MidEuropa to sell Imlek to AJFH Consortium

SERBIA – MidEuropa, a private-equity investor, has announced an agreement to sell Imlek, a leading dairy producer in South-East Europe, to a consortium led by the Serbian entrepreneur Andrej Jovanović’s family investment holding, AJFH.

The consortium also includes Imlek’s current CEO, Bojan Radun. Although the financial terms were not disclosed, the transaction is significant given Imlek’s established position in the regional dairy market.

Recently, Radun partnered with AJFH to acquire Imlek, Serbia’s market-leading dairy producer, from private equity investor MidEuropa.

Imlek is headquartered in Padinska Skela, near Belgrade in Serbia, and maintains operations in North Macedonia and Bosnia and Herzegovina through its subsidiaries Bimilk and Mlijekoprodukt, respectively.

The company is a major industry player, processing approximately 400 million litres of raw milk each year and sourcing from over 3,500 farmers. Its product portfolio includes over 200 different dairy products, with well-known brands like Moja Kravica.

The company’s CEO, Bojan Radun, has been leading Imlek since 2018 and has extensive experience in the FMCG sector, having held leadership roles at Bambi and Nectar.

He is also involved with Hortex in Poland. Radun commented on the sale, expressing confidence in the partnership with Jovanović to enhance Imlek’s market position.

Radun said: “Imlek is a remarkable company with deep roots, strong brands and exceptional people. 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.”

Jovanović, with a history of developing market leaders in the region, was the former owner of Marbo Product and has been instrumental in the growth of companies like Bambi and Knjaz Miloš.

His involvement in the acquisition of Imlek is seen as a strategic move to strengthen the company’s position in the dairy sector.

The sale is subject to customary regulatory approvals, including merger control and foreign investment authorities. It is anticipated that the transaction will be completed in the first quarter of 2026.

The deal, expected to close in Q1 2026 pending regulatory approvals, marks AJFH’s first investment as a lead investor.

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