025 Adjusted EBITDA: EUR 56million, +76% vs. Q3 2024), while the group's net debt-to-adjusted LTM EBITDA reflects a conservative and balanced capital structure, showcasing continued financial discipline.
This transaction underscores BOSQAR's status as a profitable and financially stable organization with a proven governance model and a leadership approach that consistently generates value. The decision by EBRD to lead this investment round is a testament to BOSQAR INVEST’s strategic direction as well as its ability to build, scale, and enhance the value of its operating companies.