ForFarmers affiliate Tasomix has completed its acquisition of Piast Pasze Sp. z.o.o., which was first announced in July 2023.
The enterprise value is the sum of a payment to the shareholders of Piast and the net debt. The enterprise value will be paid in local currency, which amounts approximately EUR30.6 million (US$33.6 million). Tasomix has received 100% of the shares in Piast.
This means Tasomix and Piast will merge their feed business, expanding Tasomix’s volume in Poland by 410,000 metric tons and strengthening its position in the broiler sector in particular.
This transaction is in line with ForFarmers’ strategic objectives to expand in the Polish agricultural market.
Due to the location of the mills of Piast versus those of ForFarmers/Tasomix, it is possible to create dedicated mills to be able to produce more efficiently, the company said when the deal was announced. The larger geographical footprint provides opportunities to enlarge the customer base. In addition, Piast owns two unique poultry feed technologies, which are cost efficient, can well be applied at ForFarmers/Tasomix and also fit with the sustainability strategy.
The history of Piast dates back to the 1970s with its original location in Lewkowiec (central Poland), which mainly focused on broiler and turkey farmers in the free market. Over time, Piast expanded its portfolio of products for pigs and cattle and acquired additional production locations in Plonsk, Golancz and Olesno. There are 220 employees involved in management, sales and production.