Foodstuff, Latvia, Markets and Companies, Mergers and take-overs

International Internet Magazine. Baltic States news & analytics Thursday, 28.03.2024, 11:08

Latvian AB Holding acquires 50% stake in RicBerry candied fruit producer

BC, Riga, 16.05.2016.Print version
Latvia’s AB Holding, owned by businessman Bislans Abdulmuslimovs, has acquired a 50% stake in innovative candied fruit producer RicBerry from the company’s owner, opera singer Ieva Viluma, LETA learned.

The sum of the deal is not disclosed.

 

"My goal is to make RcBerry a world-scale organic sweets maker. The holding’s cooperation with this Latvian company is a good opportunity to enter the closed western food markets, surprising them with an organic innovation "Made in Latvia"," said Abdulmuslimovs.

 

He said that this will not be the holding’s last investment this year.

 

"We have chosen such a cooperation model so that the new founders may comfortably continue their innovations and increase the potential of their brand. By merging instead of selling out to Scandinavian giants we may spread the tradition of Latvian food producers, retaining workplaces and positioning Riga as the capital of organic food," he said.

 

According to Firmas.lv business database, RicBerry was registered in 2011 and has a share capital of EUR 2,840. The company employs 17 people.

 

In 2015 RicBerry posted EUR 137,363 in turnover and EUR 22,111 in profit. After the transaction, 50% of the comapny's shares is owned by AB Holding, 25% by Viluma and 25% by Raimonds Brendelis.

 

RicBerry makes about 120 kinds of food products.

 

AB Holding, founded in 2011, has a share capital of EUR 2,845. Abdulmuslimovs is the sole owned of the holding.

 

AB Holding in 2015 posted EUR 475,847 in sales and EUR 379,772 in profit. AB Holding includes Rezeknes Galas Kombinats, Daugavpils Galas Kombinats meatpackers and Ventspils Zivju Konservu Kombinats fish cannery.






Search site