Lithuania-based dairy firm Vilvi Group has acquired a 70% stake in Latvian ingredients business SIA Baltic Dairy Board for an undisclosed sum.
Vilvi, one of the largest cheese manufacturers and dairy processors in the Baltic states, suggested the deal, done through its Vilnius stock exchange-listed Vilkyškiu Pienine unit, will “strengthen and develop the assortment of the group’s high value-added dairy ingredients”.
SIA Baltic Dairy Board specialises in producing and selling dairy ingredients, including those used for baby food, and milk and whey separation. Its turnover in 2020 was EUR4.9m (US$5.9m).
Gintaras Bertašius, CEO of Vilkyskiai-based Vilvi Group, said: “We have been cooperating with SIA Baltic Dairy Board since 2019, purchasing [its] whey separation service.”
He added: “SIA Baltic Dairy Board products will supplement the group’s assortment of ingredients, while other operations [will] contribute [in creating] additional synergy in the group’s joint processes.”
just-food has asked SIA Baltic Dairy Board for a comment on the deal.