Private equity firm Mid Europa has sold Serbian soft drink producer Knjaz Miloš to a joint venture between PepsiCo and KMV, a Czech mineral water producer.
Mid Europa acquired Knjaz Miloš together with dairy business Imlek and confectionery firm Bambi in 2015 to form consumer group Moji Brendovi.
Knjaz Miloš produces mineral water and hydration drinks and during Mid Europa’s ownership it more than doubled in size.
Robert Knorr, Co-Managing Partner of Mid Europa, said: "Knjaz Miloš is another example of Mid Europa's vision and capability to transform a Central European consumer company into a branded category leader."
Andrej Babache, Partner of Mid Europa, said: "Knjaz Miloš has introduced product and packaging innovations to strengthen its leadership in the water and drinks categories. The company's new and refreshed brands have led the way in direct digital communication with younger customers."
Milos Stojisavljevic, CEO of Knjaz Miloš, added: "We are proud of the success achieved working together with Mid Europa, and as part of the Moji Brendovi Group. We look forward to joining the leading brands of KMV and PepsiCo and continuing our growth."