Glinska & Miskovic has served as local counsel for the EBRD's EUR 10 million loan to Atlantic Trade and its subsidiary Atlantic Multipower, for the construction of a state-of-the-art protein bar factory in the Croatian city of Nova Gradiska.
The EBRD’s funding consists of a EUR 10 million loan provided under the Local Enterprise Facility, alongside a EUR 6 million equity investment from Atlantic Trade. Atlantic Trade is a subsidiary of Atlantic Grupa, Croatia’s second largest food and beverage producer. Atlantic Grupa is leading the company’s activities, among others, towards two highly successful sectors – sports food and functional food. The construction of the new factory will allow the company to produce protein bars which were previously made by third-party suppliers. The new production is also expected to create jobs in one of Croatia’s less developed areas.
Atlantic Grupa is a long-standing client of the EBRD, and the Bank has supported the company’s growth for many years. Atlantic Grupa operates regionally and internationally, with its products also performing successfully on markets such as Germany, Italy, and the United Kingdom.
Miljan Zdrale, EBRD Head of Agribusiness CSEE, said: “This investment is expected to create long-term sustainable competitive advantages for the company thanks to local production, enhanced flexibility and improved margins. We have been working with Atlantic Grupa for many years and are confident this new project will be another successful example of our cooperation.”
“The latest investment in the protein bar factory in Nova Gradiska represents a successful continuation of our partnership with the EBRD,” added Zoran Stankovic, Vice President for Finance and Information Technology at Atlantic Grupa. "This is an exemplary project highlighting the EBRD’s crucial role as an investor. The investment in the new factory creates new value by constructing, manufacturing, employing and ultimately exporting to markets worldwide.”
The EBRD investment comes under the Local Enterprise Facility, a EUR 400 million facility for investments in enterprises in Albania, Bosnia and Herzegovina, Bulgaria, Croatia, FYR Macedonia, Kosovo, Montenegro, Romania, Serbia, and Turkey, as well as countries in the southern and eastern Mediterranean region (Egypt, Jordan, Morocco and Tunisia). The EBRD has been active in Croatia as an investor since the country’s independence and has invested some EUR 2.9 billion in over 160 projects to date. The Bank’s activities are especially strong in the infrastructure, corporate, financial institutions, and energy sectors.
EBRD Counsel Xavier Reumont led the Bank’s legal team on the deal. Partner Aleksej Miskovic led the Glinska & Miskovic team serving as Croatian counsel to the EBRD, assisted by Senior Associate Tonka Gjoic.
