Zagreb, Croatia, January 17th, 2025 – MidEuropa, a European private equity investor with deep roots in Central Europe, which has successfully raised EUR 6,5 billion since inception, and BOSQAR INVEST, a perpetual capital investor and company builder in the Adria region (countries of former Yugoslavia) with around EUR 500 million in assets, hereby announce their strategic partnership to foster regional development and provide ongoing commitment to expand their collaboration.
Adria Region Expertise
A significant portion of MidEuropa's investment team, including the Managing Partner Robert Knorr, originate from Croatia and the surrounding Adria region, reflecting a deep-rooted connection and understanding of the local market dynamics combined with strong international expertise and track record.
Similarly, the leadership of BOSQAR INVEST is comprised of experts who are not only based in Croatia and the region but also originate from it, assembling a group of internationally acclaimed operators and investors deeply committed to the region's success. This shared geographical and cultural heritage underscores an enduring commitment by both organizations to the Adria region.
Track-Record and Prior Collaboration
MidEuropa and BOSQAR INVEST initiated their collaboration in 2019 through a joint investment in Mplus. Starting as a mid-size BPO operator with a market cap of EUR 30 million, Mplus has grown to become the leader in CX solutions across the DACH and CEE regions, boasting over EUR 220 million in revenue and a workforce of 11,600. The company's technological solutions have attracted top-tier European clients, culminating in a significant EUR 60 million equity investment from the European Bank for Reconstruction and Development (EBRD) in 2023 – the bank's most significant technology sector investment in CEE and one of its largest investments ever in Croatia.
BOSQAR INVEST has repeatedly proven itself in capital markets over the last five years, having successfully conducted an Initial Public Offering, two Secondary Public Offerings, and a first-ever Sustainability-linked bond (SLB) bond issuance. Notably, all four Croatian pension funds (Allianz ZB, ERSTE, PBZ CO, Raiffeisen) participated in these offerings, underscoring a broad-based confidence in BOSQAR INVEST's financial strength and strategic direction. Furthermore, BOSQAR is one of the very few companies in Croatia that includes all four compulsory pension funds as well as NEK Fund among their shareholders, highlighting its strong investment appeal and regional institutional backing in addition to acclaimed international investors such as the EBRD.
Intent of Jointly Exploring Investment Opportunities
The economic landscape in the Adria region presents promising growth opportunities driven by robust domestic consumption, rising wages, and infrastructure investments, as it converges with broader European markets.
MidEuropa and BOSQAR INVEST are uniquely positioned to capitalize on these dynamics to foster substantial regional development and will seek to identify further joint investment opportunities to repeat their value-creative collaboration in supporting regional champions. The plan is to strategically expand the collaboration through joint investments in regional platforms that will become lead consolidators in their respective sectors, creating emerging champions and driving future growth in the region. This takes immediate shape with MidEuropa taking a strategic equity share in part of the food business vertical of BOSQAR INVEST, by contributing Mlinar Group to BOSQAR's food division.
MidEuropa's strategic support in capital access, deal structuring, and fostering international growth, combined with BOSQAR INVEST's world-class investment and operational leadership team in the Adria region, will form the cornerstone of a robust model for nurturing regional business champions.
About BOSQAR INVEST:
BOSQAR INVEST (BOSQAR d.d., together with its subsidiaries) is a European leader that operates in the industries of business process and technology outsourcing, information technology, employment services (HR), eCommerce, and Food.
With an innovative business model, BOSQAR INVEST accelerated its expansion on the market with intensive organic growth and an M&A platform. Through its buy-and-build strategy, it has acquired 57 companies since 2016. BOSQAR INVEST is focused on improving the profitability and operations of each of its acquired companies through its standardized operational models that result in significant organic growth of all companies inside the Group and the Group itself.
Today, BOSQAR INVEST operates through four business verticals: the BPTO business vertical (brand: Mplus), the HR business vertical (brands: Manpower and Workplace), the eCommerce business vertical (brand: Eplus Ventures), and the Food business vertical (brand: Future Food Solutions). All business verticals are focused on shareholder value creation through a commitment to best practices in digitalization, structured key accounts management programs, rigorous financial stability and cash management, strong and dedicated management teams, and a focus on results.
In its ownership structure, BOSQAR INVEST brings together pension funds, institutional investors, international private equity funds, development institutions, and private investors. The BOSQAR INVEST business community consists of over 13,900 employees, and the group provides its services to clients who, in addition to Croatia, do business in 57 countries around the world.
About MidEuropa:
MidEuropa is a leading European private equity investor with deep roots in Central Europe and a track record spanning 25 years.
Headquartered in London, with a presence in Warsaw, Bucharest, Prague, and Zagreb, MidEuropa identifies winning investments across the healthcare, technology, services, and consumer sectors and supports them in their growth and international expansion.
To date, MidEuropa has raised and managed funds of circa EUR 6.5 billion and completed 46 investments and over 270 add-on ac-quisitions across 20 countries.
