Mlinar secures equity financing to expand bakery operations
The €50M (US$58M) investment is intended to fuel Mlinar’s expansion plans across Croatia and the wider central, southern, and eastern Europe region.
CROATIA – Mlinar, the leading baked goods producer in Croatia under SEE Bakery International, has secured up to €50 million (US$58M) in equity financing from the European Bank for Reconstruction and Development (EBRD) to fuel expansion and modernization across the region.
The investment targets Mlinar’s parent company, See Bakery International, supporting organic growth, mergers and acquisitions, enhanced energy efficiency, and inclusive workplace practices, particularly for female migrant workers.
This capital infusion validates the company’s robust business model following Bosqar Invest’s €100 million (US$116.21M) acquisition of a 67% indirect stake earlier in 2025.
Mlinar, a powerhouse in pastries, breads, and snacks, supplies major retailers and foodservice operators, exports to over 20 markets, and operates bakery retail networks in Croatia, Serbia, Slovenia, and Bosnia and Herzegovina.
Mladen Veber, Mlinar board president, emphasized: “The EBRD’s strategic entry into Mlinar validates the quality of our business model, financial performance, and long-term potential. This represents a significant acknowledgement of the work we have done so far, as well as our strategic vision.”
The funding accelerates production upgrades amid rising demand for premium, convenient baked goods in Central, Southern, and Eastern Europe (CSEE), where consolidation favors scaled players.
Under Bosqar Invest’s leadership, alongside Panvita Group shareholders and Mlinar’s management, the infusion enables targeted M&A to capture market share from fragmented competitors.
Energy efficiency initiatives promise cost savings in a volatile grain environment, while diversity programs align with EU standards, enhancing talent pipelines.
EBRD’s head of food and agribusiness, Natalia Zhukova, noted: “Mlinar’s growth strategy under Bosqar combines organic expansion with acquisitions, positioning it for sustained value creation.”
Bosqar CFO Vanja Vlak added that the partnership underscores confidence in their operating model.
The financing supports innovation in protein-enriched pastries and clean-label products, tapping 8-10% regional CAGR forecasts through 2030.
As CSEE urbanization accelerates, Mlinar’s vertically integrated model, from mills to retail, fortifies resilience against supply shocks, much like African FMCG leaders navigating import duties.
This EBRD-backed round builds on MidEuropa’s prior stake sale, cementing Mlinar as a regional champion.
Analysts project doubled capacity within three years, blending Croatian heritage with export scalability.
In a sector blending tradition and efficiency, the investment heralds Mlinar’s ascent, delivering shareholder value while advancing sustainable baking standards across borders.
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