Bosqar

What Bosqar does

BOSQAR INVEST (legal entity BOSQAR d.d., ZSE: BSQR) is a Zagreb-headquartered, publicly listed holding company that operates as a Central and Eastern European company builder and perpetual capital provider, with 18,500+ employees across portfolio companies operating in 27 countries. The group is organized around three verticals: BPTO/AI (Mplus as a European BPTO leader, plus GRAIA, a proprietary Agentic CCaaS and GenAI platform built from the combined CCaaS intellectual property of Bulb Technologies, Geomant, and Buzzeasy with approximately 250 dedicated employees across seven countries); HR services (Workplace Group and Manpower SEE operating across nine countries including Slovenia, Croatia, Bosnia and Herzegovina, Serbia, Bulgaria, Hungary, North Macedonia, Kosovo, and Albania); and Food under the Future Food brand (Panvita Group, a 100-year-old Slovenian agri-food group acquired in 2024; Mlinar Group, the leading Adria-region bakery group acquired in 2025 with 329 company-owned stores and 14 franchise locations serving 36.9 million customers annually; and PIK Vrbovec, Croatia's largest meat and processed-meat producer, under a signed 2026 acquisition agreement).

BOSQAR acquires controlling or majority stakes in regional champions and grows them into pan-European leaders through a standardized operating model that combines intensive organic growth with further bolt-on M&A, focusing on digitalization, structured key-account management, financial discipline, and dedicated management teams per portfolio company. The group is led by President of the Management Board Darko Horvat (named Manager of the Year 2025 by HUM-CROMA), with founder Stjepan Orešković, CFO Vanja Vlak, and supervisory board chair Tamara Sardelić, and benefits from a diversified investor base that includes pension funds (AZ OMF, Erste Plavi OMF, PBZ Croatia AB, Raiffeisen Voluntary Pension Fund), MidEuropa Partners as a strategic partner since 2020, and the EBRD as a cornerstone investor since 2022.

BOSQAR's revenue mechanics combine operating cash flow from subsidiaries (Mplus BPTO services, Workplace/Manpower HR services, Mlinar/Panvita consumer food and B2B) with perpetual capital raising on the Zagreb Stock Exchange through secondary public offerings and sustainability-linked bond issuances. Operating revenue grew from EUR 4.6M in 2016 to EUR 628M in 2025, with market cap expanding from EUR 30M at the 2019 IPO to EUR 294M in 2024. The June 2026 SPO (EUR 150M raised, 19% oversubscribed at EUR 177.99M) was the largest in Croatian history and funds the PIK Vrbovec acquisition, which management guides will push combined Future Food platform revenue above EUR 1bn and EBITDA to EUR 100M in 2026.

Name

Bosqar

Legal name

BOSQAR d.d.

Website

https://bosqar.com

Company type

Public

Founded year

2016

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

BOSQAR INVEST is a publicly listed Croatian holding company and CEE company builder operating across three verticals: BPTO/AI (Mplus, GRAIA), HR services (Workplace, Manpower SEE across nine countries), and Food (Future Food with Panvita, Mlinar, and PIK Vrbovec). It acquires regional champions and scales them into pan-European leaders through standardized operations and capital recycling.

Ownership category

akta.pro rank

Product category

Diversified Conglomerate Holdings

NAICS

Portfolio Management and Investment Advice (52394)

SIC

Finance Services (6199)

akta.pro primary industry

Business Services (B2B) Growth Equity (FSANACAD)

akta.pro secondary industries

End-User Computing Outsourcing (EUC / Desktop Services) (BPAEAMAE), Financial Planning & Analysis Support (Budgeting, Forecasting, Management Reporting) (BPAAAGAJ)

Keywords

• Business process outsourcing
• AI customer service
• HR staffing services
• Food production
• Company building

Headquarters

HQ city

Zagreb

HQ country

Croatia

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Supply Chain, Marketing or Sales, Infrastructure

Revenue model

1. Investment Returns and Portfolio Company Performance: BOSQAR INVEST generates returns through its portfolio companies across BPTO/AI (Mplus, GRAIA), HR (Workplace, Manpower SEE), and Food (Future Food, Panvita, Mlinar) verticals. The company improves profitability and operations of acquired companies through standardized operational models resulting in significant organic growth.
2. Capital Market Instruments: The company raises capital through secondary public offerings (SPO), sustainability-linked bonds, and equity offerings on the Zagreb Stock Exchange. Proceeds finance acquisitions and growth initiatives.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels8 records

Core offering

BOSQAR INVEST is a Central and Eastern European company builder and perpetual capital provider that acquires and grows companies across three core verticals: BPTO/AI customer experience services through Mplus and the proprietary GRAIA AI platform, HR and staffing services through Workplace and Manpower SEE, and the food industry through Panvita, Mlinar, and PIK Vrbovec. The group generated EUR 628 million in revenue in 2025 across ~18,500 employees and operates as a publicly listed holding company on the Zagreb Stock Exchange.

Product overview

BOSQAR INVEST is a fast-growing CEE company builder operating through multiple business verticals: BPTO/AI (Mplus, GRAIA), HR (Workplace, Manpower SEE), and Food (Future Food, Panvita, Mlinar, PIK Vrbovec). The company operates as a platform-plus-acquisitions model, acquiring leading regional companies and consolidating them under standardized operational models to achieve organic growth. GRAIA is the proprietary AI/GenAI platform for customer service automation, while Mplus provides business process outsourcing services. The HR vertical offers staffing and recruitment across 9 countries. The Food vertical combines Panvita's 100-year Slovenian agri-food expertise with Mlinar's bakery operations and PIK Vrbovec's meat production to create a leading Southeast European food platform targeting over EUR 1 billion in annual revenue.

Differentiator

Problem solved

Functional benefit

Brands

• Mplus: European leader in business process and technology outsourcing (BPTO), offering best-in-class services tailored to client operational and organizational structure
• GRAIA
• Workplace
• Manpower SEE
• Future Food
• Panvita
• Mlinar

Quantifiable outcome

• Operating revenue grew from EUR 5M (2016) to EUR 628M (2025)
• +3 more outcomes

Named customers1 record

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability5 records

Feature1 record

Partnerships

Four partnerships are on record, tiered core and minor.

• Fortenova GroupcoreStrategic or Co-development PartnerFortenova Group accepted Bosqar Invest's binding proposal to acquire 100% of PIK Vrbovec. Both parties signed share purchase agreement in May 2026. Deal marks Fortenova's strategic exit from agricultural production. PIK Vrbovec to become part of BOSQAR's Future Food division alongside Panvita and Mlinar.
• Bruketa&Žinić&GreyminorStrategic or Co-development PartnerBranding partner for GRAIA, the proprietary Agentic CCaaS and GenAI platform developed by three BOSQAR companies (Bulb Technologies, Geomant, Buzzeasy).
• Mamić Perić Reberski Rimac Law FirmminorImplementation/ SI/ Consulting PartnerLegal counsel to BOSQAR INVEST group for the June 2026 SPO.
• Gospić Plazina Štojs Law FirmminorImplementation/ SI/ Consulting PartnerLegal counsel to Zagrebačka banka (sole lead issuance agent) for the June 2026 SPO.

Scale indicators12 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• Fortenova Group: Croatian-origin regional conglomerate operating in food production, agriculture, and retail across CEE. Directly comparable to BOSQAR's Future Food vertical (PIK Vrbovec was acquired from Fortenova in 2026) and offers a structural benchmark for SEE food consolidation strategy.
• Atlantic Grupa: Croatian-headquartered publicly listed consumer goods holding company with food, personal care, pharma, and distribution businesses across SEE. Closest direct public-market peer for a CEE multi-vertical holding structure with deep regional brand portfolios.

Regional players

• Podravka: Major Croatian food company (food ingredients, convenience meals, pharmaceuticals) with strong Adriatic/Central European brand presence. Comparable regional competitor in the SEE food vertical BOSQAR is consolidating via Future Food.
• Agrofert: Major Central European conglomerate with food production, agriculture, chemicals, and media holdings headquartered in the Czech Republic. Comparable CEE private-style holding structure with diversified consumer and B2B verticals.

Others

• MidEuropa Partners: Leading CEE-focused private equity firm that is itself a strategic investor in BOSQAR (Mplus, Mlinar). Operates the same perpetual-capital/operating-improvement playbook in CEE and serves as both capital partner and strategic benchmark for BOSQAR's model.

Broad incumbents

• ManpowerGroup: Global staffing and workforce solutions company and parent of ManpowerGroup's SEE franchise, which BOSQAR operates locally under the Manpower SEE brand. Comparable at the global/regional HR services level for BOSQAR's Workplace vertical.
• Teleperformance: Global leader in outsourced customer experience management and digital-integrated business services. Closest large-scale incumbent comparable to BOSQAR's Mplus BPTO operations across Hungary, Croatia, Romania, USA, UK, Serbia, and Germany.
• Concentrix: Global CX and BPTO/technology services provider with significant European footprint. Comparable at scale and technology-stack level to Mplus's BPTO operations and GRAIA's enterprise customer base opportunity.
• NICE Ltd. Global enterprise software leader in customer experience (CCaaS, workforce engagement, AI) and financial crime/compliance. Direct comparable for GRAIA's agentic CCaaS ambition and serves as a benchmark for valuation/margin profile of pure-play CX-software businesses.
• Robert Half International: Global staffing and HR consulting firm with deep European operations. Comparable at the business-model and talent-services level to BOSQAR's Workplace Group HR services vertical across SEE.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCPzCbqrGTuy8PE98L83zpNg
• Facebookfacebook.com/p/BOSQAR-INVEST-61572020168305
• LinkedInlinkedin.com/company/bosqar-invest
• Instagraminstagram.com/bosqarinvest

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries8 records

Funding overview

Funding rounds2 records

Investors6 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Bosqar