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On 1 April, AB Vilkyškių Pieninė, a part of Vilvi Group, acquired 70% of the qualifying holding of SIA Baltic Dairy Board (the “Baltic Dairy Board”).
Baltic Dairy Board is a Latvian company, specializing in the production and sale of high value-added dairy ingredients, milk, as well as whey separation. It is one of a few Northern European companies developing and manufacturing products used for baby foods (galacto-oligosaccharide products). According to preliminary and unaudited data, the Baltic Dairy Board’s annual turnover during 2020 was EUR 4.9m (net profit EUR 1.47m).
AB Vilkyškių Pieninė is part of Vilvi Group which is one of the largest cheese manufacturers and dairy processors in the Baltic States. AB Vilkyškių Pieninė is a listed company whose shares are traded on the AB Nasdaq OMX Vilnius stock exchange.
As a result of the acquisition, AB Vilkyškių Pieninė aims to strengthen and develop the assortment of the group’s high value-added dairy ingredients. Vilvi Group members intend to create synergies in the processes of whey separation and raw material procurement.
In a press release, Gintaras Bertašius, CEO of Vilvi Group, stated: “We have been cooperating with SIA Baltic Dairy Board since 2019, purchasing whey separation service. Vilvi Group processes separated whey (drying) at the group’s brand-new plant in Tauragė, which enabled the company group to make a firm entrance into the market of dairy ingredients already last year. SIA Baltic Dairy Board products will supplement the group’s assortment of ingredients, while other operations – contribute with additional synergy in the group’s joint processes. These were the reasons that determined the decision to invest in Latvia, enabling Vilvi Group to fulfil our global promise to partners, clients and consumers – offering exceptional dairy product solutions that provide an affordable nutrition and taste experience.”
The VILGERTS’ team advising the Baltic Dairy Board on the various aspects of the transaction included, managing partner, Gints Vilgerts, senior associate Jānis Kubilis and associate Kalīne Ozola.
AB Vilkyškių Pieninė was advised by Ellex Valiunas (Lithuania).
April 6, 2021 by Charles Clarke, Expert Counsel
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