Agrova International attracts ACP as a 23% shareholder and establishes Supervisory Board to drive growth

The major shareholder of APF Holdings - Agrova International  (hereinafter – Agrova), founded by Jurijs Adamovičs, has attracted a foreign investor – the Luxembourg-based investment fund AMC V SCA SICAV-RAIF, advised by Accession Capital Partners (hereinafter – ACP). ACP has subscribed to a new share issue and acquired a 23% shareholding in Agrova. ACP, formerly known as Mezzanine Management, is one of the leading providers of financing solutions for mid-sized companies in Central Europe.

This partnership marks a significant milestone in the development of the newly established Agrova Group, providing a robust financial foundation for expanding production capacity in Latvia, including the further modernization of the Alūksne poultry farm. In addition, ACP played a role by providing financing in the recently announced transaction through which Agrova acquired the UK-based egg producer Sunrise Group, reinforcing the Group’s broader strategy of adding high-quality assets across Europe and accelerating its international expansion.

Jurijs Adamovičs, Founder of APF Holdings and Agrova International: “ACP joining Agrova’s shareholder structure is an important step forward and a strong confirmation of our strategic direction. As an international investor with extensive experience in the manufacturing, agriculture, and consumer goods sectors across Central and Eastern Europe, ACP will provide us with valuable additional capital for future growth”.

The ACP investment in Agrova’s capital will serve as a foundation for further capacity expansion in Latvia and the growth of the group’s asset portfolio in other European export markets.

Piotr Sadowski, Partner at ACP: “This transaction reflects our long-term commitment to the manufacturing and food sectors in the Baltic region, as well as our confidence in the market’s potential beyond the region’s borders. We highly value APF Holdings’ progress to date, which demonstrates that the newly formed Agrova group has both the vision and the practical expertise to deliver on its ambitious growth plans. We see this partnership as a long-term relationship and intend to leverage opportunities within the European food production market”.

Governance structure of Agrova International

Following the completion of the transaction, Agrova International has established its Supervisory Board, marking an important step in shaping the group’s long-term governance model and strategic oversight.

- Ruta Amtmane has been elected Chairwoman of the Supervisory Board. She also serves as Deputy Chairwoman of the Supervisory Board of APF Holdings and is a member of the Supervisory Board of airBaltic.

- Aleksandrs Adamovičs has been elected Deputy Chairman of the Supervisory Board. He is also a member of the Supervisory Board of APF Holdings, as well as a professor and leading researcher at the Faculty of Agriculture and Food Technology of the Latvia University of Life Sciences and Technologies (LBTU LPTF), holding a doctoral degree in agriculture (Dr. agr.).

- Dmytro Kistechko, Investment Manager at ACP, has been elected a member of the Supervisory Board, representing ACP.

About Agrova International 

Agrova International is a a European poultry and agri-foods group headquartered in Riga, Latvia, which invests in poultry and food production companies. Besides Sunrise Eggs, it holds a majority stake in APF Holdings (Nasdaq Riga First North: EGG), a dynamic, vertically integrated agri-food group specialising in poultry farming, egg production, and trading, as well as biogas and organic fertiliser production. APF Holdings includes Alūksnes putnu ferma (poultry and egg production), APF Trading (egg wholesale), Oluksne (production services), APF Energy (biogas and organic fertiliser), and Preiļu putni (young bird rearing). Founded in 2017, APF Holdings has become one of the leading poultry sector players in the Baltic region, offering innovative and sustainable products that meet the highest food quality, safety, and animal welfare standards.

About Accession Capital Partners

Accession Capital Partners (ACP) is investing from its fifth fund AMC V SCA SICAV-RAIF which closed at €336m in June 2024.  ACP has been operating in Central and Eastern Europe since 2000 through its offices in Vienna, Warsaw, Bucharest, Budapest and Prague and Luxembourg. To date, the group has raised commitments of more than €1.2bn in five dedicated growth capital funds. The funds are backed by reputable institutional investors, including the European Investment Fund, the International Finance Corporation, the European Bank for Reconstruction and Development and a number of banks, family offices, funds of funds, pension funds and insurance companies from Europe, the US and Asia.