Lithuania-based Galinta, a supplier of packaged oats, wheat and rice across the Baltic region, is set for sale.

The company has agreed to a takeover offer from private-equity firm INVL Baltic Sea Growth Fund.

Financial terms have not been disclosed.

Galinta, which employs more than 100 staff, sells a range of staples under its namesake brand at retailers including Rimi.

The group, which has a buckwheat processing factory and two grain elevators among its assets, also offers private-label manufacturing to retailers and wholesalers.

In a statement announcing the transaction, Galinta Group owner Marijus Mazuch said: “Galinta Group has been successfully operating in the market for more than two decades and holds a significant position for the production of groats and flakes as well as commercial activities across the Baltics and Europe more broadly. I strongly believe this transfer to professional investors will now allow the group to continue growing and further strengthen its already impressive market.”

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The statement detailed how Galinta Group generated revenues of “around” €38.5m ($42.1m) in 2022, without giving a comparative figure.

Deimantė Korsakaitė, managing partner of INVL Baltic Sea Growth Fund, said: “The business has the potential for rapid growth by both increasing volumes in existing markets and expanding into the new ones as well as the launch of new product segments.”

The deal is expected to be completed early next year subject to competition approval in Lithuania.

Korsakaitė added: “We believe that the plant-based food sector has strong potential for growth and Lithuania demonstrates a competitive advantage in the field of food processing, especially in the grain segment. Therefore, it has represented one of the strategic sectors we have looked at for potential investment since the fund’s establishment.”

Galinta is INVL Baltic Sea Growth Fund’s ninth investment. It has backed businesses in sectors including healthcare, engineering and waste management.

The fund, which has the European Investment Fund (EIF) as its main investor, focuses on the Baltic states, Poland, Scandinavia and markets in central Europe.