Blue Sea Capital announces that it has agreed to sell its stake in Imlek, the leading dairy producer in Southeast Europe, to a consortium of regional investors led by AJFH, the family office of entrepreneur and investor Andrej Jovanović, together with Imlek’s CEO, Bojan Radun.

Blue Sea Capital originally invested in Imlek in 2015 alongside MidEuropa as part of the Moji Brendovi platform, supporting the company through a transformative period marked by operational modernisation, brand strengthening, and substantial investment into production capacity. Today Imlek operates four production facilities across three countries and processes almost 400 million litres of milk annually, purchasing raw milk from more than 3,500 farmers. Its flagship brands - including Moja Kravica and Balans+ remain among the most trusted household names in the region.

The sale represents the successful culmination of Blue Sea Capital’s long-term involvement in Moji Brendovi, reflecting the firm’s strategy of partnering with leading local businesses to accelerate growth and institutional development, and closes an important chapter in Blue Sea Capital’s development.

The transaction is expected to close in Q1 2026, subject to customary regulatory approvals and closing conditions.

Blue Sea Capital is an independent private equity company with offices in Belgrade and Zagreb, focused on small and medium enterprises in the region. Blue Sea Capital combines regional presence and the investment expertise of its team obtained in both international and local setting, and has so far invested in leading
companies in its target sectors.