At the beginning of July, a change in ownership structure took place at the airline company ETF Airways d.o.o., resulting in the management team acquiring majority ownership of the company.
The CEO, Stjepan Bedić—now also the new majority owner of ETF Airways—along with board member Marko Banković, purchased business shares from the initial external investors: ICF d.d., Korta d.o.o., and Velimir Šonje.
According to the company’s official statement, the external investors had always intended to support the startup phase of the business and planned to exit the ownership structure after a few years, once operations had matured. The ownership structure and relationships were established from the beginning with that intention in mind. The transaction also included options for the management team, which had already contributed 20.8% of the capital at the outset—demonstrating a strong team spirit and significant entrepreneurial, professional, and managerial ambition.
Thanks to the successful leadership of the project by Stjepan Bedić and his team, the management not only had the opportunity to exercise their options but—thanks to an exceptionally successful 2024—was also able to offer the external investors an attractive price for their shares based on last year’s profits, which the investors accepted. This represents a management buyout model, which is not common in Croatia, but in this case illustrates how a capable and ambitious team can, with the support of investors, develop a business and gradually gain control over it.
Mr. Bedić and his team, now in their new ownership position, have the freedom to pursue market opportunities independently or with new industry partners. With the startup phase successfully concluded, ETF hopes that future development projects will be attractive enough to secure continued financial support—whether from existing or new investors.
ETF Airways expects to conclude the 2025 business year with significant profit, which would mark the fourth consecutive year of positive results. This further confirms the long-term sustainability of the business model and highlights the importance of continued development of the private sector within Croatia’s aviation industry.
