This follows two other recent acquisitions from PAG within the Australasia market of snack, appetiser and dessert brand Patties, as well as Vesco, a fellow producer of frozen foods. The announcement of the acquisition of Food Union Europe will see it joining these businesses alongside several retail franchises, chicken processing companies and dairy producers.
"PAG Private Equity has been invested in Food Union Europe since February 2017. We believe strongly in the company's unrivalled market position across its core markets in Latvia, Estonia, Lithuania, Denmark, Norway and Romania. We look forward to working with the existing management to support Food Union's continued growth and expansion," said Lincoln Pan, partner and co-head of private equity at PAG.
The transaction, which is currently pending final regulatory approval and expected to complete this first quarter, was carried out through the acquisition of equity from several stakeholders, including Food Union Europe’s founder. Specific financial details have not been shared.
Current CEO, Arturs Cirjevskis, alongside the existing general managers of the group companies, will continue to manage Food Union Europe. The ice cream producer will also remain operating under its present corporate name and business structure.
"Food Union today is a strong, resilient, and well-positioned player in regions where further growth is anticipated. This is attributed to historically developed and robust product brands and the company's focus on product innovation. With ongoing and upcoming investments in manufacturing technologies, automation, and operational excellence in general, we anticipate further strengthening in domestic markets and exports in the coming years," commented Cirjevskis.
In other news, the Sustainable Bottling Co has opened a new aluminium drinks bottling facility in the East Midlands - find out more here.
