The American company Smithfield took over a Romania-based meat processed company owned by two local entrepreneurs. The acquisition was carried out through Smithfield Europa’s Romanian subsidiary ELIT SRL.
ELIT SRL – Smithfield Europa’s Romanian subsidiary – signed a sale purchase agreement to acquire the entire 100% shareholding in Goodies Meet Production SRL, an important meat producer and retailer specialising in private-label production. The transaction is pending approval from the local regulators.
Țuca Zbârcea & Asociații advised the buyer with a team of lawyers led by Partner Silvana Ivan, covering the full scope of services as regards M&A (due diligence, drafting and negotiating the transaction documents etc) and Partner Andreea Oprișan as regards competition/antitrust issues, including the relevant notifications to the relevant Romanian authorities.
“We are grateful to ELIT/Smithfield for their confidence in entrusting us with a strategic deal that will support the vertical development of an important player in the Romanian food industry, and which will further enable cost and processes optimisation at a local market level. It is an important acquisition that also marks a successful outcome of the efforts, dedication and visionary entrepreneurship of the founders of Goodies Meat Production SRL”, said Silvana Ivan.
According to Smithfield, the acquisition of Goodies Meat Production is part of Smithfield Europe’s strategic development plan.