Stanković & Partners is pleased to announce its role as legal counsel to Altima UK Value Investment Limited in the sale of 100% of the shares in Banjalučka Pivara a.d. Banja Luka, the largest brewery in Bosnia & Herzegovina, to Olvi Group, a leading international multi-beverage company headquartered in Finland.

The transaction represents a landmark cross-border M&A deal in the Balkans and a significant milestone in the ongoing consolidation and expansion of the regional beverages industry.

Founded in 1873, Banjalučka Pivara is renowned for its flagship beer brand Nektar and a wide portfolio of beverages. With operations in Bosnia and Herzegovina and Serbia, and established sales channels in Montenegro, Croatia, and across the region, Banjalučka Pivara brings a strong market position and a rich brewing tradition to the Olvi Group.

Olvi, with more than 145 years of experience and operations across Europe, produces beer, non-alcoholic beverages, and ready-to-drink cocktails. This acquisition marks Olvi’s second strategic step in implementing its multi-local growth strategy in the Balkans and further strengthens its presence in the European market.

Legal Advisory Role

NSTLAW provided full legal support to the seller, Altima UK Value Investment Limited, throughout the transaction. The advisory team was led by Senior Partner Nenad Stanković and Senior Associate Luka Marosiuk, with additional expertise from Counsel Mitar Simonović (competition law), Legal Trainee Bojan Krstić, and the invaluable contribution of Aleksandra Dimić and her in-house legal team at Banjalučka Pivara.

The transaction also benefited from the collaborative efforts of:

• EY Parthenon Corporate Finance, as exclusive financial advisor to the sellers.
• Olvi’s executive team — led by Patrik Lundell (CEO), Peep Akkel, and Esa Hyttinen.
• Supporting advisors including Forvis Mazars (Serbia), Marić & Co Law Firm Ltd., and Živković Samardžić Law Office.

Nenad Stanković, Managing Partner and founder of Stanković & Partners, commented:

“I’m grateful to everyone who contributed to the successful completion of this major brewery merger. Special recognition goes to the team at Stanković & Partners—Luka Marosiuk, Mitar Simonović, and Bojan Krstić—for their expertise and dedication. It was also a pleasure collaborating with our partners from Ernst & Young and Damir Dimitrijević. This complex transaction was made possible through the combined efforts, professionalism, and commitment of all involved.”

Statements

On the signing of the agreement, Patrik Lundell, CEO of Olvi Group, said:

“This acquisition is the second step in executing our multi-local strategy, where we seek inorganic growth in Europe through both domestic add-ons and expansion into new markets. Banjalučka Pivara is known for its strong brands and proud history in the region, and it is an excellent addition to Olvi Group. Its solid position in Bosnia and Herzegovina, 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 potential and growing tourism.”

Ilija Setka, CEO of Banjalučka Pivara, added:

“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 expand our range with non-alco and alco products from the Olvi Group portfolio.”

Regulatory Approval

The transaction remains subject to clearance by the competition authorities in Bosnia & Herzegovina.

Closing Remarks

NSTLAW is proud to have played a key role in this strategic cross-border transaction and congratulates all parties involved on their collaboration and trust.