Finnish drinks major Olvi has signed an agreement to buy Bosnia and Herzegovina-based brewery Banjalucka Pivara from Altima UK Value Partners.
Financial terms of the deal were not disclosed.
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The transaction is pending approval from competition authorities in Bosnia and Herzegovina and is expected to be completed by the first quarter of 2026.
In a statement, the Sandels brewer said the deal “expands Olvi Group’s geographical presence to a new region and opens new growth and export opportunities both across the Balkan and wider Mediterranean regions”.
Banjalucka Pivara, set up in 1873, is based close to the city of Banja Lucka, in the northern part of Bosnia and Herzegovina, near the Croatian border.
Patrik Lundell , CEO of Olvi Group, said: “This acquisition is the second step in executing our multi-local strategy, where we are seeking inorganic growth in Europe through both domestic add-on acquisitions and expansion into new markets.”
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By GlobalDataThe move comes just a week on from the company’s acquisition of Valmiermuižas Alu, a Latvian beer and beverage manufacturer.
On the latest deal with Banjalucka Pivara, Lundell added: “The company’s solid position in Bosnia and Herzegovina, strong and rapidly growing presence in Serbia, and high-quality production capabilities offer us a unique opportunity to grow across the Balkan region where we see long-term organic growth potential and growing tourism.
“At the same time, its central location enables us to build a bridge to the wider Mediterranean markets where we see significant opportunities to further bolster our export business.”
According to Olvi, Banjalucka Pivara’s Nektar lager is “the fastest-growing beer brand in Serbia and Montenegro”. Its portfolio also includes the beer brands Banjalučko, Crni Đorđe, and Kastel.
The brewer also plans to introduce non-alcoholic beverages and ready-to-drink cocktails, according to Olvi.
Banjalucka Pivara employs roughly 240 people. In 2024, the group booked reported net sales of €28m ($32.8m). The brewer also has the “fastest-growing brewery in Serbia”, according to Olvi’s statement.
Commenting on the deal in the same statement, Ilija Setka, CEO of Banjalucka Pivara, said: “We are excited about the opportunity to leverage our strong route-to-market capabilities and expanding our range with non-alco and alco products from the Olvi Group portfolio.”
