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Czech agri-food group Agrofert, controlled by former prime minister Andrej Babis, took over a 65% stake in the shares of the Romanian grain and oilseeds trader East Grain, in what seems to be the most important foreign investment in Romanian agribusiness over the last year.
"We are eager to put our thirty years of experience to good use for the East Grain group. Our investment will allow the group to exploit new opportunities, increase its capacities and expand its presence on the market", said Libor Nemecek, M&A and corporate finance director of Agrofert, quoted by Ziarul Financiar.
The transaction is carried out mainly through a capital increase and represents the most important external investment in Romanian agribusiness in the last year, according to an East Grain press release.
Founded in 1993 by former Czech prime minister Andrej Babis, Agrofert is one of the main players in the agri-food industry in Central Europe, with approximately 31,000 employees and over 220 subsidiaries.
East Grain's main activity is the trading of cereals and oilseeds, but the company also provides a number of related services such as logistics, storage, processing and integration services.
East Grains is present in Romania, Hungary and Serbia. The company's business increased at a combined average rate (CAGR) of 22.5% over the last 5 years.
The investment will enable East Grain to support its vision of expansion and diversification, according to the company.
(Photo source: Denys Kovtun/Dreamstime.com)
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