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Case study

Pico Flow Controls

A Zagreb engineering and manufacturing company for the gas and oil industry. It was formed by merging three companies: Feromihin (founded 1992), Macel plin (2002) and PFC (2014). In 2025, its first year as one company, it had €39.4m in revenue.12015

Roots
1992.
Feromihin; PFC founded 201462
Employees (2025)
116
103 by hours worked13
Revenue (2025)
€39,4 mil.
135th in manufacturing3
Credit rating (2026)
AA+
no account freezes1

Timeline

From three separate companies to one

MilestoneMerger
  1. 1992.

    Feromihin founded

    On the Martinac family farm in Obedišće, 19 February 1992. It later moved to Novoselec.64952

  2. 2002.

    Macel plin founded

    20 December 2002 in Zagreb, for maintaining and installing gas systems. From 2010 it is owned by Miroslav Dombrovski and Pavle Grđan.910

  3. 2014.

    PICO FLOW CONTROLS founded

    17 October 2014. Founders: Pavle Grđan, Miroslav Dombrovski and Dubravko Kamenečki.2

  4. 2015.

    PFC takes over Macel plin

    From 2 January 2015 PFC is the sole owner of Macel plin. Kamenečki becomes PFC's director on 30 January 2015.102

  5. 2016.

    PFC buys Feromihin

    Owner Stjepan Martinac exits the business, and PFC owns the company from 1 August 2016.749

  6. 2020.

    MRS Magadenovac for Plinacro

    Final commissioning of a measuring and reducing station; investor Plinacro.42

  7. 2021.

    AYMO, first self-service CNG station, MEGC

    The pipeline software is renamed AYMO. Macel plin builds Croatia's first self-service CNG station (Slavonski Brod) and delivers the first gas containers to the Brod Oil Refinery.504038

  8. 2022.

    EU project and exports

    A €1.29m project to commercialise Feromihin's innovations, with €0.36m of EU funding. Feromihin has 40 employees and exports to eight countries.1949

  9. 2023.

    Feromihin doubles revenue

    Revenue grows from €6.25m to €13.75m and headcount from 40 to 54.86

  10. 2024.

    Merger

    At the end of 2024 Macel plin and Feromihin were formally merged into PFC. They were removed from the register on 11 March 2025.2069

  11. 2025.

    First year as one company

    Revenue €39.37m, net profit €11.30m and 116 employees.13

  12. 2026.

    KPPP, ptc Berlin, successful appeal

    PFC presents the KPPP mobile compressor at HSUP and HUNIG, and with a Turkish partner wins an appeal against a Plinacro tender decision.454654

Owners and related companies

According to the court register, October 2026

Owners (shares not public)
KALIDOR TECHNODubravko Kamenečki, since 201913
MDM USLUGE 1991Dombrovski family and PICO FLOW CONTROLS S.R.L. (Italy), since 201712
Florexsince 17 Sep 2026; previously MACEL d.o.o. (2017–2026)214
PICO FLOW CONTROLS d.o.o.OIB 80909868681 · Samoborska cesta 15, Zagreb · share capital €3.9603
Companies owned by PFC
Feromihinmerged, deleted 3/20256
Macel plinmerged, deleted 3/20259
Zemis · Vranci · Asyncinactive since 2021 and 20245

Florex and MACEL d.o.o. carry the same activity in their name (air transport), and Florex has the same phone number as Macel plin. That they are the same, renamed company is my assumption.14

People

According to the court register and public posts

DK
Dubravko KamenečkiPFC director since 2015 and co-founder. Owner and director of KALIDOR TECHNO d.o.o., a PFC shareholder. Feromihin director 2020–2023. “Over 30 years of experience in the oil and gas industry”.21375351
MD
Miroslav DombrovskiCo-founder and PFC director 2014–2020, co-owner of Macel plin from 2010. Today, with Michele Dombrovski and the Italian PICO FLOW CONTROLS S.R.L. (Modena), owner of MDM USLUGE 1991 d.o.o., a PFC shareholder.21012
PG
Pavle GrđanPFC co-founder, director of Macel plin 2002–2004 and of PFC 2015–2019. Left PFC's ownership in 2017.210
DJ
Damir JeličićPFC's Technical Director. Previously project manager and director of technical services at Macel plin.4541
MM
Mario MatanićFeromihin director from 2013 until the 2025 merger.749
JN
Jadranka NovotniDirector of Macel plin 2017–2025.10
IL
Iva Ljubičić · Vedran PricaFeromihin's Commercial Director and Head of Commercial Operations (2024).56

Locations

  • Zagreb, Samoborska cesta 15: head office, previously also Macel plin's head office179
  • Novoselec, Moslavačka 22: former Feromihin head office176
  • Sv. Križ Začretje, Pustodol Začretski 19B and 19K: workplace for electronics development (job ad)1747

The website does not say what happens at each site beyond the above.

Certificates and accreditations

ISO 9001ISO 14001ISO 45001ISO 29001ISO 27001ISO/IEC 17020ISO 3834-2EN 1090-2SCCpIEC 60079-14/17/19 (Ex)A-IVPED 2014/68/EU

ISO 29001 is the oil and gas industry standard. Accreditation under ISO/IEC 17020 (HAA) means PFC may test safety valves as a Type C inspection body.1835

Sources

Figures in the text carry a source number. Collected 27 October 2026. Financial figures are in euros; amounts before 2023 were converted to euros by the sources.

  1. CompanyWall: PICO FLOW CONTROLS d.o.o., basic and financial data (source FINA)
  2. CompanyWall: PFC, people and ownership with dates
  3. FINA Info.BIZ: PFC, revenue, profit, EBITDA and ranking 2025
  4. CroBIZ: PFC, annual financial statements 2021–2025
  5. CroBIZ: companies linked to PFC
  6. CompanyWall: FEROMIHIN d.o.o.
  7. CompanyWall: Feromihin, people and ownership
  8. CroBIZ: Feromihin, financial statements 2020–2024
  9. CompanyWall: MACEL PLIN d.o.o.
  10. CompanyWall: Macel plin, people and ownership
  11. CroBIZ: Macel plin, financial statements 2020–2024
  12. CompanyWall: MDM USLUGE 1991 d.o.o.
  13. CompanyWall: KALIDOR TECHNO d.o.o.
  14. CroBIZ: Florex d.o.o.
  15. PFC: About our company
  16. PFC: O našoj kompaniji (Croatian)
  17. PFC: contact and locations
  18. PFC: certificates
  19. PFC: EU projects
  20. PFC: merger of Macel plin and Feromihin (4 Apr 2025)
  21. PFC: eLBC
  22. PFC: RIKI calibration device
  23. PFC: PCB assembly
  24. PFC: AEGIS plastic mesh
  25. PFC: pressure equipment
  26. PFC: AYMO
  27. PFC: AMS
  28. PFC: KPPP recompression unit
  29. PFC: virtual pipeline (MEGC)
  30. PFC: measuring and reducing stations
  31. PFC: CNG, LPG, LNG and H2 solutions
  32. PFC: gas and liquid analysers
  33. PFC: gas dehydration
  34. PFC: valve pressure testing
  35. PFC: safety valve inspection
  36. PFC: corrosion protection (Stopaq)
  37. PFC: ballooning and hot tapping
  38. PFC: first MEGC delivery to Brod Oil Refinery (12/2021)
  39. PFC: delivery of 6 MEGCs (3/2022)
  40. PFC: first self-service CNG station in Croatia (26 Oct 2021)
  41. PFC: gas supply station for Vetropack Straža (7/2024)
  42. PFC: MRS Magadenovac for Plinacro (10/2020)
  43. PFC: CNG station for a Slovenian partner (3/2021)
  44. PFC: DN150 gas pipeline repair, MRS Zaprešić (8/2026)
  45. PFC: KPPP at HSUP 2026
  46. PFC: mobile gas system, HUNIG 2026
  47. PFC: job ad (Sv. Križ Začretje / Zagreb)
  48. PFC: news 2020–2026 (6 pages)
  49. Lider: Feromihin from Novoselec (2022)
  50. Lider: AYMO, Feromihin and Async Labs (13 Dec 2021)
  51. Caspian Oil & Gas: Feromihin (10 May 2022)
  52. Pipeline Technology Journal: Feromihin profile
  53. Namibia Oil & Gas Conference: Dubravko Kamenečki
  54. DKOM: decision UP/II-034-02/26-01/437 (13 Aug 2026)
  55. ptc Berlin: PFC exhibitor profile
  56. LinkedIn: Vedran Prica (Feromihin posts 2024–2025)
  57. PFC: home page, business partners
  58. PFC: GRIZO synthetic gas station
  59. PFC: DCS and ESD cabinet integration
  60. PFC: AEGIS at K 2025, Düsseldorf