The firm specialises in starter ring gears and mass rings for flywheels for the automotive industry, a niche in which it has a 40% market share in Europe and 12% globally.

After having lost 94% of the market when Slovenia split away from Yugoslavia, the company not only survived, it thrived, said the award commission.

KLS Ljubno, which has 180 employees, is one of the most automated companies in the industry, with over 90% of all production processes handled robotically.

The company posted a net profit of EUR 1.2m on sales of EUR 24.8m last year, both figures marginally higher than in the year before.

The Gazelle Award is handed out by newspaper publisher Dnevnik.

The Silver Gazelle went to XLAB, which develops cloud computing and online communications solutions, and the Bronze Gazelle to GMT, a car parts retailer.