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 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
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 in the CEE region, Telekom Srbija operates across Serbia, Bosnia & Herzegovina and Montenegro. The carved-out portfolio is comprised of approximately 1.8k macro towers (of which c. 1.0k in Serbia, c.0.7k in Bosnia & Herzegovina, c. 0.1k in Montenegro) and is well placed for further commercialisation and expansion.To support this transaction, Actis has arranged a group of top-class institutional investors, and regional co-investors.The towers market in CEE and the Western Balkans region is forecast to expand significantly over the coming years, driven by the increasing consumer demand for mobile data, the rollout of new technologies such as 5G and 6G as well as changing mobile capacity and coverage requirements. Independent tower companies have a significant role to play in efficiently investing in, improving, and mutualising passive infrastructure to support mobile growth and overall developments of local economies.Partner press releases:
Actis-led Consortium Acquires Telecom Tower Portfolio in Western Balkans
Actis announces launch of Connectis Tower brand and management team