Finland’s Olvi Group has signed an agreement to acquire Banjalučka Pivara, the largest brewery in Bosnia-Herzegovina and one of the fastest-growing players in Serbia. Founded in 1873, the brewery is best known for its flagship lager Nektar, the top-selling beer in Bosnia-Herzegovina and rapidly expanding in Serbia and Montenegro. The acquisition also includes the brewery’s Serbian subsidiary and marks Olvi’s bold entry into Southeast Europe, strengthening its foothold in the Balkans and Mediterranean markets.
Banjalučka Pivara reported net sales of EUR 28 million (USD 32.8 million) in 2024 and employs around 240 people. Its portfolio also includes brands such as Banjalučko, Crni Đorđe and Kastel. Under Olvi’s ownership, production is set to diversify into non-alcoholic drinks and ready-to-drink cocktails, reflecting global consumption trends.
CEO Patrik Lundell emphasized that the transaction is the second major step in executing Olvi’s multi-local strategy, aimed at inorganic growth in Europe through both add-on acquisitions and expansion into new markets.
CEO Ilija Setka of Banjalučka Pivara highlighted that joining Olvi brings stability, expanded distribution and opportunities to further strengthen local brands while introducing Olvi’s wider portfolio. The deal, pending approval from competition authorities in Bosnia-Herzegovina, is expected to close by the first quarter of 2026.
This acquisition follows Olvi’s agreement earlier this month to integrate Latvian brewer Valmiermuižas alus into Cēsu alus, Latvia’s largest brewery, which Olvi already majority owns (inside.beer, 02.09.2025). Together, the two transactions underscore Olvi’s ambition to consolidate its position as a leading regional beverage group across Northern, Eastern, and now Southeastern Europe.
