Integral investment in Chips Way

18 November 2022

Integral Venture Partners (Integral), an investment firm, announced today that it has completed the acquisition of a controlling stake in Chips Way – one of the leading Serbian salty snacks manufacturers – alongside its co-investor and industrial partner Nelt Group. The investment underlines Integral’s commitment towards identifying the best growing branded consumer assets within the broader CEE region.

Supported by a new institutional shareholder group, Chips Way aims to continue its market share growth across both local and regional markets, while further strengthening its legacy brand equity and product portfolio, and maintaining high-end quality standards. In parallel, Integral will work with its partners and the management team on improving Chips Way’s manufacturing operations and corporate infrastructure.

The acquisition marks Integral’s tenth investment from Evolving Europe Principal Investments I fund in just over two and a half years since the fund’s launch.


Integral manages institutional private equity and growth capital and is focused on investments in the countries of central and south-eastern Europe. Integral’s fund is backed by leading international institutional investors including the EIF, the EBRD and the IFC. Integral covers its pan-regional target market out of hubs in London, Budapest and Belgrade.

Nelt Group, founded in 1992, is the leading distributor of blue-chip consumer brands across ex-Yu region, with widespread distribution network covering 12 markets. Nelt is the long-term reputable partner of more than 80 international FMCG brands including P&G, Mondelez, Kraft, Dr. Oetker, Nestle, and Jacobs, among others.

Chips Way, founded in 1971 as the first and only back-then Yugoslavia potato chips manufacturer, is one of the leading branded salty snacks manufacturers in Serbia, operating a focused legacy brands portfolio anchored around its flagship potato chips product, recognizable across its attractive converging ex-Yu foothold.

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