Zagrebacka Banka Facilitates Bosquar Invest's Acquisition of Mlinar Stake
Deal News | Aug 15, 2025 | CEE Legal Matters
CMS has provided legal advisory services to Zagrebacka Banka on a significant refinancing project related to Bosquar Invest's acquisition of a 67% indirect stake in Mlinar Group. The transaction involved refinancing existing debt to facilitate the acquisition, amounting to EUR 100 million. Zagrebacka Banka, a Milan-based UniCredit subsidiary, was instrumental in coordinating, underwriting, and arranging the financing. Mlinar, a prominent Croatian bakery group, employs four production facilities and distributes baked goods across over 20 international markets. Legal advisory contributions were also made by Savoric & Partners and A&O Shearman to Mlinar and Bosquar Invest. CMS's team for the project comprised Jelena Nushol Fijacko, Tihana Balagovic, Alen Ivanovic in Croatia, and Ana Radnev in Romania.
Sectors
- Financial Services
- Legal Services
- Food Production
Geography
- Croatia – Mlinar, the target company, is based in Croatia.
- Italy – Zagrebacka Banka is owned by Milan-based UniCredit.
Industry
- Financial Services – The article involves a major refinancing transaction handled by Zagrebacka Banka, a financial institution.
- Legal Services – Legal advisory was provided by CMS, Savoric & Partners, and A&O Shearman for the transaction.
- Food Production – Mlinar, the target company in the transaction, operates in the bakery and food production industry.
Financials
- EUR 100 million – The total transaction amount for the refinancing connected to the acquisition.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| CMS | Legal advisor to Zagrebacka Banka | Company | CMS is a law firm that provided legal advisory services for this refinancing transaction. |
| Zagrebacka Banka | Financier and Global Coordinator | Company | A bank owned by UniCredit, served as the coordinator and co-underwriter of the financing. |
| Mlinar | Target company | Company | A Croatian bakery group, whose 67% indirect stake was acquired by Bosquar Invest. |
| Bosquar Invest | Acquirer | Company | The company acquiring a 67% indirect stake in Mlinar. |
| Savoric & Partners | Legal advisor to Mlinar and Bosquar Invest | Company | Law firm reportedly advising both Mlinar and Bosquar Invest. |
| A&O Shearman | Legal advisor to Mlinar and Bosquar Invest | Company | Law firm reportedly advising both Mlinar and Bosquar Invest. |
| UniCredit | Parent company of Zagrebacka Banka | Company | An Italian banking and financial services company based in Milan. |