The Estonian meat industry company Maag Lihatööstus has acquired 100 percent of the shares in Finland's fourth-largest meat processing firm Pouttu.
"Pouttu is a well-functioning Finnish meat processing company that has a strong brand, dedicated and professional management and modern production," chairman of the supervisory board of Maag Grupp Roland Sepp said.
"Next to an increase in production and sales volumes, Pouttu's extensive meat processing experience and skills which we'll be able to apply in Estonia from now on are of equal importance to us," he added.
The company withheld the price of the transaction.
Founded in 1938, Pouttu is the oldest trademark in the Finnish meat industry. The company has a long history of customer relations with Finnish retail chains like Kesko, S-Group and Lidl. It also has a country-wide sales and distribution network and enjoys close cooperation with large HoReCa customers. The turnover of the Pouttu meat factory based in Kannus 500 kilometers to the north of Helsinki was 61.4 million euros in 2012. The company employs 280 people.
Maag Lihatoostus is a holding of the food industry company Maag Grupp based on Estonian capital. The acquisition of Pouttu will lift the group's sales to 174 million euros and increase its staff to 786.
Other companies in the Maag Grupp are Maag Piimatoostus, Maag Konservitööstus, Nigula Piim, Maag Food, and Gelid Food, as well as Avalon Foods in Poland.
The transaction was financed by Swedbank, with Keystone Advisers, Raidla Lejins & Norcous, Roschier and Grant Thornton acting as consultants.