Current opportunity · Growth Capital · Europe
Growth Capital for 20 new Koykan locations in Europe.
An investment in the Koykan Growth Company, Koykan Mirna d.o.o. (future name: Koykan Development d.o.o.), which continuously raises capital and invests it in building restaurants with operating partners across Europe. You come in through a bond with the right to convert into business shares or, once the company has been converted into a d.d., into shares. Value is built in cycles: capital is invested in new locations that are brought to stable operation. Those established locations are sold under a formula published in advance, with an independent price check (the restaurant stays in the Koykan network under quality control and franchise standards), and the proceeds go back to shareholders through share buyback offers and dividends: the company offers to buy back your shares for cash, and you decide for yourself whether to sell, while the rest is paid out to everyone as a dividend.
Enter today, grow as a shareholder.
Target: 1.5x to 2x
Target: to return every euro invested at 1.5 to 2 times its value over a cycle of 18 to 30 months per location
from EUR 5,000
Minimum investment for retail investors through this channel
Subscription opens 21 October 2026 · Offers of up to EUR 2 million (subscription from EUR 5,000) and up to EUR 1.5 million (subscription from EUR 50,000) · Target close in Q1 2027 · Issuer Koykan Mirna d.o.o. · Registered with the Central Depository & Clearing Company (SKDD)
In 30 seconds
The investment opportunity in plain words.
Koykan restaurants have a proven track record of earning: the average location generates EUR 500,000 to 1,250,000 in annual revenue. To open 20 new restaurants across Europe, we have set up the Koykan Growth Company, a company that investors invest in alongside us, becoming its shareholders.
The company uses that capital to build new restaurants and then sells them once established (after 12 months of stable earnings, between month 18 and month 30 from the investment) under a formula published in advance, to franchise partners, funds or the Koykan Yield Company (a sister company that holds established restaurants). Proceeds are paid out to shareholders through a share buyback offer for cash (you decide for yourself whether to sell) and through a dividend for the remainder. Then it starts again, in a new cycle.
The minimum investment is EUR 5,000, and the aim is for the capital invested in each location to come back at 1.5 to 2 times its value over a cycle of 18 to 30 months (an estimate per location, not the investor’s return). Interest during the bond phase is fixed: 8% per year, and 10% per year in the offer with a minimum subscription of EUR 50,000. How is this done technically? Through a bond with the right to convert into business shares or, once the company has been converted into a d.d., into shares. We explain this further down the page, in the section How it works.
The investment opportunity at a glance
A permanent growth platform, not a one-off opportunity.
The Koykan Growth Company operates in cycles. The offers of Koykan Mirna d.o.o. on this page are for up to EUR 2 million (subscription from EUR 5,000) and up to EUR 1.5 million (subscription from EUR 50,000). For professional investors, the Group is preparing to establish an alternative investment fund (AIF) in the Netherlands. The fund has not yet been established, its establishment depends on approval from the competent authority and it is not part of this offer.
First development cycle: 20 new locations across Europe
The first development cycle builds 20 restaurants over 24 months. The mandate covers Croatia, Germany, the Czech Republic and Slovakia, where new locations have already been signed, and the whole of the EU, where we are entering into partnerships with new local operating partners.
Offers of Koykan Mirna d.o.o.: up to EUR 2 million and up to EUR 1.5 million
Building one location costs around EUR 400,000.
Minimum investment: EUR 5,000
The nominal value of one bond is EUR 1,000, and the minimum subscription is EUR 5,000, or five bonds, through this public channel.
Target return per location (an estimate, not the investor’s return): 1.5x to 2x, equivalent to an annual IRR of 20% to 35%
The aim of the cycle is for every euro invested to be returned at 1.5 to 2 times its value. The return comes from the sale of established locations. A restaurant built for around EUR 400,000 is sold under a formula tied to the earnings it generates, not at its build cost. A restaurant that generates around EUR 90,000 of EBITDA a year, after all operating costs, is worth around EUR 850,000 under that formula. If a restaurant needs longer to become established, it is sold later, but the formula stays the same.
Cycle length: 18 to 30 months per location
The cycle for one location lasts 18 to 30 months: construction and opening, 12 months of stable earnings, and then the sale of the established restaurant and the return of capital to shareholders. Locations are built over 24 months, so sales and returns come in gradually.
A company with no fixed term
The Koykan Growth Company is not wound up after the first cycle: capital is invested and realised, and then a new cycle begins. You remain a shareholder for as long as new building cycles continue, and you choose your own exit within that period.
Why Europe, why now
The largest markets, a proven model, partners with aligned interests.
The first development cycle starts in markets that Koykan already knows: Germany, the largest food service market in Europe, and Croatia, Slovakia and the Czech Republic, where the network already operates. The model is proven and the interests are aligned: investors, operating partners and Koykan grow together, from the same results. Here is why Europe, and why right now.
Germany and Croatia go first
The first development cycle builds new locations in Germany with our partner XELA, whose territory covers the whole German market, backed by a delivery plan, alongside parallel programmes in Croatia, Slovakia and the Czech Republic, where new locations have already been signed. The network’s existing locations
generate EUR 500,000 to 1,250,000 in annual revenue, with more than EUR 90,000 of EBITDA per location a year, after all operating costs. The whole model rests on those figures.
They are built by operating partners and Koykan
Each location is built and run by an operating partner, an AOP (Area Operating Partner), who is responsible for developing and running restaurants day to day in their territory. The German programme is led by XELA Group, and new programmes are taken on by existing or new partners under the same model. In countries where an agreement with an operating partner has not yet been signed, Koykan builds and runs the locations through its own operating company, to the same standards. The partner’s fee and its earn-in, the gradual acquisition of an ownership stake, are tied to the results achieved, so the operator earns only when shareholders earn.
The Koykan system delivers the pace
Standardised openings, a modular kitchen and digital-first operations deliver 12 to 15 new locations a year, which is why 20 locations in 24 months is a realistic plan, not an ambition. Established locations are sold at market value, and one of the regular buyers is the Koykan Yield Company, under the published platform formula, which is the same for both sides of every sale and subject to an independent price check.
A mandate for all of Europe
The first development cycle is 20 locations, but the company’s mandate covers the whole of Europe: as locations become established and are sold at market value, the next cycle begins. The Growth Company remains a growth platform, not a one-off round.
EUR 500,000–1,250,000
Annual revenue per location in the Koykan network, the foundation on which the model is built.
> EUR 90,000
Annual EBITDA per location, after all operating costs.
Since 2012
Since then, Koykan has been building its brand, technology, franchise concept and network of locations: fourteen years of operating experience behind this programme.
Put your questions to our team. We answer personally, in plain language and with no obligation on your part: an expression of interest is for information, not a subscription.
Figures and target return
The cycle targets in figures, and where the return comes from.
The figures are targets derived from an internal model and shown as ranges, subject to the assumptions described in the issue documentation. Actual results may differ.
Illustrative path of an investment
EUR 10,000 invested → ~1.5–2x over the cycle → ~EUR 15,000–20,000 cycle target
An illustration of the mechanics, not a promise of return. The final outcome depends on the performance of the first cycle’s portfolio.
Two entry thresholds: from EUR 5,000 (8% interest) · from EUR 50,000 (10% interest).
Koykan Mirna d.o.o. offers up to EUR 2 million (subscription from EUR 5,000) and up to EUR 1.5 million (subscription from EUR 50,000).
Forward-looking statement
The target ranges above are based on current assumptions and indicate the potential of the concept presented. They are not an offer, an invitation to invest or a recommendation. Actual results may differ and may be lower. The material assumptions and risks are described in the issue documentation.
Return and exit
Growth comes first.
The return comes from selling established locations to the yield side of the platform, through share buyback programmes (tender offers) and a dividend for the remainder. These are mechanisms, not guarantees.
Share buybacks
The core return mechanism: once established locations have been sold, the company publishes a public buyback offer, offering to buy your shares back for cash under rules published in advance. You decide whether to take part, and after two years’ holding, such a sale is generally not taxable for individuals.
Reinvesting in the next cycle
Instead of being paid out, you can keep your shares and carry them into the next cycle. Your capital stays invested and works on a new group of locations, and each following cycle starts from a larger base of established restaurants and a more developed network of partners.
Dividend for the remainder
What the buyback offers do not cover, the company pays out to all shareholders as a dividend, so the profit realised in the cycle reaches shareholders in full.
Long-term scenarios
As the company grows, so does the interest of larger players: in a strategic or PE transaction scenario, the buyer takes over shares directly from shareholders.
How it works
From payment to shares, in three steps.
The bond is the entry phase: your capital goes to work immediately, and share capital increases are carried out in an orderly way in cycles. The goal is shares: once the company has been converted into a d.d., conversion is carried out as a corporate action at the Central Depository & Clearing Company (SKDD), the national securities register; while the company is a d.o.o., conversion is into business shares, before a notary public.
Step 1
Bond subscription: the entry phase
You subscribe for bonds of the Koykan Growth Company: a nominal value of EUR 1,000 and a minimum subscription of EUR 5,000, all registered with SKDD. Interest is fixed until conversion: 8% per year, and 10% per year in the offer with a minimum subscription of EUR 50,000. Your payment goes straight into construction. Koykan also has a clean record of coupon payments to investors.
Step 2
Conversion on your request
You can request conversion by email to obveznice@koykan.com no later than 30 months after the issue is registered, for the whole bond or part of it. The conversion ratio is set by reference to the value of the company as determined by an independent valuer, no later than 31 December 2027. While the company is a d.o.o., you receive business shares (before a notary public); once it has become a d.d., you receive shares, which are credited to your SKDD account.
Step 3
You become a shareholder of the Growth Company
The Growth Company opens 20 new locations, and once established locations have been sold, the return arrives through share buyback offers and a dividend for the remainder.
An investor enters the Koykan Growth Company by buying a bond: the funds are allocated at once to building new locations, and until the bond is converted into shares, the investor earns a fixed coupon yield of 8% per year, or 10% per year in the offer with a minimum subscription of EUR 50,000.
Why a bond at entry? Investors’ capital arrives continuously, almost daily, whereas an increase in the share capital of a joint-stock company is a separate, formal corporate event that is not carried out for each individual payment. The bond brings those two rhythms together: every payment goes into construction at once, and is converted into shares in an orderly way, in cycles.
Conversion is a right of each investor, not an obligation: the request must be submitted no later than 30 months after the issue is registered. The conversion ratio is set by reference to the value of the company as determined by an independent valuer, no later than 31 December 2027. While the company is a d.o.o., conversion is into business shares, before a notary public; after conversion into a d.d., it takes place as a corporate action at SKDD, and the shares are credited directly to the investor’s SKDD account.
Safety net: if the conversion or the transformation into a d.d. does not take place, the bond remains in force with a term of three years and its agreed interest, with the principal repaid at maturity, unless the Issuer redeems it earlier.
Timeline
From subscription to shares, and then onwards in cycles.
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Subscription (from 21 October 2026)Runs until fully subscribed.
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Towards the end of subscriptionTransformation into a joint-stock company (d.d.).
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By 31 March 2028The management board develops the conversion model and convenes the general meeting. You can request conversion no later than 30 months after the issue is registered; the ratio is set by reference to the value of the company determined no later than 31 December 2027. Interest is paid half-yearly until conversion, and the portion accrued up to the date of conversion is paid with it.
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Within 24 monthsConstruction and opening of the 20 locations of the first cycle, with target revenue of EUR 500,000 to 1,250,000 per location.
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18 to 30 months per locationSale of established locations, on the market, to partners, to funds or to the Koykan Yield Company, followed by share buyback offers and a dividend. Sales proceed gradually as each location becomes established, and each round realised is returned to shareholders in full.
Risks
What you need to know before investing.
Key risks
- Investing carries the risk of losing part or all of the principal invested.
- Yields and multiples are targets based on assumptions, not promises. They carry operational, market, regulatory and construction execution risks.
- If the transformation or conversion does not take place, the bond remains in force with the agreed interest and a three-year maturity, and the issuer risk remains.
- The investment is long-term in nature; returns are realised through share buybacks and dividends, according to the pace at which established locations are sold.
- A complete list of risks, terms and fees is set out in the Resolution on the Bond Issue and in the PRIIP KID, published on our website. Read them before making a decision.
Become a shareholder of the Koykan Growth Company.
The offering documents are published on our website. Register your interest and we will get back to you with the next steps.
An expression of interest is a non-binding registration, not a payment.
Subscription until the EUR 2 million issue is fully subscribed · Retail from EUR 5,000