Advised on Sale of Company

Food & Beverage

AS Group

Leading food and beverage producer Bosnia and Herzegovina

Acquired Majority Control of Business Operations

Klas dd

The leading industrial mill and bakery in Bosnia Bosnia and Herzegovina

Advised Klas d.d. in the sale of an undisclosed majority interest to AS Jelah Group


Klas d.d. is the market leader in the milling and bakery industry in Bosnia and Herzegovina and one of the largest players in Southeast Europe. The company owns two mass production bakeries located in Sarajevo and Mostar. The company consists of four production units: flour milling, bakery, pasta production and confectionery. In 2013, company generated sales of approximately EUR 40 million.

Unique Selling Points

- Leading position in the milling and bakery industry in Bosnia and Herzegovina.
- Very strong heritage brand name with decades of tradition.
- Widespread distribution through distribution centers in all major cities in Bosnia and Herzegovina including a fully automated modern high-bay warehouse with 11,500 pallets. 

The Investor

AS Jelah is a Bosnian mixed conglomerate with a strong focus on production and distribution of food and beverage products. With this integration As Jelah will achieve combined sales of approximately € 100 million per annum, making it by far the largest food and beverage company in Bosnia & Herzegovina. The synergies created with the merger of the two operations will certainly be beneficial for the entire value chain in the local industry and the overall Bosnian economy. 

The Deal

IMAP SEE advised Sarajevska Pivara on the sale of controlling share in the Klas Group. By subsequently making an official take over bid to the remaining shareholders, AS Jelah managed to acquire more than 90% in Klas Group.


See case study >

In my line of work I come across many consultants. One of the key issues that I have with advisors is that these people can walk away from a problem at any time, while the owner is left holding the baby. 

Ever since I started to work with IMAP I discovered a company with a very different ethos. Highly trained, committed, driven by delivery of results and willing to put in the extra effort that is so totally necessary to make a real difference on the ground. 

In our time, IMAP has helped me to divest in two operations, to raise capital in another three companies and to provide me with the rigour, structures and network of some of the best managers in the region to strengthen my operations at the group level. I honestly believe that IMAP is offering the kind of advice and drive that should be considered by every entrepreneur in the region. The energy and skills they have cannot be found in any company - it would be impossible.  So I truly believe that the contribution they are making to the economies of the region are substantial.

Mujo Selimović