AJFH
AJFH is the investment arm of the Andrej Jovanović Family Office. It operates as a family-owned investment company investing in private equity and public markets.
About
AJFH (Andrej Jovanović Family Holding) is the investment arm of the Andrej Jovanović Family Office. It operates as a family-owned investment company investing primarily in private equity and public markets. Whilst maintaining a flexible approach, AJFH aims to invest in structurally growing acyclical companies with strong management teams.The Family Office has its roots in Marbo Product, a successful Southeast European snacks business that was co-founded by Mr Jovanovic and which was sold to PepsiCo in 2008. Since then, a combination of successful investments in private equity (through Blue Sea Capital), direct private investments and co-investments, public markets, and real estate evolved into today’s family office structure.
Investments
FAMARPharmaceutical contract development and manufacturing organisation (CDMO) with broad capabilities across multiple dosage forms including sterile, solids, semi-solids, and R&D services with six manufacturing sites located across southern Europe.AJFH co-invested alongside Mid Europa Partners in October 2024.Company website
Connectis TowerLeading independent telecom tower company managing a portfolio of over 1,800 primarily ground-based macro towers across Serbia, Bosnia & Herzegovina and Montenegro.AJFH co-invested alongside Actis / General Atlantic in January 2024.Company website
OptegraFast-growing integrated ophthalmology provider that is one of the market-leaders in UK, as well as the market leader in Czechia, Poland and Slovakia. Procedures include cataract, AMD, and vision correction for both publicly reimbursed and private pay patients.AJFH co-invested alongside Mid Europa Partners in February 2023.Company website
ImlekLeading dairy producer with a number 1 market position in Serbia, North Macedonia and Montenegro, and number 2 position in Bosnia and Herzegovina.AJFH co-invested alongside Blue Sea Capital and Mid Europa Partners in February 2015.Company website
MedigroupMedigroup is the dominant market player in private healthcare services in Serbia with around 900 full-time employees in 15 locations.AJFH is invested through Blue Sea Capital since November 2012.Company website
Team
Andrej Jovanović
Andrej is a successful entrepreneur and investor with over 30 years of experience.After co-founding and successfully exiting Marbo Product in 2008, Andrej served as CEO of Moji Brendovi, a leading collection of FMCG brands in the region, and participated in the successful consolidation of the Serbian banking sector through Direktna Banka and the subsequent Eurobank / Direktna joint venture.In addition, for the past 15 years Andrej executed several successful investments through a combination of public markets, real estate, and private equity type strategies, including through his investment in Blue Sea Capital.
Saša Galić
Saša established Blue Sea Capital, a pioneering private equity fund in former Yugoslavia in 2011. At Blue Sea Capital he oversaw the investment strategy of the Fund and chaired its investment committee, and actively took part in investment origination, negotiation, and execution.Prior to founding Blue Sea Capital, Saša was an Executive Director at UBS Investment Bank London. Before that a member of the Management Board and Head of Strategy and M&A at Agrokor and a Principal Banker at EBRD.
Vuk VukovićVuk was most recently partner at Blue Sea Capital which he joined in 2011. There he worked on investment origination, execution, and monitoring and served as a member of the Investment Committee.Vuk’s prior experience includes working as Equity Analyst at Fidelity International in London and in KPMG in Serbia. Vuk is a CFA Charterholder, an ACCA and he holds an MBA degree from London Business School.
Mila Čiček
Mila spent over 10 years as a director in the Blue Sea Capital team, managing the Fund’s day to day operations, administration and audit as well as working on legal documentation, transaction structuring, execution, closing and monitoring.Before that, she was a director at Quaestus advisory as well as a director of structured finance at Agrokor.
Andrea GrozdanićAndrea has seven years of investment banking experience, most recently as part of J.P. Morgan’s Diversified Industries team in London. During his time there he advised on a number of transactions across M&A, debt, and equity products and spanning chemicals, automotive, capital goods, and business services sectors.Prior to J.P. Morgan Andrea was in the Industrials investment banking at Nomura in London.
Katja JovanovićKatja graduated in Business Management from Pace University, with a focus on financial analysis and strategy.
News
AJFH exits Optegra alongisde MidEuropa
May 30, 2025MidEuropa, a leading private equity investor with deep roots in Central Europe, today announced an agreement to sell Optegra, a leading European ophthalmology platform, to EssilorLuxottica...Read more
Blue Sea Capital announces sale of MediGroup to Mehiläinen
April 1, 2025Blue Sea Capital alongside MidEuropa today announces the sale of MediGroup, Serbia's largest private healthcare provider, to Mehiläinen, the largest private healthcare provider in Finland. The sale is part of a broader transaction...Read more
AJFH co-invests in FAMAR alongside MidEuropa
October 17, 2024AJFH announces its co-investment in FAMAR, a pharmaceutical contract development and manufacturing organisation (CDMO). In addition to AJFH...Read more
AJFH co-investing alongside Actis to acquire telecom tower portfolio in the Western Balkans
January 22, 2024Andrej Jovanović Family Holding (“AJFH”) is pleased to announce that it has agreed to co-invest alongside Actis in the acquisition of the macro tower portfolio of Telekom Srbija. A leading telecommunications operator...Read more
AJFH exits Optegra alongisde MidEuropa
May 30, 2025MidEuropa, a leading private equity investor with deep roots in Central Europe, today announced an agreement to sell Optegra, a leading European ophthalmology platform, to EssilorLuxottica, the global manufacturer and distributor of advanced vision care products, eyewear,
and med-tech solutions.AJFH co-invested alongside MidEuropa in February 2023.The Optegra group, under the Optegra, Lexum, and Iris brands, operates an extensive network of over 70 eye hospitals and diagnostic facilities across Europe, offering medically necessary ophthalmic treatments and elective vision correction procedures.The sale is subject to customary anti-trust clearance and is expected to close later this year.Partner press releases:
MidEuropa Announces Sale of Optegra to EssilorLuxottica
Blue Sea Capital announces sale of MediGroup to Mehiläinen
April 1, 2025Blue Sea Capital alongside MidEuropa today announces the sale of MediGroup, Serbia's largest private healthcare provider, to Mehiläinen, the largest private healthcare provider in Finland. The sale is part of a broader transaction encompassing MidEuropa’s regional healthcare services platform, Regina Maria Group. This transaction marks the culmination of the successful consolidation of the Serbian private healthcare market through MediGroup, which began in 2012 under Blue Sea Capital and continued under the joint ownership with MidEuropa’s platform.With over 1,700 full-time employees and around one and a half million patient visits annually, MediGroup is the leading player in private healthcare services in Serbia with well-invested facilities across key cities, providing inpatient, outpatient, lab, IVF, maternity, and ophthalmology services. The integrated healthcare platform was built through a series of acquisitions and greenfield investments, the highlights of which include the opening of a general hospital in Belgrade, as well as the establishment of an ever-expanding network of three special hospitals and 16 health centres and polyclinics. MediGroup serves its patients through the largest private ophthalmology hospital in Serbia and the largest private maternity hospital in Serbia, which has welcomed more than 6,000 babies to the world.Saša Galić, Managing Partner at Blue Sea Capital, commented: “We are excited that MediGroup is recognised as a natural fit for Mehiläinen, a best-in-class provider of healthcare and social care services in the Nordics region. The transaction validates Blue Sea Capital’s strategy of bringing local industries up to the highest standards.”Vuk Vuković, Partner at Blue Sea Capital, added: “We are incredibly proud of MediGroup’s journey to becoming Serbia’s leading private healthcare provider. This is an excellent case study in Blue Sea Capital’s value add, combining several family-led SMEs and transforming them into a well-integrated platform via professional management, consolidation, and a strategic investment programme. As a result, MediGroup now delivers strong benefits to the many local communities that it serves throughout Serbia.”Blue Sea Capital was advised by Kinstellar and Van Campen Liem.The transaction is subject to customary regulatory approvals and is expected to close in 2025.AJFH maintained a stake in MediGroup through its involvement in Blue Sea Capital.About Blue Sea Capital
Blue Sea Capital is an independent private equity company with offices in Belgrade and Zagreb, focused on small and medium enterprises in the region. Blue Sea Capital combines regional presence and the investment expertise of its team obtained in both international and local setting, and has so far invested in leading companies in its target sectors.About MidEuropa
MidEuropa is a leading European private equity investor with deep roots in Central Europe and a long-term track record in the region spanning over 25 years. Headquartered in London, with offices in Warsaw and Bucharest, MidEuropa adopts a flexible pan-European and global approach to identify winning investments across the healthcare, technology, services, and consumer sectors. MidEuropa works collaboratively with talented founders and management teams to support and facilitate sustainable growth through buy & build, organic growth acceleration, digital transformation, sustainability leadership and international expansion, to drive transformative growth and build industry champions. To date, MidEuropa has raised and managed funds of over €6.5 billion, and completed 46 investments and over 280 add-on acquisitions across 20 countries.About Mehiläinen
Mehiläinen Group is a well-known and highly respected private provider of social care and healthcare services, offering comprehensive high-quality services in its home market, Finland, as well as in Sweden, Germany, Lithuania, and Estonia. Mehiläinen offers digital healthcare software solutions through its subsidiary, BeeHealthy. 115-year-old Mehiläinen is a rapidly developing and growing leader in the industry. It serves 2.2 million customers annually, and services are provided at 890 locations by more than 37,000 employees and private practitioners. Mehiläinen invests in the possibilities of digitalisation and the effectiveness and quality of care in all its business areas. www.mehilainen.fiPartner press releases:
Blue Sea Capital announces sale of MediGroup to Mehiläinen
MidEuropa Announces Sale of Regina Maria Group to Mehiläinen
AJFH co-invests in FAMAR alongside MidEuropa
October 17, 2024AJFH announces its co-investment in FAMAR, a pharmaceutical contract development and manufacturing organisation (CDMO). In addition to AJFH, the current shareholders, ECM Partners and Metric Capital Partners, are reinvesting alongside MidEuropa and the Company’s management team.FAMAR is a trusted partner to a diversified blue-chip client base of pharmaceutical companies operating in more than 80 international markets. The Company provides a full-service offering across the CDMO value-chain, with broad capabilities across multiple dosage forms including sterile, solids, semi-solids, and R&D services. FAMAR employs c.1,900 people working across a network of six manufacturing sites located across southern Europe with two complementary R&D centers.Partner press releases:
MidEuropa Acquires a Majority Stake in FAMAR
MidEuropa Completes Acquisition of Controlling Stake in FAMAR