German dairy giant DMK has bought the shares in Russian cheese maker RichArt it did not already own.
DMK, already the owner of 60% of RichArt, has purchased the remaining 40% of the business from two unnamed Russian investors for an undisclosed sum. A spokesperson for DMK refused to be drawn on what DMK had paid for the stake.
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The transaction comes two years after DMK acquired 60% of RichArt, which is based in the Voronezh region in southern Russia.
DMK said RichArt had seen “a substantial increase in its sales volume” in 2017. The Russian firm is focusing this year on expanding the branded side of its business, DMK added.
More than 90% of RichArt’s sales are conducted through the retail channel, with 70% of that revenue coming from brands.
In a statement, DMK CEO Ingo Müller said: “In focusing our business and expanding further into defined international markets, we are aiming to significantly increase the DMK Group’s value creation on the home and international fronts. Because of the Russian RichArt Group’s positive growth, we are going to increase our stake to 100%.”
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