CEE M&A Monitor
Dairy processing · agriculture Latvia · Estonia Share purchase — signed; cleared in Estonia, under review in Latvia 1 Oct 2026

Estonian farming group's HUMMULI agrees to buy Food Union Management, owner of Rīgas piena kombināts and Valmieras piens

Latvia's Competition Council (KP) announced on 1 October 2026 that on 28 September it had received a merger notification from SIA HUMMULI on acquiring sole decisive influence over SIA Food Union Management. According to the summary filed with Estonia's Competition Authority, the deal is based on a share purchase agreement between Food Union Luxembourg Holdings II S.à r.l. as seller and HUMMULI as buyer for 100% of Food Union Management. HUMMULI is registered in Latvia, belongs to the OÜ Falber group and is ultimately controlled by Raul Jeets. The buyer's group works mainly in Estonia in raw milk production (dairy herds), crop farming, egg production, beef cattle and property, and does not process or sell dairy products today. Food Union Management holds AS Rīgas piena kombināts and Valmieras piens AS, whose brands include Kārums, Rasa, Valmiera, Limbažu Piens, Dzintars and Rasēns. Estonia's Competition Authority cleared the deal on 29 September 2026 (decision 5-5/2026-035). KP must decide within one month of notification, or up to four months if an in-depth review is needed; it invites comments until 9 October. No price was disclosed.

Our take This is a raw milk producer buying one of the largest milk processors in its neighbouring market — a vertical deal, and KP has already named the markets it will look at: raw milk purchasing and dairy products, possibly category by category. The seller is a Luxembourg holding, so this is a financial owner exiting to an operator from the supply side. It shows that buyers of a processing business are not only other processors or funds: large farming groups can move up the value chain, and they face a competition review on supply links rather than on market share overlap.
Share: LinkedIn Facebook X
← All deals

Pick the company.

We review every access request personally.

Request access →