Hong Kong based PE firm, PAG is set to invest €161.6Mn ($171.6Mn) in Latvia based Food Union Group. The PAG investment also saw an existing partner in Food Union Group, US based Meridian Capital add further €52.4Mn ($55.6Mn) bringing the total investment to €214Mn ($227.23Mn).
The investment from PAG and Meridian Capital is expected to finance the expansion plans of Food Union into China.
PAG is an alternative investment management firm specializing in private equity, real estate, and absolute return strategies investments. PAG focuses on large-scale buyouts, control deals, and structured minority investments.
PAG was founded in 2002 and is based in Central Hong Kong with additional offices in Asia and Australia.
Meridian Capital Group operates as a commercial real estate finance and advisory company. The company arranges fixed-rate, floating-rate, construction, mezzanine, bridge, forward commitment, and renovation/repositioning loans for multifamily, mixed-use, co-operative, office, retail, industrial, hospitality, healthcare, student housing, seniors housing, self-storage, land, and note financing properties in the United States.
The company was founded in 1991 and is headquartered in New York, with additional offices in Bethesda, Maryland; Boca Raton, Florida; Skokie, Illinois; Scottsdale, Arizona; Los Angeles and Carlsbad, California; and Iselin, New Jersey.
About Food Union
Food Union develops, produces, and sells dairy products in Latvia. Its products include ice creams, yogurts, butter, curd cheese, soft cheese, and cheese. It serves customers in Europe and internationally.
The company was formerly known as Rigas piena kombinats JSC and changed its name to Food Union in June 2012. Food Union was founded in 1927 and is based in Riga, Latvia with an ice-cream store in Shanghai, China