Croatian investment firm Bosqar has acquired a 67% stake in the bakery-café chain Mlinar for €100 million.

The deal secures a 67% indirect stake in Mlinar, including an immediate 50.1% acquisition. The investment is a partnership with Mlinar’s management team and Panvita’s existing shareholders.

MidEuropa, a European private equity firm and long-time Bosqar partner, will provide additional strategic support. The move aims to boost Mlinar’s growth across Southeast Europe and beyond.

The investment supports Bosqar's Future Food vertical, which was launched with its investment in the Panvita, a Slovenian food company, in 2024. According to the company, the deal is expected "to unlock synergies and strengthen the platform, providing enhanced growth opportunities across the vertical".

Darko Horvat, president of the management board at Bosqar, and Peter Polanič, co-chairman of Future Food, said: "The inclusion of Mlinar in Bosqar's Future Food vertical creates exciting opportunities for growth expanding on the existing Panvita investment. By leveraging the strengths of both Mlinar and Panvita, we are poised to unlock growth opportunities and new market opportunities across the region."

"In partnership with Panvita’s existing shareholders and Mlinar’s management, with the further expanded platform joined by MidEuropa as trusted partners with which Bosqar has already collaborated on developing two other extremely successful business verticals, we're convinced that we’ve put together a winning team that will be able to establish Bosqar's Future Food vertical as a dominant regional food solutions player."

Robert Knorr, managing partner at MidEuropa, commented: "Together, we will work to position Mlinar and expand its influence in the region and across international markets, reinforcing its status as a leader in the industry".

Mladen Veber, president of the management board of Mlinar Group, added: “Empowered by this investment from Bosqar and its partners, Mlinar will be in an ideal position to realise its ambitions when it comes to regional and international markets, expanding its footprint and its services to become a leading regional fresh food producer, distributor, and convenience retail chain."

Subject to regulatory approval, the expanded group will employ over 16,000 people and reach €700 million in revenue by 2025.

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