What Victoria Group does

Victoria Group is a privately held Serbian agribusiness conglomerate headquartered in Belgrade that produces oilseeds and grains, fertilizers, and finished food products for human and animal consumption. The group operates through a federation of wholly owned member companies, of which the most material are Sojaprotein (non-GMO soybean processing and protein concentrate production in Bečej), Victoriaoil (sunflower and rapeseed oil processing, sold to Sun Valley in December 2020), Victoria Logistic and the Luka Bačka Palanka Danube port (agricultural supply chain and logistics), Veterinary Institute Subotica (Dog&Style pet food), Fertil (Natura mineral fertilizers), Victoria Starch, SP Laboratorija (testing), and Riboteks (fish processing). The group's technology base is conventional, vertically integrated oilseed crushing, refining, lecithin extraction, and soybean protein concentrate (SPC) manufacturing, with explicit exclusive focus on non-GMO raw materials sourced from a network of 40,000 farmers organized through 300 agricultural cooperatives.

The commercial model is enterprise B2B, selling protein concentrates, textured soy proteins, lecithin, refined oils, meals, fertilizers, and agricultural services to multinational food, pharmaceutical, animal nutrition, and agri-trading companies. Named customers include Kraft Heinz, Kerry Group, Nutriset, Bayer, Sanofi, Sandoz, Solina, Sano, Skretting, PepsiCo, Cargill, Bunge, ADM, and domestic players Bambi and Štark. Distribution is via direct export (over 50 countries; Sojaprotein alone reaches 65 countries on 5 continents), with 80% of exports destined for the EU, supplemented by domestic retail for the Iskon edible oil brand and an agricultural input distribution network serving farmers.

The group has been in financial restructuring since 2014, formalized by MK Group's 2018 takeover of bank loan receivables, and has executed a strategic refocusing: in December 2020 it sold Victoriaoil to Sun Valley (Oaktree Capital Management funds and Vaja Jhashi) to concentrate capital on plant-based proteins, and in July 2021 signed a purchase agreement for ADM to acquire Sojaprotein, subject to regulatory approval. The reported 2018 export revenue was €130 million and the group has cumulatively invested over €260 million in plant and capacity since establishment.

Name

Victoria Group

Legal name

Victoria Group

Website

https://victoriagroup.rs

Company type

Private

Founded year

1977

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Victoria Group is a privately held Serbian agribusiness conglomerate that processes non-GMO soybeans, sunflower, and rapeseed into protein concentrates, edible oils, and meals for multinational food, pharmaceutical, and animal nutrition buyers, supported by a vertically integrated network of 40,000 farmers and Danube port logistics.

Ownership category

akta.pro rank

Product category

Agribusiness and Food Processing

NAICS

Soybean and Other Oilseed Processing (311224), Oilseed and Grain Farming (1111), Oilseed (except Soybean) Farming (11112), Oilseed and Grain Combination Farming (111191)

SIC

Agricultural Production-Crops (100), Agricultural Services (700), Food And Kindred Products (2000), Grain Mill Products (2040)

akta.pro primary industry

Harvesting & Combining Services (Grain, Oilseed, Row Crop) (AFACAAAD)

Keywords

• Oilseed processing
• Non-GMO soybean products
• Edible oil production
• Animal feed manufacturing
• Agricultural inputs distribution

Headquarters

HQ city

Novi Beograd

Offices5 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Oilseed Processing and Trade: Core business involves processing and trading of oilseeds (soybeans, sunflowers, rapeseed) into protein products and edible oils for human and animal consumption. Revenue generated from domestic sales and exports to over 50 countries.
2. Agricultural Production Organization: Services to agricultural producers including fertilizer distribution, seeds, pesticides, soil sampling and analysis, and agricultural advisory services through Agrotim.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

Victoria Group is a Serbian agro-industrial conglomerate that processes non-GMO soybeans, sunflowers, and rapeseed into edible oils, soy protein concentrates, lecithin, meals, and animal feed products. It operates a vertically integrated supply chain connecting over 40,000 farmers and 300 agricultural cooperatives to global food manufacturers, while also distributing mineral fertilizers, seeds, pesticides, and providing agricultural advisory services.

Product overview

Victoria Group is an agribusiness conglomerate operating primarily in Serbia, specializing in oilseed processing (soybean, sunflower, rapeseed) and agricultural production services. The company operates through multiple member companies including Sojaprotein (non-GMO soybean processing), Victoriaoil (sunflower/rapeseed oil production), Victoria Logistic (logistics and agricultural services), Veterinary Institute Subotica (animal nutrition products), SP Laboratory (testing services), and Fertil (mineral fertilizers). The product portfolio spans edible oils (ISKON brand), soy protein products (including SPC/concentrates), animal feed, dog food (Dog&Style brand), fertilizers, and agricultural organization services. Victoria Group exports to over 50 countries and serves major multinational food companies including Kraft Heinz, Kerry Group, and ADM.

Differentiator

Problem solved

Functional benefit

Brands

• ISKON: Edible sunflower oil brand produced by Victoriaoil
• Dog&Style
• Natura
• TradKon SPC

Products and services

• TradKon SPC Soy Protein Concentrate Traditional soy protein concentrate produced by Sojaprotein, designed for young animal nutrition including calves, piglets, chicks, pets, and fish in aquaculture, as well as food industry applications.
• Sunflower Oil and Byproducts Range of sunflower-derived products including ISKON premium edible sunflower oil, refined sunflower oil, raw sunflower oil, special degummed sunflower oil, sunflower meal for animal feed, and sunflower lecithin for food industry use.
• Rapeseed Oil and Byproducts Range of rapeseed-derived products including edible refined rapeseed oil, raw rapeseed oil, special degummed rapeseed oil, rapeseed meal for animal nutrition, and rapeseed lecithin for food industry use.
• Dog&Style Dog Food
• Natura Mineral Fertilizers Mineral fertilizers produced by the Fertil factory, including products with raw phosphate, distributed to agricultural producers.
• Agricultural Production Organization Services Services including organization of primary agricultural production, supply of mineral fertilizers, seeds, pesticides, and soil sampling and analysis through Agrotim for agricultural producers.

Quantifiable outcome

• Ranked 15th among Serbia's biggest exporters with €130 million export revenue in 2018
• +2 more outcomes

Named customers15 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Five partnerships are on record, tiered core, major and minor.

• ADM (Archer Daniels Midland)coreStrategic or Co-development Partner · 26 July 2021ADM, a premier global nutrition provider and agribusiness, signed purchase agreement for Sojaprotein acquisition. ADM recognized Sojaprotein's non-GMO processing capabilities and product quality for global expansion.
• MK GroupmajorStrategic or Co-development Partner · 9 July 2018MK Group took over bank loan receivables towards Victoria Group member companies as a business opportunity for development of both companies and Serbian agriculture. MK Group operates in 70 municipalities in Serbia with 35 years of agriculture experience.
• European Association of Agricultural EconomistsminorStrategic or Co-development PartnerVictoria Group is main sponsor of 135th EAAE seminar held in Belgrade, discussing global agricultural trade and WTO negotiations.
• Danube Soya AssociationcoreStrategic or Co-development PartnerVictoria Group is a member of Danube Soya Association promoting non-GMO soybean cultivation in Danube region with strict quality control.
• Agricultural CooperativescoreChannel Partner/ Reseller/ DistributorPartnership with over 300 agricultural cooperatives and 40,000 farmers for procurement of agricultural raw materials and distribution of agricultural inputs.

Scale indicators9 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• COFCO International: COFCO International is one of the world's largest oilseed processors, grain traders and food ingredient suppliers. It is a broad incumbent peer operating across the same crushing, refining and protein ingredient value chain as Victoria Group, but at vastly larger global scale.
• Viterra (formerly Glencore Agriculture): Viterra is a leading global grain and oilseed originator, marketer and processor with extensive crushing and logistics assets. It is a broad incumbent peer in oilseed origination, crushing and international merchandising — the same value chain Victoria Group participates in across Serbia and the EU.
• Wilmar International: Wilmar is the world's largest palm oil and a major oilseed crusher/refiner producing edible oils, oilseed meals and downstream food ingredients. It is a broad incumbent peer in the same oilseed crushing, refining and specialty oils space as Victoria Group.
• Bunge Limited: Bunge is a global agribusiness and food company, one of the world's largest oilseed processors and a major grain/oilseed merchandiser. It is a broad incumbent peer overlapping directly with Victoria Group in oilseed origination, crushing and edible oil/meal supply.
• Louis Dreyfus Company: Louis Dreyfus is a major global merchandiser and processor of oilseeds, grains and other agricultural commodities with crushing and refining capacity. It is a broad incumbent peer overlapping with Victoria Group in oilseed origination, crushing and edible oil production.

Regional players

• Kernel Holding: Kernel is a major Ukrainian agribusiness with sunflower oil crushing, grain origination and export infrastructure. It is a regional peer to Victoria Group's sunflower/rapeseed oil operations and similar vertically integrated model in the Black Sea/Danube region.
• Astarta-Kyiv: Astarta is a Ukrainian agribusiness group active in sugar, soybean and grain farming plus crushing. It is comparable to Victoria Group as a regional vertically integrated crop processor with farmer-supply relationships in Eastern Europe.
• MHP (Myronivsky Hliboproduct): MHP is a leading Ukrainian vertically integrated agribusiness combining grain/oilseed cultivation, processing and poultry/food production. It is comparable to Victoria Group as a regional Eastern European conglomerate with integrated farming, crushing and downstream food activities.

Direct peers

• AAK: AAK is a Swedish specialty oils and fats company producing value-added oil-based ingredients for food and personal care. It is comparable as a specialty oilseed-derived ingredients producer focused on premiumization rather than bulk crushing.
• Sodrugestvo Group: Sodrugestvo is a Russian/Eastern European oilseed processor and soy protein producer with integrated crushing and origination. It is the closest direct comp to Victoria Group's Sojaprotein in scale, geography and product mix (non-GMO soy protein concentrates, meals and oils).

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCqAr-YWiWxhU1qzAFuQ7nHA
• Facebookfacebook.com/VictoriaGroupAD
• LinkedInlinkedin.com/company/victoria-group

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries9 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 Victoria Group