We have advised HKScan on the sale of its Baltic business unit to Maag.
HKScan’s Baltic production units are located in Rakvere, Tabasalu and Viiratsi in Estonia and Jelgava in Latvia. The company’s consumer brands in the Baltics are Rakvere, Tallegg, Rigas Miesnieks, Jelgava, and Klaipedos Maistas. In 2021, net sales for the Baltic business amounted to €170m (Q1-3/2022: €143.6m), EBIT was € -5.4m (Q1-3/2022: € -26.6m) and the average number of employees in the three countries is some 1 500. HKScan has operated in the Baltics since the summer of 1998.
AS Maag Grupp is an over 25-year-old Estonian food company operating in the meat and dairy business. Maag’s net sales in 2021 totalled €233m and employs approximately 1,000 people in Estonia, Poland and Finland. The company is known for its consumer brands Tere, Farmi, Deary, Rannarootsi, Rannamõisa and Pouttu. With the acquisition of HKScan's Baltic business unit Maag strengthens its position and achieves significant synergies in the Baltic market. This will also provide better food security in turbulent times.
