Correction: Vilvi Group Is Growing: Acquisition of a Latvian Company Corrected date of acquisition
On 01/04/2021, AB Vilkyškių Pieninė, which belongs Vilvi Group, has completed the procurement of 70% of the qualifying holding of SIA Baltic Dairy Board. SIA Baltic Dairy Board is a Latvian company, specialising in producing and selling high value-added dairy ingredients, and milk and whey separation. According to preliminary and unaudited data, SIA Baltic Dairy Board turnover in 2020 was 4.9 million Eur, while the company’s net profit – 1.47 million Eur.
Investing into SIA Baltic Dairy Board, AB Vilkyškių Pieninė aims to strengthen and develop the assortment of the group’s high value-added dairy ingredients. The new Vilvi Group company in Latvia is one of the few Northern European companies, developing and manufacturing products, used for baby foods (galactooligosaccharide products). Vilvi Group will make use of the newly-forged synergy among the current group members and the SIA Baltic Dairy Board in the processes of whey separation and raw material procurement.
‘We have been cooperating with SIA Baltic Dairy Board since 2019, purchasing whey separation service. Vilvi Group processes separated whey (drying) at the group’s brand-new plant in Tauragė, which enabled the company group to make a firm entrance into the market of dairy ingredients already last year. SIA Baltic Dairy Board products will supplement the group’s assortment of ingredients, while other operations – contribute with additional synergy in the group’s joint processes. These were the reasons that determined the decision to invest in Latvia, enabling Vilvi Group to fulfil our global promise to partners, clients and consumers – offering exceptional dairy product solutions that provide an affordable nutrition and taste experience.’ said Gintaras Bertašius, CEO of Vilvi Group.
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