AUGA group, AB subsidiaries signed a share sale agreement of the Kooperatinė Bendrovė "Grybai LT" with Akcinė Bendrovė "Kauno grūdai"

On 7 June 2023 AUGA group, AB subsidiaries Baltic Champs, UAB, UAB “AUGA Luganta“, Kooperatinė Bendrovė “AgroMilk“, Kooperatinė Bendrovė “Juodmargėlis“ and Kooperatinė Bendrovė „Šventosios pievos“ (hereinafter the Seller) have signed an agreement with AB Linas Agro Group controlled Akcinė Bendrovė Kauno Grūdai (hereinafter - the Buyer) concerning the sale of 100% of the shares of the Kooperatinė Bendrovė “Grybai LT“ (hereinafter the Company). Negotiations regarding sale of the shares of the Company were conducted on the basis of the letter of intent signed on 7 March 2023 between the Buyer and the main member of the Company Baltic Champs, UAB.

The transaction will be completed only if the permission of the Competition Council to carry out the concentration is obtained, the consent of the bank financing the Company and other preconditions usual for such transactions are met.

The sale price of the Company's shares will be calculated for the closing date in accordance with the formula set out in the agreement, taking into account the Company's current financial data as at the closing date, including the Company's working capital, financial debt, cash and transaction-related expenses.

The Company was established in 2012 to process mushrooms grown in Lithuania. Since 2016, the Company has been producing ready-to-eat products such as soups, canned vegetables, etc. in a modern automated factory and has been continuously expanding its product range.

"We have successfully created and developed a completely new business segment, and a category of ready-to-eat soups, which was almost non-existent in Lithuania, even though we were not food processors and had no experience in food production before. We started from scratch - from the idea, to the selection and implementation of the necessary production technologies, to the development of products and search for new markets. Thanks to our team and its consistent work, today the Company's products are available in 30 countries around the world. We are pleased that we have managed to attract the attention of consumers not only in Lithuania, but also to enter the world's leading markets for organic products such as: United States of America, Germany, Japan, and to establish ourselves in them", - said Kęstutis Juščius, CEO of AUGA group, AB.