Food Union Signs Deutsche Bank as its Lead Financing Provider

Riga, Latvia, June 18, 2025 – Food Union, one of Europe’s leading groups in ice cream and dairy production and distribution, is pleased to announce that Deutsche Bank will serve as its senior loan facility provider. The Group has successfully refinanced a total of EUR 125 million with Deutsche Bank, including access to a new EUR 20 million revolving credit facility provided in cooperation from Swedbank, resulting in a more favorable debt structure and increased flexibility of financial resources.

“One of our key milestones set out in 2024 was the successful refinancing with one of Europe’s leading banks. After thorough assessment of several financial institutions, we concluded an agreement on mutually beneficial terms with our trusted financial provider Deutsche Bank at the end of last year, finalizing the arrangements just recently. This achievement has not only granted us enhanced financial flexibility but also several strategic advantages that strengthen our competitiveness and support the execution of our growth initiatives across Europe in our home markets in Latvia, Estonia, Lithuania, Denmark, Norway and Romania,” says Arturs Cirjevskis, CEO of Food Union Europe.

Deutsche Bank is delighted to work with Food Union, which has a long-standing heritage of brands across multiple product categories with successful operating track records. The transaction exemplifies the collaboration of multiple specialist teams, and Deutsche Bank looks forward to continuing to support Food Union’s future growth.

Food Union also announces the renewal of cooperation with Swedbank, one of the Northern Europe’s leading banks, through the establishment of the revolving credit facility.

“We are excited to support Food Union in this important phase of their financial and strategic transformation. The successful refinancing agreement reflects our confidence in the Group’s long-term vision, operational strength, and growth potential across Europe. By providing tailored financing solutions, we aim to empower Food Union to further strengthen its market position and achieve its ambitious development goals. In the financial world borders are also dissolving, and I believe that the successful collaboration with the experienced Deutsche Bank is just the beginning of a prosperous partnership in the future,” says Jevgenijs Ivanovs, Swedbank Latvia Member of the Management Board and Head of Corporate Customer Division.

“This cooperation enables us to secure higher pre-season stock levels of ice cream – a key area where we will be able to seize all untapped market opportunities with unconstrained flexibility,” adds Cirjevskis.

In addition to its new financing with Deutsche Bank and Swedbank, the Food Union Group continues to operate its day-to-day financial activities through Citadele Bank, SEB, and Rietumu Bank.

This refinancing is part of a broader financial and strategic transformation under the Group’s 2024 performance strategy “Passion for Growth”, which was launched following a change in the Group’s beneficiary and governance structure. Among the key objectives – such as growing market share in strategic product categories, increasing the efficiency of the direct-to-home service, automating production processes, and improving working conditions and organizational culture – refinancing stood out as a critical milestone to enhance governance and ensure greater financial flexibility. With stabilizing economic conditions and continued innovation in both the ice cream and dairy categories, Food Union is well-positioned for continued progress.

As an innovator, producer, and distributor of premium ice cream and high-value dairy products, the Group remains committed to delivering on its brand promise – both on retail shelves, through direct delivery, and also in export markets. For the 2025 Summer season, the Group plans to introduce over 80 new ice cream products, along with a comparable number of dairy product innovations, underscoring its strong commitment to growth and consumer engagement.

ABOUT FOOD UNION EUROPE

Food Union Europe is a leading, innovative consumer goods company that develops local brands and delivers delightful products primarily in Europe. Food Union is currently the leading ice cream producer in the Baltics and Denmark, and the group holds a strong market position in Norway and Romania. Food Union is a market leader in fresh dairy in Latvia and holds strong positions in several dairy categories in the Baltics. Food Union is also one of the largest food exporters from Latvia.

CONTACT:

Linda Mežgaile

Food Union Head of PR

[email protected]

T: +371 29772050