The EBRD is investing up to €50 million in SEE Bakery International, the parent company of Croatian bakery producer Mlinar Pekarska Industrija.
The funding, delivered in two tranches, will enable Mlinar to increase production capacity, acquire businesses across Croatia and Central, Southern, and Eastern Europe, and implement energy-efficiency upgrades.
It also seeks to promote inclusive workplace practices, with a focus on supporting female migrant workers.
About Mlinar
Mlinar supplies major retailers and HoReCa operators across Croatia, Serbia, Slovenia, and Bosnia and Herzegovina, exporting its products to over 20 global markets.
In July 2025, the Croatian-listed investment group Bosqar and its partners acquired a 67% indirect stake in Mlinar Group for €100 million from European private equity firm MidEuropa.
As a long-term partner of Bosqar, MidEuropa will maintain a minority stake and continue to support Mlinar Group’s strategic growth and expansion into both regional and international markets.
‘Flagship Croatian Brand’
Miljan Ždrale, the EBRD’s regional director for Central Europe, highlighted the importance of strengthening a “flagship Croatian brand” and accelerating its regional expansion and modernisation.
“Under strong leadership, Mlinar is well positioned to scale up production, pursue targeted acquisitions and deliver strong, sustainable growth,” he commented.
Elsewhere, Mladen Veber, president of the board of Mlinar, described the EBRD’s investment as a significant acknowledgement of Mlinar’s business model, financial performance, and long-term potential.
“We are proud of Mlinar’s remarkable progress since its acquisition, which has enabled us to welcome two strong partners – Bosqar and the EBRD – within the same year,” he said. “This milestone reflects the strength of Mlinar’s trajectory and our shared vision for its future.”
Currently, Mlinar Group serves a customer base of 16 million people in the Adriatic region, through its subsidiaries, Mlinar Croatia, Mlinar Slovenia, and Hleb i kifle in Serbia.
With five production plants, Mlinar sold 220 million products in 2024, sourcing 96% of its raw materials, supplies, and services locally.