Serbia’s investment landscape is seeing greater emphasis on acquisitions of established businesses, as foreign groups target industrial expertise, distribution networks and financial platforms while Serbian capital expands across the wider Balkans. German industrial group MS Industrie, through MS XTEC, has acquired 51% of Serbian precision-engineering company IDAS, with founder retaining a 49% stake.
IDAS employs around 190 people and recorded approximately €8.5 million in revenue in 2025. The company manufactures high-precision components and industrial assemblies, with a particular focus on pharmaceutical packaging and process industries. The transaction involves the acquisition of an operating engineering business with an existing workforce, production capabilities and industrial expertise rather than the construction of a new facility based on imported technology.
Foreign groups consolidate established Serbian platforms
Other recent transactions also involve established Serbian businesses and operating networks. Wienerberger has acquired the building-materials platform of Univerzum, while Xella, controlled by Holcim, is consolidating its position around Rapid.
In logistics, Austrian Post has acquired full ownership of D Express, securing control of an established Serbian parcel-delivery network. These transactions extend beyond the creation of new production facilities, placing existing industrial, construction and logistics capabilities within larger international corporate structures.
Serbian capital expands across the Balkans
Investment activity is also moving in the opposite direction, with Serbian-origin groups pursuing regional expansion.
AikGroup is developing a banking platform covering Serbia, Slovenia and Montenegro. The European Bank for Reconstruction and Development (EBRD) is investing up to €64 million for a 5% stake in the group to support further acquisitions, digitalisation and improvements in governance. AikGroup currently manages more than €10 billion of assets and is targeting approximately €17 billion within three to five years. The expansion illustrates the growing role of domestic capital in regional transactions, particularly in banking and financial services.
Established capabilities become acquisition targets
Greenfield investment remains important for Serbia, particularly across automotive, electronics and renewable-energy supply chains. At the same time, the expansion of Serbia’s industrial base has increased the number of companies with skilled employees, established customer relationships, engineering expertise and regional distribution capabilities that can be acquired by larger groups.
For sellers, integration into an international group can provide access to capital, technology and larger customers. For buyers, purchasing an established Serbian company can offer a faster route into existing operations than developing a business from the beginning. The shift also gives Serbian-origin investors a larger role in the regional market, allowing them to pursue acquisitions elsewhere in the Balkans rather than focusing solely on competition for assets in Serbia. The development is particularly visible in banking and financial services, where regional consolidation is creating platforms spanning several markets.
Serbia’s investment activity is therefore increasingly shaped by ownership transactions, productivity and regional expansion alongside the continued arrival of greenfield manufacturing projects. The changing pattern reflects an investment market in which established industrial and financial capabilities have become assets that international and regional investors are prepared to acquire.
