What IMLEK does

IMLEK (legal name AD Imlek) is a Serbian-headquartered dairy producer founded around 1953 (with some sources citing 1960), headquartered in Belgrade (Padinska Skela) and operating 1,001–5,000 employees across a regional footprint spanning Serbia, Montenegro, Bosnia and Herzegovina, and North Macedonia. The company runs four production facilities in Serbia plus wholly-owned subsidiaries Mlijekoprodukt (Kozarska Dubica, BiH) and Bimilk (Bitolj, North Macedonia), and operates the Bello organic dairy farm at Čurug near Novi Sad — claimed to be the largest organic dairy farm in Europe. Its portfolio comprises more than 200 dairy SKUs organized under sub-brands including Moja Kravica (flagship milk, yogurt, butter, cream cheese, chocolate milk), Balans+ (probiotic yogurts with clinically tested LA-5 and BB12 strains and immunity products), Mlekara Subotica, GREKOS (Greek-style), Bello (organic), Jogood (fruit yogurts), and newer lines such as Imlek Impact (protein), Imlek Nera Caffè (ready-to-drink coffee), Imlek Shaky, and Imlek Professional (food service).

IMLEK's underlying production technology relies on standard dairy processing — pasteurization, homogenization, and UHT sterilization — supplemented by three differentiated capability layers: probiotic formulation (LA-5 and BB12 strains supported by over 150 clinical studies), lactose-free processing using lactase enzyme, and organic production certified under Serbian and EU norms. The company is certified to ISO 9001:2015, ISO 14001, OHSAS 18001, HACCP, and IFS Food v8, and operates Halal- and Kosher-certified facilities at Subotica. Raw milk is sourced from thousands of farmer-cooperants across the region, providing vertical integration into supply.

The business model is a classic branded consumer-FMCG model: one-time sales of dairy and adjacent products through physical retail and supermarket channels across the Western Balkans, targeting fragmented consumer segments (general households, health-conscious, lactose-intolerant, organic). Revenue concentration sits with retail-distribution partners rather than named enterprise customers. The company is currently privately held following a 2016 delisting from the Serbian regulated market (MTP) and prior ownership by MidEuropa; ownership is transitioning to Serbian entrepreneurs Andrej Jovanovic and Bojan Radun in a deal expected to close in early 2026.

Name

IMLEK

Legal name

AD Imlek

Website

https://imlek.rs

Company type

Private

Founded year

1960

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

IMLEK is a privately-held Serbian dairy producer founded around 1953, operating 1,001–5,000 employees across Serbia, Montenegro, Bosnia and Herzegovina, and North Macedonia. It sells 200+ branded dairy and adjacent beverage SKUs — including the Moja Kravica, Balans+, Bello, and Impact lines — through retail channels to mass-market consumers in the Western Balkans.

Ownership category

akta.pro rank

Product category

Dairy Products

NAICS

Dairy Product Manufacturing (3115), Dairy Product (except Frozen) Manufacturing (31151), Fluid Milk Manufacturing (311511)

SIC

Dairy Products (2020), Food And Kindred Products (2000)

akta.pro primary industry

Fluid Milk & Cream Processing (AFAKAKAA)

akta.pro secondary industries

Yogurt & Cultured Dairy Products Manufacturing (Kefir, Sour Cream, Labneh) (AFAKAKAC), Dairy-Based Beverages Manufacturing (Flavored Milk, Lassi, Drinkable Yogurt) (AFAKAKAH), Dairy Spreads, Dips & Cream Cheese Manufacturing (AFAKAKAL), Greek/Strained Yogurt & High-Protein Cultured Dairy Manufacturing (AFAHADAB)

Keywords

• Dairy products manufacturing
• Milk processing
• Probiotic yogurt
• Organic dairy farming
• Lactose-free dairy

Headquarters

HQ city

Belgrade

Offices5 records

Markets served

GTM type

B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Marketing or Sales, Infrastructure

Revenue model

1. Dairy product sales: IMLEK generates revenue through the production and sale of dairy products including milk, yogurt, cheese, butter, cream, and specialized products (lactose-free, organic, functional). Products are sold through retail channels to consumers across Serbia, Montenegro, Bosnia and Herzegovina, and North Macedonia.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

IMLEK is a regional dairy producer manufacturing more than 200 dairy products including milk, yogurt, fermented milk, butter, cream, sour cream, cream cheese, chocolate milk, milkshakes, and puddings. The company operates four production facilities in Serbia plus subsidiaries Mlijekoprodukt in Bosnia and Herzegovina and Bimilk in North Macedonia, with raw milk sourced from thousands of farmer-cooperants across the Western Balkans region.

Product overview

IMLEK is a regional dairy company offering a diverse portfolio of more than 200 dairy products organized under multiple sub-brands. The core offering centers on the Moja Kravica flagship brand (milk, yogurt, butter, cheese, chocolate milk, puddings, milkshakes), supplemented by health-focused Balans+ (probiotic yogurts with LA5 and BB12 strains, meal replacements, kefir, immunity products), Mlekara Subotica (cheeses and fresh dairy), GREKOS (Greek-style products), and specialty lines including organic milk (Bello from Europe's largest organic dairy farm), protein products (Impact), coffee beverages (Nera Caffè), and professional/functional offerings (Professional, Oaza, Shaky). The company operates four production facilities in Serbia and subsidiaries in Bosnia and Herzegovina (Mlijekoprodukt) and North Macedonia (Bimilk), sourcing milk from thousands of cooperative farmers across the region.

Differentiator

Problem solved

Functional benefit

Brands

• Moja Kravica: Main dairy brand offering milk, yogurt, butter, cream cheese, chocolate milk and other dairy products
• Balans+
• Mlekara Subotica
• GREKOS
• Bello
• IMLEK Impact
• Imlek Nera Caffè
• Jogood
• Imlek Professional
• Imlek Oaza
• Imlek Shaky

Products and services

• Moja Kravica Flagship dairy brand offering milk, yogurt, fermented milk, sour cream, cream cheese, butter, chocolate milk, milkshake, and pudding products for general household consumption across the Western Balkans.
• Balans+ Functional health-focused product line including probiotic yogurt, meal replacement (Balans+ obrok), kefir, fermented milk with probiotics, and IMUNO immunity-boosting yogurt containing prebiotics and clinically tested probiotic strains LA5 and BB12.
• Mlekara Subotica Dairy sub-brand produced at the Subotica facility, offering bakery yogurt (Pekarski jogurt), Ella fresh cheese, Kremsi cream cheese, Zdravo! yogurt, Zdravo! milk, and other dairy products.
• GREKOS Greek-style dairy products including Greek yogurt and assorted cheeses and cheese spreads for consumers seeking Mediterranean-style dairy options.
• Bello Organic milk brand produced from raw organic milk from cows on free-range organic farms in Čurug near Novi Sad, certified to strict ecological production principles aligned with EU norms. Bello organic milk is produced on what is claimed to be the largest organic dairy farm in Europe.
• Imlek Impact Protein-focused product line targeting fitness and sports nutrition consumers with high-protein dairy formulations.
• Imlek Nera Caffè Coffee beverage brand offering grab-and-go coffee drinks in cups, positioned as a new generation dairy-based coffee product for on-the-go consumption.
• Jogood Fruit yogurt brand offering playful, colorful fruit yogurts targeting children and families.
• Imlek Professional Professional dairy product line targeting food service, hospitality, and professional kitchen customers for use in commercial food preparation.
• Imlek Oaza Product line targeting health-conscious consumers seeking functional dairy options.
• Imlek Shaky Shake product line offering ready-to-drink milk-based shakes for convenient on-the-go consumption.
• Peštersko sveže mleko Fresh milk sourced from the Pešter plateau, launched as the company's first milk product with geographical origin certification, marking a milestone in product differentiation.
• Moja Kravica Čoko Chill Chocolate milk beverage offering a new chocolate enjoyment experience, launched May 2026 as an extension of the Moja Kravica brand portfolio.
• Balans+ protein jogurt High-protein yogurt containing 10g protein per 250g serving (4g/100g), 30% more protein than standard yogurts, with 0% milk fat and clinically tested probiotic strains LA5 and BB12 plus fiber.
• Moja Kravica lactose-free milk and dairy products Lactose-free milk and dairy products produced using lactase enzyme that breaks down lactose into galactose and glucose, targeting lactose-intolerant consumers.

Quantifiable outcome

• Balans+ consumption leads to normalized stool frequency and consistency after 10-15 days of regular consumption
• +2 more outcomes

Segments4 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Three partnerships are on record, tiered minor and core.

• UNICEFminorStrategic or Co-development PartnerImlek has been collaborating with UNICEF since 1957 on various social responsibility projects including 'Škola bez nasilja' (School without violence) and 'Pametne knjige za mame i tate' (Smart books for mothers and fathers) parenting handbooks.
• UNIDO (United Nations Industrial Development Organization)minorStrategic or Co-development PartnerIn 2009, Imlek participated in the 'Čistija proizvodnja' (Cleaner Production) project under UNIDO patronage, which involves production processes with maximum rationalization of raw materials and energy consumption.
• Thousands of farmer-kooperantscoreOthersIMLEK sources milk from thousands of farmers-kooperants throughout the region, maintaining European standards and quality criteria in partnership with local agricultural producers.

Scale indicators6 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Dukat: Largest Croatian dairy company, owned by Lactalis. Direct regional competitor to IMLEK across former-Yugoslav markets with overlapping product categories (milk, yogurt, cheese) and similar retail-led distribution model.
• Mlekarna Celeia: Slovenian dairy producer with similar multi-product portfolio (milk, yogurt, cheese) and regional CEE/SEE distribution. Comparable in scale and product breadth to IMLEK, serving neighboring markets with similar consumer preferences.
• Meggle Srbija: Serbian arm of German dairy group Meggle, producing fresh dairy, yogurt, and cheese. Direct local competitor in IMLEK's home market with comparable product mix and retail distribution focus.

Broad incumbents

• Savencia Fromage & Dairy: Global specialty dairy player with strong presence in branded cheese and cream cheese (Bresso, St. Môret). Overlaps with IMLEK's cheese and cream cheese SKUs across European markets.
• Müller Milk & Ingredients: German dairy major with strong positions in flavored milk, shakes, and yogurts (Müller Corner, Müllerlight). Comparable product format to IMLEK's Moja Kravica and Shaky lines with substantially larger marketing and distribution scale.
• FrieslandCampina: One of the world's largest dairy cooperatives, active across Europe with broad branded portfolio including yogurts, milk, and functional dairy. Competes with IMLEK in modern trade channels and has stronger export reach.
• Lactalis: World's largest dairy company, owner of Dukat and active across the Balkans. Competes with IMLEK across multiple dairy categories with superior scale, R&D, and category coverage as part of a global portfolio.
• Danone: Global dairy and plant-based nutrition major with presence across SEE markets. Overlaps with IMLEK in yogurt (Activia), functional dairy, and increasingly in RTD coffee and shakes, with far greater brand and innovation budgets.
• Arla Foods: Scandinavian dairy cooperative with growing European presence in branded yogurt, milk, and functional dairy. Larger scale and international brand portfolio compete for the same health-conscious consumers IMLEK targets with Balans+.

Others

• Kooperativa Grania: Serbian dairy cooperative and one of the key raw milk suppliers in the region. Comparable supply-chain relationship to IMLEK's thousands of farmer-kooperants model and a competitive supplier in the same Serbian market.

Market position

Strengths6 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries3 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 IMLEK