PAG Private Equity to acquire ice cream producer Food Union Europe

The deal is expected to close and get regulatory approval in the first quarter of this year.

  • Arturs Cirjevskis, CEO of Food Union Group in Europe, and the previous general managers of the group companies will continue to manage Food Union Europe
  • Food Union Europe will continue to operate under its existing corporate name and business structure
  • PAG invests in the food industry

PAG Private Equity has agreed to acquire a majority controlling stake in Food Union Europe, a Riga, Latvia-based provider of ice cream and other frozen treats to consumers in six European countries. No financial terms were disclosed.

The deal is expected to close and get regulatory approval in the first quarter of this year.

“PAG Private Equity has been invested in Food Union Europe since February 2017,” said Lincoln Pan, partner and co-head of Private Equity at PAG.” We believe strongly in the company’s unrivaled market position across its core markets in Latvia, Estonia, Lithuania, Denmark, Norway and Romania. We look forward to working with the existing management to support Food Union’s continued growth and expansion.”

Arturs Cirjevskis, CEO of Food Union Group in Europe, and the previous general managers of the group companies will continue to manage Food Union Europe. Food Union Europe will continue to operate under its existing corporate name and business structure.

PAG invests in the food industry.