Central and Eastern European private equity investor Mid Europa Partners has entered an agreement to acquire a majority stake in Mlinar from its founder, Mato Skojo, writes Croatia Week. According to the report, he will retain a stake in the business.
Mlinar is one of Croatia’s leading bakery retail and wholesale business and operates the largest bakery retail network in south east Europe. The company ships pastries, breads, sandwiches, as well as drinks and salads to more than 36 million customers per year. The company operates its own state-of-the-art production and logistics and serves major retail chains, as well as hotels and restaurants from its wholesale operation.
Mid Europa’s co-managing partner Robert Knorr said that the investment in Mlinar builds on the firm’s strong track record in investing in leading CEE retail and consumer businesses. On the retail side, the investor believes Mlinar can benefit from the former’s experience in accelerated store expansion execution deployed in Zabka and Profi. On the product site, the focus will be on brand equity enhancement and innovation, as was successfully implemented in Bambi, Mid Europa’s biscuits producers which was recently sold to Coca Cola HBC.
The transaction is subject to customary closing conditions and is expected to be completed in Q2 2019.