Sayenko Kharenko has acted as Ukrainian legal counsel to Greenyard N.V. (Greenyard), one of the world’s largest suppliers of fruits and vegetables, in relation to the disposal of its horticulture business to independent investment group Straco BVBA (the Transaction). Allen & Overy acted as Greenyard’s global counsel, while Straco BVBA (Straco) was represented by Clifford Chance.
As a result of the Transaction, 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. With the total value of EUR 120 million, the Transaction looks to be one of the biggest Ukrainian M&A deals of 2018.
Sayenko Kharenko provided full-scope legal support for the Transaction, including performing vendor legal due diligence, advising on complex corporate law matters and transaction documents, performing pre-sale restructuring of the Ukrainian part of Greenyard group, as well as deal implementation support.
“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,” said Hein Deprez, Greenyard’s CEO in his comments to the media.
Greenyard is a global market leader for fresh, frozen and prepared fruit & vegetables, flowers, plants and growing media operating in 27 countries worldwide and employing more than 10,000 employees with a market capitalization of approximately EUR 32.7 billion. 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, the UK, France, Germany and Poland.
Sayenko Kharenko’s team included associates Ilhar Hakhramanov, Tymur Enkhbaiar, Mykola Lykhoglyad, and junior associate Tetiana Dyvak, and was led by partner Oleksandr Nikolaichyk.