MidEuropa has agreed to sell Imlek, one of South-East Europe’s largest dairy producers, to a consortium led by Serbian entrepreneur Andrej Jovanović’s family investment group AJFH, together with Imlek’s current CEO Bojan Radun.
The deal value has not been disclosed, but the buyers will take control of a business that plays a central role in the regional dairy supply chain. Closing is expected in the first quarter of 2026, subject to merger and foreign-investment approvals.
Imlek is headquartered in Padinska Skela, near Belgrade, and has grown into a key supplier across Serbia, Montenegro, Bosnia and Herzegovina, and North Macedonia. The company operates four production plants, works with more than 3,500 farmers, and processes close to 400 million litres of raw milk every year.
Its product portfolio covers over 200 dairy SKUs, including butter, yogurts, cheeses, kefir, protein drinks, and flavoured milk. The company is best known for its leading regional brand Moja Kravica, along with Grekos, Jogood, and Mlekara Subotica.
Industry analysts say the sale marks a significant shift for the Balkans’ dairy sector. MidEuropa first entered Imlek in 2014 as part of the Danube Foods Group acquisition. That investment period brought modernisation, supply-chain expansion, and broader brand development.
The next phase is expected to be more operational and regionally focused. Jovanović has long experience in building major FMCG businesses, including co-founding Marbo Product, now part of PepsiCo. Radun has led Imlek since 2018 and previously headed confectionery maker Bambi and juice producer Nectar.
Together, the buyers say they aim to “unlock additional value” and strengthen Imlek’s position as the region’s most trusted dairy brand.
Imlek’s farmer network is seen as a major competitive advantage. Strong supplier relationships, a stable milk-collection system, and long-term contracts allow the company to maintain consistent production across volatile agricultural seasons. That supply-side stability aligns with broader regional trends seen in our analysis of supermarket suppliers in Germany, where secure farmer partnerships are now considered essential for retail availability.
The deal also comes at a time when regional FMCG distributors are expanding their portfolios and looking closely at dairy as a resilient growth category. Readers can find additional context in GSN’s breakdown of top FMCG distributors in Germany, where chilled products, including dairy, continue to play a major role in supermarket buying strategies.
Imlek’s new owners are expected to continue investing in technology, product development, and cross-border logistics. With a long heritage, strong brand recognition, and deep ties to farmers across four countries, the business remains one of the most influential dairy producers in the Balkans.
The transaction is now progressing through regulatory approvals and is on track to complete in early 2026.
