The Latvian company SIA “Agrova International” has acquired the British egg production and distribution company “Sunrise Group”, which combines “Sunrise Poultry Farms” and “Sunrise Eggs Holdings”, for 40 million euros, the company has announced.
Businessman Jurijs Adamovičs’, who also owns domestic producer”Alūksne Putnu Ferma” (Alūksne bird farm), is the man behind the deal.
Agrova International has acquired 100% of Sunrise Group. The transaction was financially supported by Accession Capital Partners, a venture capital fund with experience in facilitating the growth of agricultural companies.
“With a total transaction value of €40 million, this acquisition ranks among the largest outbound acquisitions by a Latvian company in recent years,” a company statement said.
Sunrise Group is one of the most recognized egg production groups in the UK with over 60 years of experience. The company’s origins date back to the 1960s in Leicestershire. The group supplies leading retail chains, as well as food manufacturers and the HoReCa sector throughout the UK.
Jurijs Adamovičs commented on the deal saying: “We are delighted to welcome the Sunrise team to the Agrova family – this synergy will strengthen our position in the European market and facilitate further growth. Sunrise is a company with strong operating fundamentals, similar production capacity to our infrastructure in Latvia and significant sales volume throughout the United Kingdom. This move will allow Agrova International to more than double its turnover and scale of operations, while gaining access to one of the most developed and dynamic food markets in Europe.”
It’s not the businessman’s only link with the United Kingdom – he holds a Master’s degree in Finance from the London Business School.
Seen a mistake?
Select text and press Ctrl+Enter to send a suggested correction to the editor
Select text and press Report a mistake to send a suggested correction to the editor
Tell us about a mistake