About Us

Mission & Vision

We improve the companies we own through hands-on management and targeted investment.
We actively work with and support the management of the projects and companies in which we invest. We encourage the growth and development of our investee companies by sharing the knowledge and experience we have gained through successful and less successful investments across Central Europe and in the United States. Our mission is to create new value for our shareholders and the communities in which we do business. We pursue this goal on a for-profit basis, by investing in new ventures led by visionary entrepreneurs. We also support worthwhile endeavors, such as the Luka Foundation, the HUB385 initiative and the Croatian-American Education Foundation. We believe that sustainable profits require a dynamic and prosperous environment and that every successful company has a responsibility to help others. Our vision is to be one of the most renowned and desired partners for investment in tourism and the venture industry, not only in Croatia but also in the United States. We believe that in today’s global marketplace, no Croatian based venture can realize sustainable success without awareness and competency beyond its borders

Who We Are

Proficio’s founders were among the earliest American investors in Croatia and actively supported the overall transition to a market economy by providing then scarce financial and managerial resources. We create long-term value appreciation for our shareholders while simultaneously benefiting our customers, employees, and the communities in which we invest. Our efforts are focused on building a diversified portfolio of unique mid-sized tourism developments and venture capital investments.
We encourage our investee companies to continually question existing practices and test innovative concepts in an effort to create new value. Proficio’s tourism investments strive to differentiate themselves from the usual hospitality offering. We are the owner of several uniquely located properties along the Croatian coast. These range from boutique hotels to all-inclusive eco-resorts, each extensively thought through to insure harmony with its surrounding habitat

History

1998

Voucher Privatization Fund Expandia (Proficio’s legal predecessor) was established to help transfer ownership of formerly state-owned companies to the private sector and compensate victims of Croatia’s Homeland War (1991 - 1995).

1999

Proficio’s first venture investment became Croatia’s most prominent start-up – Iskon Internet. Within a year, our initial financial contribution made it possible for Iskon to increase the number of its employees, from 4 to over 200, and its customers, from less than 1,000 to over 300,000.

2005

After selling our ownership in Croatia’s 2nd largest publishing house to our partner, Sanoma Magazines International, Proficio utilized the proceeds to recapitalize Adriatic Media, the publisher of www.net.hr, Croatia's leading general interest portal. In 2008, we sold 75% of Adriatic Media to Warburg Pincus, and in 2015 the entire company was sold to Telegram Media Group.

2006

Acquired ownership of Hotel Rovinj as well as other adjacent and nearby real estate in Rovinj’s historic old town. These acquisitions represented a significant milestone towards the successful implementation of Proficio’s long-term core strategic focus on this most prized of Croatia’s coastal cities and tourism destinations.

2013

Proficio won a 14 year long legal case against the Republic of Croatia for its failure to comply with the Act on Voucher Privatization and was awarded $25 million in damages before costs and interest. A final and enforceable decision is expected in 2016.

2016

At the end of September Proficio signed a new Settlement Agreement under which The Republic of Croatia (“RC”) agreed to pay Proficio 215 mil HRK in damages. The RC had signed similar agreements with Proficio in 1999 whereby RC admitted it had failed to comply with the rules on Voucher Privatization and agreed to compensate Proficio accordingly. One day before the required first payment Proficio was informed that in a matter of 15 days from receiving the RC’s appeal, the Croatian Supreme Court had overturned rulings the lower courts’ had spent 15 years adjudicating.

2017

In January Proficio formally asked for a repeat of the previous year’s Croatian Supreme Court decision on the basis of numerous legal and procedural mistakes. At the same time Proficio asked for the Constitutional Court to annul the Supreme Court’s decision in this matter. Proficio also gave notice to the RC that it expected them to still honor the executed Settlement Agreement which was made without reference to any such future Supreme Court decision. Given the RC’s refusal to honor previous Croatian court decisions and signed Settlement Agreements, Proficio has also begun preparing other legal remedies, including international arbitration, in hopes of conclusively resolving this matter. Finally at the end of year, Proficio and its daughter company Pakostane d.d. signed a Merger Agreement which will be subject to the affirmative vote of Pakostane d.d. shareholders.

Leadership

Gavin Susman

CEO

A native of Dallas, Texas Susman earned Master degrees from the University of Pennsylvania Wharton School of Business and the Johns Hopkins University School of Advanced International Studies (SAIS). His business career has bridged the United States and Central Europe and focused on acquiring, restructuring and growing companies in telecommunications, media, power-generation, tourism and real-estate. A co-founder of Proficio’s predecessor, Voucher Privatization Fund Expandia, Susman has been involved in the Company’s leadership throughout its existence.

Ana Vukšić

Member of the Management Board

Ana begun her professional career at Iskon Internet where she rose rapidly through the finance department while earing a masters degree from the Faculty of Economics and Business in Zagreb and an Executive MBA from the Cotrugli Business School. Ana joined Proficio in 2015 as the Financial Controller and in 2016 was promoted to the Proficio Management Board as CFO.

Supervisory Board

Mladen Markoč

Deputy President of the Supervisory Board

Mladen Markoč owns the Law Office Mladen Markoč & Ivan-Krešimir Tomić and is one of Croatia’s top corporate and commercial lawyers, boasting considerable experience in mergers and acquisitions, privatizations, foreign investments and stock exchange listings. Between 2008 and 2010 he was a board member at ICF Grupa, and before that he was a partner at Bogdanović, Dolički & Partneri law firm.

Davor Štern

Member of the Supervisory Board

Davor Štern is one of Croatia’s most prominent managers and former Government Ministers. He served as Croatia's Finance Minister from 1995 through 1997 and for the following four years as the CEO of the Croatia's largest and most valuable company, the oil company INA. From 2001 through 2004 Štern worked in Moscow as the adviser to the TNK-BP CEO. Upon his return to Zagreb he founded his own consultancy firm and has served on the Supervisory Board of INA since 2010.

Omer Ferušić

Member of the Supervisory Board

Omer Ferušić graduated from the Faculty of Mechanical Engineering and Naval Architecture, University of Zagreb, Ferušić in 1975., when he joined the power cable manufacturer Elka. Ferušić remained at the company for the next thirty years. In 2001 he was appointed Assistant Director of Investments and he held that postion until retiring in 2007. Ferušić was the leader of the Small Shareholders Association at Elka and he has retained that role since Elka was acquired via merger by Proficio in 2008.

Tihana Veletanlic

Member of the Supervisory Board

Tihana Veletanlić has had an active and important role in various aspects of the company’s operations from administration to subsidiary management and supervision, since she joined Proficio in 2004. Before Proficio, Veletanlic spent several years working in the United States and then returned to Croatia to work for Valamar – the largest tourist company in Croatia. Responsible for most of Proficio’s administration and HR policies, Veletanlic was elected to the Supervisory Board as its employee representative.

Corporate

PROFICIO joint stock company for services
Zagreb, Draškovićeva 12

OIB: 39508009387

The company is registered at the Commercial Court in Zagreb, under no. MBS: 80459501

The company’s main bank account open in
Raiffeisenbank Austria d.d., Zagreb, IBAN no.: HR3724840081101886024

The share capital of the company is HRK 39.129.080,00 and has been paid in full.

Total number of issued shares is 3.912.908, each nominal value of HRK 10,00.

Gavin Michael Susman, CEO