Ukraine businessman takes over frozen food firm in deal worth €27 million

2014-10-06
By Rayyan Sabet-Parry, RIGA

Tallinn based Premia Foods will be taken over in a 27 million euro deal (photo: LETA)

A major Estonian frozen foods firm has been taken by a Ukrainian businessman in a brand new deal worth 27 million euros, media reports say.

Ukraine based Food Union confirmed it would take over the Tallinn based frozen foods firm Premia Foods, nozare.lv reports.

Food Union owner Andrey Beskhmelnitskiy said the aim of the transaction was to expand the business in the Baltic States and Russia.

"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," Beskhmelnitskiy told the nozare.lv business portal.

Beskhmelnitskiy added that the deal covers the acquisition of two Premia Foods businesses, including AB Premia KPC in Lithuania, "Premia TKH" in Estonia, Premia FFL in Latvia, and OOO Hladokombinat No1 in Russia, which make up about half of the company's turnover.

Beskhmelnitskiy is a global food industry entrepreneur of Ukrainian origin. In 2011, Beskhmelnitskiy acquired Food Union, a company that unites the biggest dairy companies in Latvia including Rigas piena kombinats and Valmieras Piens.