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International Internet Magazine. Baltic States news & analytics Thursday, 28.03.2024, 17:23

Food Union acquires Estonian Premia Foods

BC, Riga, 06.10.2014.Print version
Today, on October 6, Food Union shareholder Andrey Beskhmelnitskiy signed an agreement to acquire Estonian Premia Foods ice cream and frozen goods business, reported BC Food Union PR consultant Linda Mezgaile.

The aim of the transaction is to expand the business in the Baltic States and Russia and unite leading regional ice cream brands under the Food Union group of companies, thereby becoming the leading ice cream manufacturer in the Baltic region. Food Union stands for innovation, passion for consumer taste and production excellence.

 

“We welcome one of the food industry leaders in Estonia – Premia Foods – to Food Union group of companies. Premia’s team is professional and has elaborate experience in ice cream production. The brand is very strong and valued in the Baltics, and we will continue to develop it. Premia will bring new opportunities for continuous innovation and development of wide and diverse ice cream portfolio,” Food Union shareholder Andrey Beskhmelnitskiy explains.

 

"But first and foremost, this is an important event for Estonian, Latvian and Lithuanian ice cream fans. Our aim is to create new and even better products that will further indulge the tastes of Baltic ice cream consumers, may they be Estonian, Latvian or Lithuanian. Our goal is to take the ice cream culture in the Baltic region to a whole new level,“ Andrey Beskhmelnitskiy adds.

 

AS Premia Foods is a publicly listed company on the NASDAQ OMX Tallinn stock exchange. The amount of the transaction is EUR 27.1 million. With the transaction two out of three AS Premia Foods’ business segments (including AB Premia KPC (Lithuania), AS Premia TKH (Estonia), AS Premia FFL (Latvia) and OOO Hladokombinat No1 (Russia)) will be sold that make up about half of the company’s turnover. The transaction must be approved by shareholders of Premia Foods at company’s extraordinary general meeting of shareholders taking place 3 weeks from October 6, and the Competition Council of Latvia.

 

After shareholders’ approval Premia Foods’ management will preserve their positions in management and will continue to actively participate in daily operations of Baltics ice cream and frozen goods business segments. Post-transaction Andrey Beskhmelnitskiy will gain ownership of the brand Premia and all other Premia Foods’ ice-cream and frozen goods brands. The production will continue in Premia’s factory in Tallinn and all employees will preserve their positions.






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