„Vičiūnų grupa“ the asset management company „GG Holding“ indirectly controlled by the owners of the Vičiūnai Group – Kaunas Mayor Visvaldas Matijošaitis and Liudas Skieras – will be merged with the agricultural products trading group „Groward Group“.

The companies have notified the Centre of Registers of the merger. „We confirm that as part of the restructuring process „GG Holding“ is being merged into „Groward Group“, „Vičiūnų grupė“ said in a commentary to the BNS.

According to „Vičiūnų Gruppe“, the restructuring does not concern the dormant „Groward Group“ companies in Russia and Kazakhstan, where it owns 50% of „Grovard grain Kazakhstan“ and „Groward Rus“ shares each. These are to be liquidated by the end of the year.

According to the Registry Centre, „Groward Group“ will take over all assets, rights and obligations of „GG Holding“. Both companies are headed by Dainius Matijošaitis, a member of the board of directors of the „Vičiūnų Group“. 

„Groward Group“ made a net loss of EUR 2.3 million last year – up 5% on 2022 (EUR 2.2 million), with revenue up 24% to EUR 79.3 million (EUR 63.7 million).

„GG Holding“'s consolidated revenue grew 21% last year to €68 million (€56.1 million), net profit – 2.3 times to €3.7 million (€1.6 million).

In addition to the Lithuanian „Groward Group“, „GG Holding“ also owns 100% of the Lithuanian „Groward Group“. „Groward Group“ of the Netherlands.

In Lithuania „Groward Group“ owns 9 companies: „Vievio paukščiai“, Zujų paukštynas, „Agromėsa“, Vilkyčių paukštynas, „VG Alsa“, „VG Agrogrūdai“, „VG Ausieniškės“, „Europe eggs“ and „Baltic egg production“. The Group also owns „Karosta terminals“ in Latvia.

„Groward Group“ beneficiaries are V. Matijošaitis and L. Skierus (50% each), according to the Centre of Registers. 

„GG Holding“'s authorised capital now amounts to €143.8 million and that of „Groward Group“  €148.3 million.