Agrova International, the Latvian agri-food group, has secured investment from a fund managed by Accession Capital Partners.
The private-equity firm is backing the business through its Luxembourg-based vehicle AMC V SCA SICAV-RAIF, according to a statement.
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Under the deal, Accession Capital Partners (ACP) subscribed to a new share issue, acquiring a 23% stake in Agrova, the parent company of Nasdaq-listed APF Holdings.
Financial terms were not revealed.
The funding will provide a “robust financial foundation” for expanding production in Latvia, including the “modernisation” of the Alūksne poultry farm in the town of the same name.
It will also support Agrova’s acquisition of Sunrise Group, the UK-based egg supplier to retail and supermarkets.
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By GlobalDataAgrova announced the purchase of Sunrise Group in November for €40m (then $46.1m).
At the time, the company said the deal “significantly expands Agrova’s operational footprint” and “strengthens its position as a pan-European player in the egg and egg protein industry”.
Jurijs Adamovičs, founder of APF Holdings and Agrova, said: “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.”
Agrova also said it has set up a supervisory board, described as an “important step in shaping the group’s long-term governance model and strategic oversight”.
Ruta Amtmane has been elected chair of the supervisory board. She is also deputy chairwoman of the supervisory board of APF Holdings and sits on the supervisory board of airBaltic.
ACP investment manager Dmytro Kistechko has joined the supervisory board as a representative of the private-equity firm.
Piotr Sadowski, a partner at ACP, said: “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 see this partnership as a long-term relationship and intend to leverage opportunities within the European food production market.”
Based in Riga, Agrova International is an agri-food investor holding a majority interest in APF Holdings, which operates in poultry and egg production.
