Investment bank Dragon Capital and private equity fund East Capital Bering Ukraine Fund have jointly acquired a 70% stake in Chumak, the largest tomato processor in Central and Eastern Europe.

The stake was acquired from Professor Hans Rausing, who co-founded the business 12 years ago.

Brian Best, Dragon Capital's managing director of investment banking, said: "Chumak is one of the strongest FMCG brands in Ukraine. We see excellent business opportunities, especially in the agricultural division, and we will continue to aggressively expand the company together with its founders and East Capital."

Chumak is one of the largest producers of ketchup, mayonnaise, sauces, canned vegetables and pasta in Ukraine. The company has a production site in Ukraine and sales offices in Belarus and Moscow.

"We see a lot of renewed opportunities in the fast growing food and agricultural sectors", said Aivaras Abromavicius, partner at East Capital.

Carl Sturen, who co-founded Chumak alongside Prof Rausing, said he "welcomed" the deal with the two investment groups.