American Capital for a Croatian Idea: Museum of Illusions Enters a New Era of Global Expansion

The largest and fastest-growing chain of private museums originally created in Croatia, Museum of Illusions, is entering a new phase of development through a strategic acquisition by the U.S. investment firm Brightwood Capital Advisors.

Brightwood was selected as a partner due to its strong strategic alignment with the brand’s long-term vision and its understanding of franchising business models.

Statement by Tomislav Hlupić, CFO at Museum of Illusions:
“This strategic acquisition is a confirmation of the value of the brand we built from Zagreb and its long-term global potential. The entry of an investment partner such as Brightwood enables us to accelerate international expansion, further invest in innovation and infrastructure, and continue building our position as the world’s leading brand in experiential entertainment, while preserving our business model and identity.”

This ownership change follows a decade of strong growth during which the Croatian company Metamorfoza—specifically Museum of Illusions’ management entity headquartered in Zagreb—built and successfully positioned the brand globally. The strategic sale represents a natural next step in the brand’s development, which originated from the idea of the founders and owners of Museum of Illusions in Zagreb, Tomislav Pamuković and Rok Živković, and quickly grew into an internationally renowned business model.

Today, Museum of Illusions operates nearly 70 locations in 27 countries across five continents, with a particularly strong presence in the North American market, attracting millions of visitors annually. Since its founding in Zagreb in 2015, the brand has established a leading position in the edutainment sector—a combination of education and entertainment for all generations—thanks to its recognizable interactive illusions and exhibits, as well as its scalable franchise model.

The ownership change, specifically the sale transaction, comes at a time when Museum of Illusions has reached a level of global maturity that requires additional investment and infrastructure expansion. With the entry of Brightwood Capital Advisors, the company gains access to capital, and operational support necessary for accelerated growth, further expansion into new markets, and additional investments in brand development, marketing, and operations, while maintaining its existing, proven, and successful business model.

The company’s global headquarters will remain in Zagreb, Croatia, with its U.S. center of operations continuing in Scottsdale, Arizona, reflecting the importance of its European roots and the rapidly growing American presence. The leadership team in Zagreb and the U.S., led by CEO Kim Schaefer, will remain in place to drive Museum of Illusions’ next phase of global growth. Illusions and exhibits will continue to be developed in Oroslavje by the research and development team.

As part of the strategic acquisition, five existing franchise museums in the U.S.—Boston, Chicago, Pittsburgh, Philadelphia, and Scottsdale—will transition into corporate ownership, further strengthening the brand’s operational presence in this key market.

The investment fund Invera Equity Partners remains a minority shareholder.

Statement by Slaven Kordić, Partner at Invera Equity Partners:
“Museum of Illusions is one of the rare Croatian projects that has grown into a globally relevant brand with a clearly defined business model and sustainable growth. From the very beginning, we recognized the strength of the concept and the team behind it. We see the entry of Brightwood Capital Advisors as a logical and powerful step forward that opens a new phase of development while preserving the brand’s values and identity. Invera remains a minority shareholder and continues to actively support Museum of Illusions’ long-term growth strategy.”

Statement by Beth Steinberg, Strategic Partner of Brightwood Capital Advisors:
“Museum of Illusions is an exceptionally strong global concept with a clear growth strategy, a proven business model, and experienced leadership. Our investment is focused on the company’s long-term development, expansion into new markets, and further strengthening the quality and reach of the brand.”

Plans for the upcoming period include opening new locations in London, Sacramento, Mexico City, Geneva, Hong Kong, Birmingham, Cologne, and Melbourne, allowing Museum of Illusions to continue one of the most successful international expansions of any Croatian brand.

This strategic acquisition further confirms that Croatian companies, with a strong concept, quality management, and a long-term vision, can grow into globally relevant and highly valuable business models.