"Krekenava Agrofirma pays €6.5 million for the business and assets of Arvi Kalakutas

Asociatyvi nuotr.

Meat processing company „Krekenavos agrofirma“ has paid EUR 6.5 million for the meat processing business and the assets of the factory in Marijampolė of the bankrupt company „Arvi kalakutai“.

„Arvi turkey“ business and assets were acquired from „Imlitex Holdings“ in June last year. The buyer paid an advance of EUR 4.6 million at the end of 2022, which was offset in June 2023, according to „Krekenava agrofirma“'s 2023 annual report filed with the Centre of Registers. 

The land, buildings and production equipment of „Arvi turkey“ cost „Krekenava agrofirma“ €6.05 million, while trademarks – cost a further €0.43 million, it said. 

The first to report this was the „Verslo žinios“ portal.  

A December 2021 ruling by the Lithuanian Court of Appeal on the annulment of a resolution of the creditors' meeting of the bankrupt „Arvi kalakutų“ says that the creditor „Imlitex“ had agreed to take over the assets pledged in its favour for €3 million, refusing to take over brands with a market value of €2.2 million. 

In February this year, „Krekenavos agrofirma“, controlled by the private equity fund manager „BaltCap Private Equity Fund III“ in the Kėdainiai region, also acquired the property complex of „Ermena“, a property administrator in Kazlų Rūda.

„Krekenavos agrofirma“ last year earned a net profit of EUR 1.3 million – 27% less than in 2022 (EUR 1.8 million) and generated revenues of EUR 190.3 million – 11% more (EUR 171.1 million).

„In 2024, „Krekenavos agrofirma“ plans to maintain the same sales volumes and profits as in 2023, focusing on investing in people and product safety and optimising operations“, – the company said in the report.

It has set aside €5 million for dividends this year and did not pay them to shareholders last year. The company's beneficiaries are two Estonian, one Latvian and one Lithuanian citizen, according to data from the Centre of Registers.

„Krekenavos agrofirma“ owns 100% of the shares of the Latvian company „Krekenavos mėsa“.

„Sodros“ data shows that currently „Krekenava agrofirma“ employs 1145 people.