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Global investment firm PAG Private Equity has agreed to acquire a majority stake in ice cream provider Food Union Europe. The equity acquisition was carried out by obtaining shares from the founder and other private stakeholders involved in the transaction. Following the completion of the transaction and regulatory approval, which is expected in Q1 2024, PAG will assume full operational control over dairy and ice cream production as well as direct-to-consumer distribution enterprises across Europe. These operations include various brands in Latvia (Rīgas piena kombināts, Valmieras piens and Premia FFL), Estonia (Premia TKH), Lithuania (Premia KPC), Denmark (Premier Is, Hjem Is and Frast), Norway (Isbjorn Is and Den Norske Isbilen) and Romania (Alpin57Lux). Arturs Cirjevskis, CEO of Food Union Group in Europe, along with previous general managers of the group companies, will continue within their roles in managing Food Union Europe. The company will remain operating under its current corporate name and business structure. Cirjevskis said: "Food Union today is a strong, resilient and well-positioned player in regions where further growth is anticipated. This is attributed to historically developed and robust product brands and the company's focus on product innovation. With ongoing and upcoming investments in manufacturing technologies, automation, and operational excellence in general, we anticipate further strengthening in domestic markets and exports in the coming years." Terms of the transaction, which is pending final regulatory approval, were not disclosed.