Leadership Expansion and Appointments at Future Food to Drive Next Phase of Growth

Zagreb, Croatia, June 6, 2025 – BOSQAR INVEST (BOSQAR d.d. – ZSE: BSQR), a European business leader that operates in multiple industries, is implementing a strategic expansion aimed at reinforcing its long-term vision within its Food vertical, Future Food.

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Dubravko Folnović has been appointed Chief Executive Officer of Panvita Group, succeeding Toni Balažič, who is stepping down after a period of dedicated and successful leadership.

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As part of this transition, Folnović will also join the Management Board of Panvita Group, as will Igor Kolar, current Sales Director at Panvita, who will bring his operational expertise to help steer Panvita into its next chapter.

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Folnović is an experienced CEO with an impressive track record in the food industry, with his most recent position being that of CEO of Perutnina Ptuj – PIPO Čakovec. He previously held key roles at Lactalis, Ljubljanske mlekarne, Dukat Slovenia, and Adria Snack Company.

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“I look forward to working closely with the talented team at Panvita and BOSQAR INVEST as we build on the group's strong foundations and explore new opportunities for growth,” Folnović said.

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The appointment of Kolar showcases the continuity and development of internal talents in the organization.

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The new team has deep industry knowledge and experience in all key markets for Panvita – Slovenia, Croatia, Serbia, and Bosnia and Herzegovina – essential for fortifying the company ahead of its next phase of growth.

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During Balažič’s mandate, Panvita has strengthened its market position, and his leadership has been instrumental in achieving key milestones in recent years.

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“Leading Panvita has been one of the most rewarding experiences of my career. I’m deeply proud of what we’ve achieved and confident that Dubravko and the team are more than ready to take it even further,” Balažič said.

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He will be providing support to the new team during the transition period.

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About Dubravko Folnović:

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Dubravko Folnović is an experienced CEO with an impressive track record in the food industry. His career has been marked by successes and achievements that establish him as a highly respected expert in this sector. He excels in negotiation, marketing, business planning, international operations, and pricing strategy. Additionally, he holds a master’s degree in economics and marketing from the Faculty of Economics at the University of Zagreb, graduating in 2003. His professional journey began a year later when he joined the Gastro Group, where he quickly rose to the position of Sales and Procurement Director. The longest phase of his career was spent at Lactalis, where he served as Sales Director for Croatia and the region. During 2012-2014, he also held the position of Director for Dukat Slovenia. In March 2016, he became the CEO of Adria Snack Company, a joint venture between Franck and Intersnack, a role he held until August 2019. In August 2019, he assumed the position of CEO of Perutnina Ptuj – PIPO Čakovec. Under his leadership, PP Pipo achieved certification for antibiotic-free poultry farming in Croatia and implemented the integrated SAP 4hanna system.

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About Igor Kolar:

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Igor Kolar is an experienced sales professional with a deep understanding of production processes and many years of experience in the agri-food industry. His work is characterized by strategic thinking and reliability, which has earned him great respect among colleagues and business partners. He has enhanced his expertise in the food industry through additional professional training in sales and leadership. He began his career at Mesnine Žerak as a Production Manager, later also serving as Sales Manager. Over 20 years ago, he joined Panvita MIR as Director of Production. Among other roles, he also served as Director of Panvita PRM. Seven years ago, he continued his path as Director of Sales. With his extensive experience within the Panvita Group, he has become an indispensable part of the company’s sales function.

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About Panvita Group:

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Panvita Group, which celebrated its 100th anniversary in business in 2022, is one of the largest players in the Slovenian agricultural and food market dedicated to the sustainable production of high-quality food. It operates in three key segments: primary agriculture, the food sector, and sustainable energy. As one of Slovenia's leading vertically integrated chains of agricultural companies, it employs over 700 people. It cultivates more than 3,500 hectares of agricultural land using state-of-the-art equipment and production aligned with the climate program for agriculture and the environment.

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Panvita is a leader in the ecologically sustainable food business and has committed to reducing greenhouse gas emissions by 40 percent by 2030 while simultaneously increasing the procurement of sustainably produced raw materials and raising the level of use of recycled packaging to at least 75 percent.

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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 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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