Mid Europa, a UK-based private equity firm, has announced it has sold the Serbian soft drinks business Knjaz Milos to a joint venture formed by food and drinks multinational PepsiCo and Czech water distributor KMV for an undisclosed sum.
The fund acquired Knjaz Milos together with leading regional dairy and confectionery players Imlek and Bambi in 2015, and, capitalising on increased consumer demand for water and other drinks products, reportedly emerged as the leader in their categories.
Commenting on the deal, Mid Europa partner Andrej Babache said: “Knjaz Miloš has introduced product and packaging innovations to strengthen its leadership in the water and drinks categories. The company’s new and refreshed brands have led the way in direct digital communication with younger customers. This innovative growth has led to the business more than doubling in size during Mid Europa’s ownership”.
The Knjaz Milo portfolio includes Knjaz Milos, Aqua Viva, Guarana and Remix, along with the Gusto and Golf juice brands.
Knaj Milos CEO Milos Stojisavljevic added: “We are proud of the success achieved working together with Mid Europa, and as part of the Moji Brendovi Group. We look forward to joining the leading brands of KMV and PepsiCo and continuing our growth”.
Source: Mid Europa (via Private Equity Wire) / ESM