Latvian group Food Union bought a stake of 70% in the local ice cream producer Alpin 57 Lux.

The Romanian entrepreneur Ioan Istrate, who founded the Romanian firm, will keep a 30% stake in the company. The deal’s value hasn’t been announced.

According to sources in the mergers & acquisitions market, the transaction is estimated at EUR 20 million, reports local Mirsanu.ro.

Alpin 57 Lux is based in Sebes, Alba county. The company recorded a net profit of EUR 1.2 million last year, and a turnover of EUR 15.7 million. It employees on average 468 people.

Food Union is controlled by the Russian billionaire Andrey Beskhmelnitskiy.

The local ice cream market amounted to about EUR 150 million in 2014. The biggest companies in this market include international groups Nestle and Unilever, and Romanian producer Betty Ice.

editor@romania-insider.com

(photo source: Alpin Lux Inghetata on Facebook)