This reverse takeover marks first of its kind transaction in Croatian corporate history and also represents a unique transaction where a smaller, private and indebted company acquired a larger, publicly traded and cash-rich one.
Mlin i pekare, established in 1947 in Sisak, is one of the leading retail chains with over 450 stores in the proximity store format. They are also one of the largest producers of flour and bakery products in Croatia. The company owns a silo with a capacity of 30,000 tons of grain and a mill with a daily capacity of 120 tons of flour, producing various types of flour primarily used for the manufacturing of their own products. The bakery production capacity is 8,000 tons per year, allowing for a wide range of production including various types of bread, pastries, and sweets for daily consumption.
InterCapital has successfully advised Mlin i pekare in the reverse takeover of Čakovečki mlinovi, a publicly traded company operating in segments of retail, bakery and milling. Following the merger, Mlin i pekare has an economic interest of 56% in Čakovečki mlinovi. This reverse takeover marks first of its kind transaction in the Croatian corporate history and represents a unique transaction where a smaller, private and indebted company acquired a larger, publicly traded and cash rich one. Following the merger, the consolidation of retail operations will result in national player with more than 350m EUR in revenue, making it the 8th largest player in Croatia. Moreover, the new entity has more than 1.250 stores with more than 900 coming from brands Mlin i pekare, Prehana Trgovina and Trgovina Krk and remaining 350 through its minority stake in NTL (which recorded EUR 178m in revenue in 2023).