Serbian dairy company Imlek is set to change hands ten years after private-equity investor MidEuropa acquired the business.
London-headquartered MidEuropa is selling Imlek in a transaction led by investment firm AJFH subject to regulatory approvals. Financial details were not disclosed.
AJFH is the family office of entrepreneur and investor Andrej Jovanović, who is teaming up with Imlek CEO Bojan Radun to purchase the company, described in a separate statement as the “leading” dairy business in Serbia and the Balkans’ region.
Based in the Padinska Skela area in Serbia’s capital city Belgrade, Imlek operates four production facilities processing 400 million litres of milk annually supplied from more than 3,500 farmers, according to the statement.
Imlek also supplies a range of dairy products such as butter, yogurt, protein and flavoured milk drinks, cheese and kefir.
As well as its namesake line, the company also owns the Moja Kravica, Mlekara Subotica, Grekos and Jogood brands. It sells products in Serbia, Montenegro, Bosnia and Herzegovina, and Macedonia.
AJFH and Radun are “joining forces to lead this regional champion into its next phase of growth”, the statement read, noting the transaction is expected to close in the first quarter.
Just Drinks has asked AJFH for details on the investment split, what its growth plans are for Imlek and for details on the dairy group's annual revenues and profits.
Jovanović’s was the co-founder and former owner of Serbian snack producer Marbo Products, now a subsidiary of PepsiCo. He was also CEO of local food-and-drinks business Moji Brendovi.
Radun, meanwhile, has been CEO of Imlek since 2018. He also previously headed up local confectionery business Bambi and holds a “significant” interest in juice producer Nectar, according to the statement.
“Imlek is a remarkable company with deep roots, strong brands, and exceptional people,” Radun said. “Together with Andrej Jovanović and the AJFH team, I am confident we can unlock even greater potential and reinforce Imlek’s role as the trusted dairy brand across the region.”
MidEuropa acquired Imlek as part of its transaction for Danube Foods Group, which had revenues of €400m ($461m today) in 2014.
