Bosnia and Herzegovina: Olvi Group agrees to acquire Bosnia and Herzegovina’s largest brewery

Olvi Group has signed an agreement to acquire Bosnia and Herzegovina’s largest brewery, Banjalucka Pivara, Cision News reported on September 9.

Founded in 1873, Banjalucka Pivara is located in the north of Bosnia and Herzegovina, close to the Croatian border. The brewery employs around 240 people and will transfer to Olvi Group from a group of European owners, Altima UK Value Partners Limited. The acquisition expands Olvi Group’s geographical presence to a new region and opens new growth and export opportunities both across the Balkan and the wider Mediterranean regions.

The acquisition supports Olvi’s multi-local growth strategy by providing access to strong local brands and production capacity, allowing for growth and expansion across the Balkan region. Having its own production closer to the Mediterranean enables growth, as Olvi Group can better and more flexibly serve the Mediterranean tourism areas, such as Italy, Croatia, Greece and Montenegro.

“This acquisition is the second step in executing our multi-local strategy, where we are seeking inorganic growth in Europe through both domestic add-on acquisitions and expansion into new markets. Banjalucka Pivara is known for its strong brands and proud history in the region, and it is an excellent addition to Olvi Group. The company’s solid position in Bosnia and Herzegovina, strong and rapidly growing presence in Serbia, and high-quality production capabilities offer us a unique opportunity to grow across the Balkan region where we see long-term organic growth potential and growing tourism. At the same time, its central location enables us to build a bridge to the wider Mediterranean markets where we see significant opportunities to further bolster our export business”, says Olvi Group CEO Patrik Lundell.

Banjalucka Pivara’s high-quality lager brand, Nektar, is the most popular beer brand in Bosnia and Herzegovina and the fastest-growing beer brand in Serbia and Montenegro. In line with global beverage trends, there are also plans to introduce the production of non-alcoholic beverages and ready-to-drink cocktails alongside beer production at the brewery.

“I’m very happy for our team and proud to join the Olvi Group, a company where we see aligned values and shared traditions. We are excited about the opportunity to leverage our strong route-to-market capabilities and expanding our range with non-alco and alco products from the Olvi Group portfolio”, says Banjalucka Pivara CEO Ilija Setka.

In 2024, Banjalucka Pivara’s net sales were EUR 28 million. The company’s operations are profitable, with a steady growth rate in recent years and strong market shares. The company has leading brands in Bosnia and Herzegovina, and the fastest-growing brewery in Serbia. Their current modern facilities provide available capacity, positioning the company to scale and realize swift growth.

“Banjalucka Pivara has a range of strong beer brands, which we are excited to continue developing. Additionally, we see many opportunities to leverage the Olvi Group portfolio, creating a unified and powerful lineup that strengthens our market presence and meets growing demand. We look forward to introducing new products to the Balkan home market and expanding exports, while continuing to grow and develop the company’s operations sustainably”, Lundell concludes.

The completion of the transaction is subject to the approval of the competition authorities in Bosnia and Herzegovina, and it is expected to be finalised at the latest by Q1 2026. The value and the terms of the transaction are not disclosed.

Olvi is an international multi-beverage company, founded in 1878 in Iisalmi, Finland. It is known for its broad product portfolio including beers, waters, ciders, long drinks, soft drinks, wines, juices, and sports, wellness, and energy drinks, as well as award-winning distillates. The selection is complemented by leading international and local brand partnerships. Olvi has operations in Finland, Estonia, Latvia, Lithuania, Belarus, and Denmark, and a presence in 80 export markets. In 2024, the company’s net sales were EUR 656.9 million.