After acquisition 75.1% of Latvijas Piens shares belong to Eximo Agro-Marketing, a subsidiary of Fude + Serrahn Milchprodukte. A further 14.5% is owned by Latraps (the previous majority shareholder) while 8.5% are owned by dairy co-operative Dzese and 1.9% by agricultural co-operative VAKS.

Latvijas Piens also elected a new board. It is lead by Janis Vaivods, long-standing head of Eximo Agro-Marketing in the Baltic states as well as Janis Cipulis, chairman of Eximo Agro-Markting’s German division, and Andreas Serrahn, the owner of Fude + Serrahn Milchprodukte GmbH&Co.

Fude + Serrahn Milchprodukte, established in 2001, comprises nine dairy companies in Germany producing industrial dairy products, as well as butter, cheese and yoghurt. The group’s annual turnover is €740 million and it sells 800,000 tons of products a year. Latvijas Piens is the first by Fude + Serrahn acquisition outside Germany.

The group’s food wholesaler Eximo Agro-Marketing launched operations in the Baltic states in 2004.