Foreign-Owned Ukraine Grain and Oilseed Group Sells Assets
Kyiv Atlantic Group, a grain, oilseed, and vegetable protein processing company in Ukraine, has sold three of its businesses: Kyiv Atlantic Ukraine (KAU), Atlantic Farms, and Atlantic Farms II to two buyers - Agrolife, a German supplier of oilseeds, cereals, and feed additives; and Eridon, an agribusiness company owned by entrepreneur Serhiy Krolovets for an undisclosed amount.
Kyiv Atlantic Group was owned in equal shares by David, Tamara, and son Daviel Sweere, and DUI Holding, a Danish company that invested $10 million in the company in 2006. The sale of the assets has been a consideration for three years due to a divergence of interests by the Sweere family and DUI Holding, a shift in the business climate in Ukraine, and the desire of David and Tamara Sweere to move back to the U.S. for retirement.
KUI has operated in Ukraine for 28 years - started by David and Tamara in 1990 after selling their agribusiness in Minnesota, and includes a grain elevator, a soybean expeller plant, and a modern feed mill on 40 acres in Myronivka. Atlantic Farms leases approximately 3,000 acres of arable land, and Atlantic Farms II leases approximately 6,500 acres.