Agrova International announces its acquisition of British egg producer and distributor Sunrise Group.
The acquisition includes Sunrise Poultry Farms and Sunrise Egg Holdings, according to the Latvian purchaser, Agrova International.
Total purchase price is EUR40 million (US$446.4 million), according to Latvian Public Media.
Financially supporting the transaction is Accession Capital Partners. The venture capital fund commented that this is among the largest international acquisitions by a Latvian company in recent times.
Behind the deal is Jurijs Adamovics, owner of Alüksne Putna Ferma (Aluksne poultry farm) of Latvia.
For Adamovics, the new acquisition offers growth opportunities for both partners.
As well as more than doubling the production and turnover of Agrova, it offers an entry into the United Kingdom (U.K.) food market.
Sunrise Group: established U.K. egg company
Founded in the 1960s in the Soar Valley area of Leicestershire, Sunrise Group is now based in Sileby, reports Baltic Times.
With its own farms and those of contracted producers across the U.K., its grading and packing facility is located in Sileby. There, it processes more than four million eggs each week, and distributes to leading retail chains, food manufacturers, and the hospitality sector across the country.
The firm operates to high standards of bird welfare, quality, and food safety, and prioritizes environmental sustainability. Its operations are certified under the British Lion, RSPCA Assured and the Brand Reputation through Compliance Global Standards (BRCGS) schemes.
In the last financial year, the group reported revenue of EUR38.5 million.
More on Agrova International
From its headquarters in Riga, Latvia-based poultry and agri-food group invests in poultry and food production companies, according to the same source.
It holds a major share in APF Holdings, a vertically integrated company involved in poultry farming, and the production and trading of eggs.
As well as Aluksne poultry farm — which produces chickens and eggs — the holding company also operates businesses in egg trading, production services, rearing young birds, and biogas & organic fertilizers.
Since its foundation in 2017, AFP Holdings has become a leading producer in the Baltic region, recognized for high standards in animal welfare, product quality, and food safety.
At the start of November, Adamovics — who is the largest shareholder in APF Holdings — founded Agrova International, reported the holding company.
In doing so, Agrova International acquired Adamovics’ shares in APF, allowing the acquisition of new production assets across Europe, and evolving Agrova International into a multinational group with businesses in different countries outside Latvia.
“The successful growth of APF and its innovative approach to egg and egg protein product manufacturing have provided the impetus to create this new international group, as I see a growing and sustainable demand for egg protein products not only in the Baltics,” said Adamovics.