VAPO Group sells Latvian AS Seda to Kalloveen Group
Vapo, a leading developer of bioenergy in Finland and the Baltic Sea region and one of Europe’s largest sawmill industry companies, has decided to divest its Latvian fully-owned horticultural peat subsidiary. The transaction closed on December 5, 2013.
The divestment of the production of horticultural peat is in line with the company’s current strategic focus on strengthening its balance sheet and concentrating on its energy-related core business.
According to Leo Hermans, Managing Director of Kalloveen, the company has cooperated with both Seda AS and the Vapo Group. “We are familiar with the company and its products, and we are pleased to have the opportunity to acquire it as part of our business” said Hermans.
Kalloveen is a privately held Belgian/ Dutch company focused on the production, refining and distribution of horticultural peat in Europe. Kalloveen’s annual turnover is approximately EUR 20 million.
Superia Corporate Finance acted as the sole financial advisor to the selling shareholders of Vapo Group in the transaction.