Mlinar (EBRD-56893)

Regions
  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Croatia
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Dec 17, 2025
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
SEE Bakery International S.a.r.l.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Agriculture and Forestry
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 58.71 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 50
Converted using 2025-12-17 exchange rate.
Project Cost (USD)
$ 93.94 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 80
Converted using 2025-12-17 exchange rate.
Bank Documents
Primary Source

Original disclosure @ EBRD website

Updated in EWS Feb 11, 2026

Disclosed by Bank Jan 13, 2026

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

As stated by the EBRD, the project consists of an up to EUR 50 million equity investment in a capital increase in SEE Bakery International S.a.r.l. (the Investee Company), which is the majority owner of Mlinar Pekarska Industrija d.o.o (Mlinar, and together with the Investee Company, the Group). The investment is tranched. Following the investment, the EBRD will hold a minority shareholding in the Investee Company.

The project will support the Group in expanding its operations in the bakery sector of Croatia and across other Central and South-Eastern European (CSEE) countries through targeted capital investments and strategic acquisitions. The project will also support energy-efficiency enhancements and promote inclusive workplace practices, with a focus on supporting female migrant workers.

The project contributes to the transition impact objectives of the EBRD's existing investment in MidEuropa Fund V, which is a co-investor / co-shareholder in the Group.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by the EBRD, SEE Bakery International S.a.r.l. is a limited liability company incorporated in Luxembourg, and it is the majority owner of Mlinar Pekarska Industrija d.o.o. incorporated in Croatia. Mlinar is a leading producer, wholesaler, and retailer of baked goods in Croatia, with a presence in other CSEE countries.

SEE Bakery International is majority-owned (indirectly) by Bosqar, a diversified Croatian investment group and an existing client of the EBRD, together with its business partner Regal. Its remaining shares are owned by MidEuropa Partners, a leading CSEE-focused private equity firm, through entities related to its MidEuropa Fund V.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
BOSQAR Invest d.d. Parent Company Industry and Trade owns See Bakery Intl Doo Client Agriculture and Forestry
MidEuropa LLP Investor Finance invests in See Bakery Intl Doo Client Agriculture and Forestry

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Client - SEE Bakery International S.a.r.l.:

Darko Horvat
Email: info@bosqar.com 
Phone: +385 (1) 63 87 451
Address: Ulica grada Vukovara 23 10000 Zagreb, Croatia

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent.

You can contact the PCM at: pcm@ebrd.com or you can submit a complaint online using an online form at: http://www.ebrd.com/eform/pcm/complaint_form?language=en

You can learn more about the PCM and how to file a complaint at: http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html

How it works

How it works