Croatia-Based BOSQAR INVEST Secures €143.2 Million In Sustainability-Linked Bond

SLBs are bonds linked to a company’s sustainability goals. Their financial terms depend on how well the company meets specific environmental, social, and governance (ESG) targets.

“This historic issuance is a testament to the trust investors place in BOSQAR INVEST’s long-term vision and our unwavering commitment to sustainable growth,” said Darko Horvat, President of the Board of BOSQAR d.d., the holding company of the BOSQAR INVEST group.

BOSQAR INVEST raised the capital through a mix of public offering to qualified investors and a private placement, with both tranches tied to sustainability goals.

All bonds issued are Sustainability-Linked Bonds, connected to the company’s target of reducing absolute FLAG Scope 1 greenhouse gas emissions by 36.40%, aiming to lower emissions to 44,741 tCO₂ by the end of 2031 (based on 2022 levels).

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The company is backed by a mix of pension funds, private equity firms, development institutions, and individual investors.

Key investors included six major banks—Erste & Steiermärkische Bank, NLB, UniCredit Group / Zagrebačka banka, Intesa Sanpaolo / PBZ, and two others.

NLB acted as a strategic partner for the Slovenian market, where over 13% of the issuance was allocated. Around 20% was subscribed by Croatian pension funds, showing strong local institutional support. Insurance companies in Croatia, Slovenia, and international groups made up over 7% of the issuance.

The EBRD participated as the sole investor in the private tranche and has partnered with BOSQAR INVEST to raise over €100 million to date. Bonds from the public offering are set to be listed on the Zagreb Stock Exchange by June 18, 2025, while the private placement bonds will remain unlisted.

BOSQAR INVEST runs several business verticals: BPTO (under the Mplus brand), HR services (under Manpower and Workplace), and Food (under Future Food). Each vertical is geared towards creating value through digital innovation, strong financial performance, structured client management, and expert leadership teams.

About BOSQAR INVEST

Founded in 2016, BOSQAR INVEST is a European group operating across multiple sectors including business process and technology outsourcing, IT, HR services, and food.

The company has grown rapidly through a mix of organic growth and an active M&A strategy, acquiring 84 companies since its founding. Its focus is on improving the performance of acquired businesses through standardised operational models, driving strong organic growth across all group companies.