Mid Europa explores sale of M+ Group

The process for the Mid Europa Partners-backed business is yet to launch, the sources added.

In February 2020, the CEE-focused sponsor merged its Turkish call centre and customer management service CMC with M+ Group in return for a 30% equity stake in the combined group.

M+ Group posted consolidated sales of HRK 707m (€93.8m) and consolidated EBITDA of HRK 127m (€16.9m) in 2020, according to the annual report of its parent company Meritus Ulaganja. The business operates across south-east Europe.

By the end of 2020, Zagreb-based M+ Group comprised 29 companies, had 7,800 employees and served 260 clients in 58 countries worldwide. The group operates 13 delivery centres in Croatia, Serbia, Slovenia, and Bosnia-Herzegovina, as well as Turkey, according to its website.

Croatian businessman Stjepan Oreskovic and his wife Manica Pirc Oreskovic held a combined 58.3% stake in Meritus Ulaganja at the end of 2020.

In February, M+ Group announced the acquisition of a 51% stake in Croatian software company Bulb for €7m.

M+ Group, Meritus Ulaganja, Mid Europa and William Blair did not respond to comment requests.

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