April 2026 – Kinstellar has advised AJFH, the family office of entrepreneur and investor Andrej Jovanović, on the successful closing of its acquisition of Imlek, a leading dairy producer in Southeast Europe, from MidEuropa Partners. AJFH acted as lead investor alongside Bojan Radun, a leading FMCG executive and the current CEO of Imlek.
This highly complex transaction represents the acquisition of one of the region's most prominent dairy businesses, with a strong market presence in Serbia, Bosnia and Herzegovina, Montenegro, North Macedonia and Croatia. Headquartered in Padinska Skela, Belgrade, Serbia, with state-of-the-art production facilities, Imlek purchases milk from more than 3,500 farmers and processes almost 400 million litres of milk annually across its four plants. With a diverse product portfolio and strong consumer brands, including the iconic "Moja Kravica" ("My Little Cow"), Imlek is recognised as a cornerstone of the regional dairy industry and one of the most trusted household names in the region.
The Kinstellar team provided comprehensive legal support
throughout the transaction, including on structuring, negotiation
of transaction documentation, financing and security, and
regulatory and competition law advice. This multi-jurisdictional
mandate was led by Partner Hugh Owen, supported by
Counsel Vít Kropjok and Associate James Merryweather. The financing aspects were
led by Partner Luděk Chvosta and Counsel Filip Murár; Serbian local-law aspects
by Partner Milan Samard~ić and Managing Associate Mina Srećković; and competition-law
matters by Partner Olga Sipka.