Sayenko Kharenko advises Norfund on USD 10 million financing for Ukrainian confectionery producer Yarych

Sayenko Kharenko has advised Norfund, the Norwegian development finance institution, on a USD 10 million long-term financing for the Yarych group, one of Ukraine’s leading confectionery producers, in support of Norway’s dedicated Ukraine Investment Fund mandate.

The financing will support the modernisation of Yarych’s production facilities in the Lviv region of western Ukraine, including the launch of a new production line, enabling the company to broaden its product range and grow across both its domestic and export markets. Yarych employs around 500 people and produces biscuits, crackers and other long-shelf-life flour confectionery (including the long-established Marie and Petit Beurre classics) supplying Ukrainian consumers and European retailers. Operating since 1986, the business has become a resilient exporter, with its proximity to the EU border a key advantage in sustaining sales throughout the full-scale war.

“With this investment, we are not just supporting growth. We are supporting people whose livelihoods depend on this factory continuing to run, even amidst a full-scale war,” said Anastasiia Andriievska, Project Manager at Norfund.

“We are pleased to welcome Norfund as a partner at this important stage of Yarych’s development. This investment is a strong signal of confidence in Ukrainian business and in the resilience of our team,” said Tetyana Shermolovych, CEO of Yarych.

The transaction is part of Norfund’s mandate to back commercially viable Ukrainian businesses that sustain jobs and economic activity during wartime and support the country’s long-term recovery. The financing carried a substantive environmental, social and governance package, reflecting Norfund’s standards as a development investor and supporting the group’s continued governance and compliance uplift.

“This is a strong combination of Norfund, a committed long-term investor, and Yarych, a Ukrainian producer that has kept growing and exporting through the war. Norfund has provided the patient capital needed to fund the group’s modernisation and expansion, and we were glad to support Norfund in a transaction that backs a resilient Ukrainian business for years to come,” said Anton Korobeynikov, partner at Sayenko Kharenko.

Sayenko Kharenko acted as legal counsel to Norfund, advising on legal due diligence, structuring and negotiation of the financing. The team was led by partner Anton Korobeynikov and included Mykhailo Grynyshyn, Vladyslava Mitsai, Olha Lynnyk, Danylo Dashko and Karina Zadorozhna.