What Knjaz Miloš does

Knjaz Miloš A.D. Aranđelovac is a Serbian beverage manufacturer producing carbonated and still mineral water, flavored waters, sports and functional drinks, energy drinks, soft drinks, fruit juices, and iced teas. Its portfolio spans roughly 20 owned brands — including the heritage flagship Knjaz Miloš (since 1811), Aqua Viva, Aqua Viva Sport, Guarana, ReMix Knjaz, FORCE, TUBE, CUBE by Tube, and Golf — alongside licensed production and distribution of global PepsiCo brands (Pepsi, 7UP, Mirinda, Evervess, Ivi, Lipton) for the Serbia and Montenegro markets. The company is built around a proprietary mineral water source at the Bukovička banja spring in Aranđelovac, characterized by an optimal calcium-to-magnesium ratio (2:1), and operates 11 production lines with capacity exceeding 700 million bottles per year following the October 2024 opening of the €28.5 million "Miloš and Antonio" facility.

The business model is wholesale and retail sale of branded beverages across multiple price tiers and packaging formats (PET, glass, cans, 0.25L–5L). Go-to-market is a multi-channel consumer goods motion: traditional grocery and hypermarket retail chains, the HoReCa channel with dedicated hospitality packaging, the company-operated Knjaz Natura e-commerce shop, and exports into Western Balkans and (post-expansion) broader European markets. Customer segments are broad and horizontal — mass-market consumers, children, athletes, and energy-drink users — supplemented by sports-club partnerships (KK Partizan, KK Crvena zvezda) and limited-edition cultural campaigns. Revenue mechanics are entirely product sales; no consumer-facing pricing is disclosed publicly and there are no subscription or platform-revenue components.

Since May 2019 the company has been part of the Mattoni 1873 group, the largest mineral water and non-alcoholic beverage producer in Central Europe (8 countries, 39 brands, 11 production facilities, ~2 billion bottles sold in 2023). In 2024 Mattoni 1873 acquired PepsiCo's remaining 46.43% minority stake for approximately €90 million (implying ~€194 million enterprise value), making Knjaz Miloš a wholly-owned subsidiary. Headcount is 501–1,000; the CEO since March 2024 is Marko Stanković.

Name

Knjaz Miloš

Legal name

Knjaz Miloš A.D. Aranđelovac

Website

https://knjaz.rs

Company type

Private

Founded year

1811

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Knjaz Miloš is a Serbian beverage manufacturer and the largest bottler of mineral water and non-alcoholic drinks in the Western Balkans, producing 20+ owned and PepsiCo-licensed brands across 11 production lines exceeding 700 million bottles per year for mass-market, sports, and energy-drink consumers.

Ownership category

akta.pro rank

Product category

Bottled Beverages

NAICS

Soft Drink Manufacturing (312111), Soft Drink and Ice Manufacturing (31211)

SIC

Bottled & Canned Soft Drinks & Carbonated Waters (2086), Beverages (2080)

akta.pro primary industry

Non-Carbonated Soft Drinks (Juice Drinks, Lemonades, Fruit Drinks) (CRADAHAB)

akta.pro secondary industries

Sports Drinks & Hydration Beverages (CRADAHAK), Soft Drink & Carbonated Beverage Syrups (AFAFAGAA)

Keywords

• Mineral water bottling
• Soft drink production
• Energy drink manufacturing
• Sports beverage hydration
• Beverage distribution

Headquarters

HQ city

Aranđelovac

HQ country

Serbia

HQ region

Europe

Offices2 records

Markets served

GTM type

B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Marketing or Sales, Infrastructure, Technology or R&D

Revenue model

1. Beverage product sales: Knjaz Miloš generates revenue through the manufacture and sale of a diverse portfolio of beverages including natural carbonated mineral water, still mineral water, flavored waters, energy drinks, carbonated soft drinks, fruit juices, and iced teas. Revenue is derived from wholesale and retail distribution channels, both domestic (Serbia) and export. The company sells directly to retail chains, independent stores, and through the HoReCa sector, as well as through its own e-commerce shop.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Knjaz Miloš is a Serbian beverage producer and bottler that manufactures and distributes carbonated and still mineral water, flavored waters, sports drinks, energy drinks, soft drinks, fruit juices, and iced teas. The portfolio includes proprietary regional brands (Knjaz Miloš, Aqua Viva, Aqua Viva Sport, MINI Aqua Viva, Aqua Viva Herbal, Guarana, FORCE, ReMix Knjaz, TUBE, CUBE by Tube, Lemonade Tube, Golf) and licensed global brands (Pepsi, Pepsi Zero, Pepsi Twist, 7UP, Mirinda, Evervess, Ivi, Lipton). Products are produced at the Aranđelovac facility with capacity exceeding 700 million bottles per year across 11 production lines.

Product overview

Knjaz Miloš is a beverage manufacturing company operating as a portfolio of regional and global brands. The company produces carbonated and still mineral waters (Knjaz Miloš, Aqua Viva), flavored waters (Knjaz Miloš Aromatic), sports drinks (Aqua Viva Sport), herbal refreshments (Aqua Viva Herbal), children's water (MINI Aqua Viva), energy drinks (Guarana, FORCE), carbonated soft drinks (ReMix Knjaz, Golf), non-carbonated drinks (TUBE, Lemonade Tube), fruit juices (CUBE by Tube), and global PepsiCo brands (Pepsi, Pepsi Zero, Pepsi Twist, 7UP, Mirinda, Evervess, Ivi) and Lipton iced tea. Products are available in PET, glass, and can packaging ranging from 0.25L to 5L. The company operates production facilities in Aranđelovac, Serbia, with capacity exceeding 700 million bottles across 11 production lines.

Differentiator

Problem solved

Functional benefit

Brands

• Knjaz Miloš: Carbonated natural mineral water, the company's flagship regional brand with over two centuries of history. Available in PET and glass packaging in various sizes.
• Knjaz Miloš Aromatised (Aromatični)
• Aqua Viva
• Aqua Viva Sport
• FORCE
• Aqua Viva Herbal
• Mini Aqua Viva
• Guarana
• ReMix Knjaz
• TUBE
• CUBE by Tube
• Lemonade Tube
• Golf
• Pepsi (licensed brand)
• Mirinda (licensed brand)
• 7UP (licensed brand)
• Evervess (licensed brand)
• Ivi (licensed brand)
• Lipton (licensed brand)

Products and services

• Knjaz Miloš Carbonated natural mineral water with over two centuries of tradition, featuring an ideal calcium-to-magnesium ratio (2:1) for optimal body absorption. The flagship brand of Knjaz Miloš, sourced from the Bukovička banja spring in Aranđelovac. Available in PET and glass packaging in various sizes.
• Knjaz Miloš Aromatic Carbonated mineral water with natural aromas in lemon, orange, tangerine, and peach flavors. Low calorie content makes it ideal for those wanting fruity refreshment without limitations.
• Aqua Viva Non-carbonated natural mineral water with low content of soluble mineral substances and low sodium. Contains optimal balanced ratio of minerals, salts, and oligoelements for proper body fluid metabolism and better rehydration. Positioned for everyday hydration and active lifestyle.
• Aqua Viva Sport Sports hydration portfolio containing Hydroactive, Restart, Refresh, Reboot, Zero BCAA, and Recover products, plus the ISOTONIC line (Reboot, Refresh, Recover). Replenishes lost fluids and electrolytes for improved readiness and endurance during physical activity.
• Aqua Viva Herbal Ice refreshment drink featuring black tea, green tea, honey, and flavors of peach, lemon, pineapple with ashwagandha. Available in PET 1.5L and 0.5L packaging.
• MINI Aqua Viva Still mineral water specially designed for children with balanced minerals, salts, and trace elements for proper rehydration. Features animated characters Teo Leo, Boki Kroki, and Rafa Žirafa. Available in 0.33L PET packaging.
• Guarana Most popular and best-selling energy drink in Serbia and the region for 20 years. Contains caffeine, taurine, niacin, pantothenic acid, and vitamin complex. Portfolio includes Original, Aphrodisiac, Mojito, Azijana, Joker, Zero, and GameOn variants.
• FORCE Carbonated energy drink with natural source of caffeine, electrolytes, and low calories. Balanced energy for busy routines. Available in Tropic, Peach, and Cranberry flavors in 0.33L cans.
• ReMix Knjaz Carbonated soft drink combining water and fruit juice without artificial sweeteners. Contains 5% fruit content. Available in Pear, Orange, and Peach flavors.
• TUBE Non-carbonated refreshing drink with fruit juice in six flavors: Orange, Multivitamin, Red Mix, and OH, Cherry. Distinguished by attractive tube-shaped bottle design.
• CUBE by Tube Fruit juices in four flavors: apple, peach, orange, and banana+strawberry. Available in 1L, 1.5L PET, and 0.2L mini glass packaging.
• Lemonade Tube Non-carbonated lemonade with fruit juice in two flavors: lemon and lemon & tangerine. Designed for summer refreshment. Available in 0.5L and 1.5L PET.
• Golf Carbonated and non-carbonated beverages with recognizable flavors including Golf Cola and Golf Orange. Available in 1.5L and 0.5L PET packaging.
• Pepsi (Pepsi, Pepsi Zero, Pepsi Twist) Global cola brand produced and distributed under license from PepsiCo for Serbia and Montenegro. Portfolio includes Pepsi (original formula), Pepsi Zero (sugar-free), and Pepsi Twist (cola with natural lemon flavor).
• 7UP Lemon-lime carbonated soft drink originally created in 1929. Distributed under PepsiCo license for the Serbian and Montenegrin markets.
• Mirinda Orange-flavored soft drink originating from Spain, meaning 'wonderful'. Available in Orange, Pink Grapefruit, and Tropical flavors. Distributed in over 200 countries; in Serbia and Montenegro under PepsiCo license.
• Evervess Refined tonic water with crisp, slightly spicy flavor highlighting lemon freshness. Available in Tonic and Bitter Lemon variants. Distributed under PepsiCo license.
• Ivi Refreshing soft drink made with peach, orange, and lemon juices containing at least 18% real fruit juice. Available in 0.33L can. Distributed under PepsiCo license.
• Lipton Global leader in iced tea category with over 130 years of tradition. Available in lemon and peach flavors in 0.5L and 1.5L PET, and 0.33L can packaging. Produced and distributed under license.

Quantifiable outcome

• Doubling of production capacity with new facility
• +2 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Three partnerships are on record, tiered core.

• KK PartizancoreStrategic or Co-development Partner · 1 October 2023Aqua Viva Sport announced a partnership with KK Partizan, one of the largest basketball clubs in Serbia. Aqua Viva Sport serves as the official hydration partner, providing sports waters with electrolytes for the club's athletes during EuroLeague competition and other matches. The partnership promotes an active lifestyle culture.
• KK Crvena zvezdacoreStrategic or Co-development Partner · 1 October 2023Aqua Viva Sport announced a partnership with KK Crvena zvezda (Red Star Belgrade), one of the largest basketball clubs in Serbia. The partnership provides sports hydration products for EuroLeague competition and positions Aqua Viva Sport as the official water brand for the club, promoting sports nutrition and active lifestyle.
• PepsiCocoreChannel Partner/ Reseller/ Distributor · 1 September 2022In September 2022, Knjaz Miloš became the official producer and distributor of PepsiCo non-alcoholic carbonated beverage brands for the markets of Serbia and Montenegro. The portfolio includes Pepsi, Pepsi Zero, Pepsi Twist, 7Up, Mirinda, Evervess, and Ivi. In 2024, PepsiCo sold its remaining 46.43% stake to Mattoni 1873, ending PepsiCo's direct ownership.

Scale indicators8 records

Recent moves8 records

Expansion highlights6 records

Broad incumbents

• PepsiCo: Global beverage and snacks major that licensed production of its CSD portfolio to Knjaz Miloš for Serbia/Montenegro and held an equity stake until 2024. Direct overlap through Pepsi, 7Up, Mirinda, Evervess, Ivi, and Lipton brands distributed regionally.
• Coca-Cola HBC: Largest bottler of Coca-Cola products globally with extensive operations across CEE, including the Balkans. Competitor in CSDs, water, juices, and sports beverages through brands like Coca-Cola, Fanta, Sprite, Cappy, and local water brands; comparable bottling/distribution model across overlapping geographies.
• Red Bull: Global energy drink leader competing head-to-head with Knjaz Miloš's Guarana and FORCE brands across Serbia and the Western Balkans. Comparable category leadership, sports sponsorship strategy, and premium positioning.

Regional players

• Studenac: Croatian retail chain whose private-label and select branded beverages (including bottled water) compete for shelf and consumer spend with Knjaz Miloš brands in the broader Adriatic/Western Balkans region.
• Heba: Bosnian mineral water producer with regional brand recognition, operating a similar mineral water-led portfolio in the Western Balkans. Comparable heritage spring sourcing and cross-border retail distribution model.

Direct peers

• Jamnica: Leading Croatian mineral water and non-alcoholic beverage producer (part of Coca-Cola HBC). Comparable product mix (mineral water, flavored water, CSDs) and direct regional overlap in the Western Balkans market where both companies compete for shelf and HoReCa share.
• Mattoni 1873: Parent company and direct peer — largest producer of mineral water and non-alcoholic beverages in Central Europe with 39 brands, 8 countries, 11 production facilities, and ~2 billion bottles sold in 2023. Operating model (multi-brand water + CSD + energy portfolio in CEE) is the closest functional analog to Knjaz Miloš at group level.
• Sarajevski kiseljak: Bosnian mineral water brand with a heritage spring source, owned by Coca-Cola HBC. Direct competitor in the Western Balkans bottled water segment with similar positioning around natural spring water and regional brand heritage.
• Monster Beverage: Global energy drink company whose Monster, Reign, and Burn brands directly compete with Guarana and FORCE in the energy drink category across the same Western Balkans geographies.
• Rosa (including Knin and Lipik): Croatian mineral water brand portfolio with multiple spring sources, owned by Coca-Cola HBC. Direct regional peer in the still and sparkling mineral water category across the Western Balkans and Adriatic markets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/901692

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Knjaz Miloš