Dragon Capital announced the sale of its entire stake in Chumak, Ukraine's leading producer of branded food products, to Delta Wilmar – the Ukraine affiliate of Wilmar International Ltd Singapore, one of Asia's leading agribusiness groups.
"We are happy to announce a successful exit from our investment in Chumak. It has been a pleasure to support such a great business and management team over the last 10 years," Dragon Capital CEO Tomas Fiala said.
“Chumak is one of the most valuable consumer brands in Ukraine. It has outstanding people, state-of-the-art production and processes, and we are very pleased to have contributed to it,” added Andriy Nosok, Managing Director, Private Equity at Dragon Capital.
Konstantin Shevchenko, CEO of Chumak, said: “I would like to thank Dragon Capital for its leadership and support while being our shareholder. We capitalized greatly on Dragon Capital’s expertise, managed to build and reinforce our leading market positions and expand the horizons for our business. We welcome the new investor and are enthusiastic about becoming part of Wilmar group of companies, as this comes with new global opportunities for Chumak.”
Yuriy Golianych, General Director of Delta Wilmar said: “Chumak is the leading food manufacturer in the country with iconic brand and access to every Ukrainian household. It perfectly fits our Group strategy of further downstream integration into food processing with high added value. We are happy to welcome Chumak team into Delta Wilmar family.”
Chumak is one of Ukraine’s most recognized branded food producers, manufacturing ketchup, mayonnaise, tomato paste, sauces and pasta. Established in 1996 by Swedish businessmen in Kakhovka (Kherson region), it is one of the largest tomato processors in the CIS with an annual processing capacity of up to 100,000 tonnes. Chumak brand is consistently ranked among the top and most expensive in Ukraine.
Dragon Capital is one of the largest groups of companies in Ukraine that works in the field of direct investments and financial services, providing a full range of investment banking and brokerage services for corporate and private clients. The company was founded in 2000 in Kyiv and has a successful 19-year track record of private equity investments in Ukraine.
Delta Wilmar CIS LLC was established in 2004. It specializes in the production of oil and fat goods and ingredients for bakery, confectionery and dairy products.