Financial Services, Foodstuff, Latvia, Markets and Companies

International Internet Magazine. Baltic States news & analytics Friday, 29.03.2024, 08:47

Reorganization of Rigas Piensaimnieks dairy company completed

BC, Riga, 05.01.2017.Print version
The merger between Rigas Piensaimnieks and its owner, Food Union Baltics, that began last year has now been completed, according to Firmas.lv business information website writes LETA.

During the reorganization Food Union Baltics has been merged with Rigas Piensaimnieks, and Cyprus-registered Velbirol Services Limited has become the owner of the company.


Rigas Piensaimnieks representative Lina Mezgaile told that the change of ownership was due to the reorganization that had started in 2016. As Food Union Baltics had been merged with Rigas Piensaimnieks, Verbirol Services Limited as the owner of Food Union Baltics had become the owner of Rigas Piensaimnieks.


The decision about reorganization of both companies was made on August 9, 2016.


Food Union Baltics became the owner of Rigas Piensaimnieks as a result of the deal in which Food Union group bought Rigas Piensaimnieks from DCEMF Holdings that was registered in the Cayman Islands. Food Union Baltics was registered in Latvia on August 26, 2015.


Normunds Stanevics, CEO of Rigas Piena Kombinats dairy which also is part of Food Union group, said earlier that the merger of the two companies would make their structure and management simpler and more transparent.


In 2015, the profit of Rigas Piensaimnieks shrank by 29.4% to EUR 480,511, and its turnover decreased 7.7% y-o-y to EUR 30.365 mln. Founded in 1993, Rigas Piensaimnieks makes about 100 dairy products, including popular Karums or chocolate-glazed curd snacks.


Food Union Group comprises three large Latvian dairy and ice cream companies – Rigas Piensaimnieks, Rigas Piena Kombinats and Valmieras Piens – as well as ice cream companies Premia (Estonia), Premier Is (Denmark), Isbjorn Is (Norway) and Alpin57Lux (Romania). The group's turnover in 2016 topped EUR 105 mln. The group's largest shareholder is Russian businessman Andrey Beskhmelnitsky.






Search site