April 10 (SeeNews) - UK-based private equity firm Mid Europa Partners has entered into an agreement to acquire a majority stake in Croatian producer and retailer of bakery goods Mlinar from its founder, Mato Skojo, it said.
The transaction is subject to customary closing conditions and is expected to complete in the second quarter of 2019, Mid Europa Partners said in a statement on Tuesday.
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No financial details of the agreed transaction were disclosed.
Skojo will retain a stake in Mlinar, which operates the largest bakery retail network in Southeast Europe, Mid Europa Partners said.
"On the retail side, we believe Mlinar can benefit from our experience in accelerated store expansion execution deployed in Zabka and Profi. On the product side, the focus will be on brand equity enhancement and innovation, as successfully implemented in Bambi, our biscuits producer which was recently sold to Coca Cola HBC," Robert Knorr, co-managing partner of Mid Europa, said in the statement. "We will also look to exploit synergies between Mlinar's frozen bakery programme and product development initiatives at our Polish market leader in frozen food, Hortex."
Mlinar serves pastries, breads, drinks, sandwiches and salads to more than 36 million customers per year through about 220 directly-owned stores in Croatia and Slovenia, and franchise stores across 10 countries.