Imlek, one of the largest dairy companies in Serbia and the Balkans, is entering a new ownership era. Investment holding AJFH, led by Andrej Jovanović, together with Bojan Radun, the current CEO of Imlek, signed an agreement to acquire the company from the MidEurope fund.
Who is Andrej Jovanović — from hockey player to major investor
Jovanović co-founded Marbo Product in the mid-1990s, creating the famous “Čipsi” brand, later sold to PepsiCo for around €200 million.
He went on to lead the “Moji Brendovi” group, overseeing brands like Bambi, Knjaz Miloš and Imlek.
His business portfolio spans agriculture, construction, banking and healthcare, including Maglić, Ikarus, David Pajić Daka, Medigroup and the large residential project A Blok.
Who is Bojan Radun — FMCG expert with over 20 years of experience
Radun comes from the Radun Group, owner of Nectar. He has led several major companies including Bambi and, since 2018, Imlek.
He also chairs the supervisory board of Hortex in Poland. Known as a strong operational leader, he combines deep industry knowledge with decades of experience. 
Inside the acquisition deal
Imlek operates modern dairy plants in Serbia, North Macedonia and Bosnia and Herzegovina, collecting milk from more than 3,500 farmers and processing nearly 400 million liters a year.
The company earned €280 million in revenue last year, with €13.1 million in net profit.
The transaction is expected to be completed in early 2026, pending regulatory approval. Jovanović becomes chairman of the board, while Radun remains CEO.
What this means for the region
The acquisition brings Imlek back under Serbian ownership and may open doors to modernization, further investments and stronger regional positioning.
Radun noted that Imlek is “a company with tradition, strong brands and excellent people,” expressing confidence in future growth.
