Sayenko Kharenko, working with global counsel Allen & Overy, has provided Ukrainian advice to Greenyard N.V. on the EUR 120 million sale of 100% shares of its horticulture business to independent investment group Straco BVBA. Clifford Chance, working with Redcliffe Partners in Ukraine and TGS Baltic in Latvia, advised the buyers.
According to Sayenko Kharenko, Straco acquired Greenyard’s food production assets, including 14 production facilities located throughout Europe and the CIS. Greenyard intends to use the proceeds from the transaction to secure the necessary means for the repayment of a EUR 150 million retail bond maturing in July 2019.
Greenyard’s CEO Hein Deprez commented, “we feel that this divestment is an important step towards a stronger Greenyard. Furthermore, the divestment of the Horticulture segment, in combination with the agreement with the lenders and ongoing deleveraging and improvement plans, will secure Greenyard the necessary means for the repayment of the retail bond in the summer of next year.”
Straco is an independent Belgian family-owned investment group active in real estate and private equity with a long-term investment horizon operating in the Benelux, UK, France, Germany, and Poland.
Greenyard is a global supplier of fresh, frozen, and prepared fruit and vegetables, flowers & plants. The Horticulture segment for growing media and mushroom substrates works in Belgium, France, Poland, and Ukraine and exports to more than 60 countries with 14 facilities in Europe and Russia.
Sayenko Kharenko’s team was led by Partner Oleksandr Nikolaichyk and included Associates Ilhar Hakhramanov, Tymur Enkhbaiar, Mykola Lykhoglyad, and Tetiana Dyvak.
The Redcliffe Partners team consisted of Senior Associate Anna Pushkaryova and included Associates Yulia Brusko and Maria Grechko and Junior Associates Bogdan Nykytiuk and Anton Rekun, all working under the general supervision of Partner Dmytro Fedoruk.
Editor's Note: After this article was published TGS Baltic informed CEE Legal Matters that it had worked alongside Clifford Chance in advising Straco on the acquisition in Latvia, and that the deal had been signed on September 24 and completed on December 18, 2018. The TGS Baltic team was led by Partner Andra Rubene and Associate Partner Nauris Grigals, both supported by Senior Associate Raivis Znotiņs, Associates Toms Tidemanis and Kaspars Treilibs, and Legal Assistants Zane Sklamina and Martins Galzons.
