Croatian baked goods producer Mlinar has secured up to €50 million ($58 million) in equity financing from Europe’s foremost development bank to facilitate its expansion efforts.
The European Bank for Reconstruction and Development (EBRD) announced that it will grant this funding to Mlinar’s parent company, See Bakery International, as part of a strategy aimed at “expansion and modernisation” within Croatia and the surrounding region.
This investment will not only support organic growth initiatives but also mergers and acquisitions (M&A), according to an EBRD statement released on December 22. Furthermore, it aims to enhance energy efficiency, increase production capabilities, and cultivate inclusive workplace practices, particularly for female migrant workers.
Mlinar serves major retailers and the foodservice sector while exporting to over 20 markets. Additionally, the company operates a bakery retail network across Croatia, Serbia, Slovenia, and Bosnia and Herzegovina.
Mladen Veber, president of the board at Mlinar, stated, “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.”
Earlier this year, Croatian investment firm Bosqar Invest completed the acquisition of a majority stake in Mlinar for approximately €100 million. This deal enabled Bosqar, in collaboration with current shareholders of Panvita Group and Mlinar’s management team, led by CEO Mladen Veber, to acquire a 67% indirect stake in the bakery group. They are also the controlling shareholders of See Bakery International.
Natalia Zhukova, head of food and agribusiness at EBRD, mentioned, “We are pleased to support our client Bosqar as they expand further in the food vertical through our investment in Mlinar’s ambitious growth strategy, which combines organic expansion with targeted acquisitions.” She added, “We believe that, under Bosqar’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.”
Vanja Vlak, Bosqar’s CFO, remarked, “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.”
In conclusion, as the food and beverage industry adapts to shifting consumer demands, Mlinar’s strategic investments position it favorably within the dynamic landscape of the food and drink business. By enhancing operational efficiency and championing inclusivity, the company aims to remain ahead of emerging food and drink consumer trends.
