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European Bank for Reconstruction and Development invests EUR 60 million in Mplus

Mplus will use the new funds for further business expansion

  • The European Bank for Reconstruction and Development (EBRD) is investing EUR 60 million in M Plus Croatia d.o.o., company consolidating the Business Process Outsourcing (BPO) vertical of the Mplus Group 
  • With this transaction, the EBRD is entering the ownership structure of the company M Plus Croatia, which consolidates the companies that are part of the BPO vertical of the Mplus Group 
  • The investment will support further expansion of the BPO business vertical through acquisitions and organic growth, and will contribute to business processes efficiency improvement and job creation 
EBRD and Mplus


Zagreb, November 28, 2023 – Mplus Group (Meritus ulaganja d.d. – ZSE:MRUL) reached a significant milestone in the development of its Business Process Outsourcing (BPO) business vertical by signing an investment agreement worth EUR 60 million with the European Bank for Reconstruction and Development (EBRD), to be completed following regulatory approvals by the competent authorities. 

By signing the agreement, the EBRD will take over a 28.3 percent stake in the company M Plus Croatia d.o.o. once all formal prerequisites are met. M Plus Croatia is a part of the Mplus Group and it consolidates the companies operating in the Group’s BPO business vertical. Following the investment, Mplus Group, which currently holds a 68.7 percent stake, will remain as the majority and controlling shareholder with 59.7 percent stake, while Mid Europa Partners will continue to support the business as a minority investor.

The execution of this capital increase will also be the largest equity investment by the EBRD in the technology services sector in the Southeast Europe region and one of the largest equity investments in Croatia in general.

By leveraging the invested funds, Mplus Group will continue to expand and consolidate its strategic position in the international BPO industry, primarily through acquisitions. The Group will also continue to improve business processes’ efficiency together with creating additional job opportunities in the region and beyond.

"The increase in demand for our services resulted in the need for additional investments in the development of our BPO operations. The partnership with the EBRD as a leader in financing projects that foster economic inclusion – a priority for us as well - is a strategic and value-based choice, not just an economic one. This partnership puts us in an active position that allows for accelerated expansion through acquisitions," Darko Horvat, President of the Management Board of Mplus Group (Meritus ulaganja d.d.), said.

Mark Davis and Darko Horvat

We are excited to make this investment in such an innovative and regional growth company as Mplus.  In so doing, we re-confirm our commitment to innovation and development of the Croatian economy, including by supporting outward foreign direct investments! Mplus provides its services in 57 markets around the world, and is one of the leaders in the business process outsourcing segment”, Mark Davis, EBRD's regional director for Central Europe, said.

The EBRD's investment into the BPO segment consolidating company Mplus Croatia is a testament to the significant value created within this business vertical in the last four years, since the initial public offering (IPO) in 2019. It positions Mplus as a credible and long-term partner to leading domestic and international investors. 

"We look at this new investment as proof of the great progress we have made in recent years. I believe that our partnership with the EBRD as well as continued support from MidEuropa will have a positive impact in all countries where our BPO operations are present and where we do business," Horvat added.

Only four years after the IPO, Mplus Group has established itself as a European leader in BPO through the dynamic industries of customer experience management and information technology, successfully adding two additional business verticals under the parent company Meritus Ulaganja d.d. umbrella: the Human Resources vertical (Workplace), through employment and human resource management services, and the e-Commerce vertical (Eplus Ventures), which brings together e-Commerce platforms from the beauty, healthcare, and travel segments.

About Mplus Group:

Mplus Group (Meritus ulaganja d.d.) is a European leader that successfully integrates the dynamic industries of contact center services, information technology, employment services (HR), and e-Commerce with the aim of solving global challenges in the field of customer support.

Mplus Group is organized into three business verticals. The BPO vertical consists of the umbrella company M Plus Croatia d.o.o. and its subsidiaries. The HR vertical consists of 18 companies that operate as part of the Workplace Group, while the newest e-Commerce business vertical, operating under the brand name Eplus Ventures, consists of companies that operate within a common e-Commerce business model. The Mplus Group (Meritus ulaganje d.d.) is owned by pension funds, institutional investors, and private investors. With its innovative business model, Mplus Group accelerated its presence on the market with robust organic growth and an M&A platform based on a buy-and-build strategy. Since 2016, 17 acquisitions have been realized, and a diversified portfolio of clients has been secured, consisting of leading European and global telecoms, financial, technology, energy, and logistics companies, e-Commerce companies, and companies in the consumer goods sector. Thanks to offices and operational centers in 18 countries, the Mplus community of multicultural teams currently consists of over 14,700 employees. In addition to Croatia, the Group provides its services in 57 markets around the world. 

About the European Bank for Reconstruction and Development:

The EBRD is a multilateral bank that promotes the development of the private sector and entrepreneurial initiative in 36 economies across three continents. The Bank is owned by 71 countries as well as the EU and the EIB. EBRD investments are aimed at making the economies in its regions competitiveinclusivewell-governedgreenresilient and integrated. Follow us on the webFacebookLinkedInInstagramX and YouTube.

About MidEuropa:

MidEuropa is a leading European private equity investor with deep roots in Central Europe and a long-term track record spanning approximately 25 years. Headquartered in London, with a presence in Warsaw, Bucharest, Budapest, Prague and Zagreb, MidEuropa adopts a flexible pan-European and global approach to identify winning investments across the healthcare, technology, services and consumer sectors. MidEuropa works collaboratively with talented founders and management teams to support and facilitate sustainable growth through buy & build, organic growth acceleration, digital transformation, sustainability leadership and international expansion, to drive transformative growth and build industry champions. To date, MidEuropa has raised and managed funds of over EUR 6 billion, and completed 45 investments and over 240 add-on acquisitions across 18 countries.

Download this Press Release here (PDF).


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