Cherkizovo Group completes acquisition of Tambov Turkey

Cherkizovo Group has completed the purchase to become the single owner of Tambov Turkey, acquiring the second largest turkey producer in Russia from Grupo Fuertes.

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(Courtesy Cherkizovo Group)
(Courtesy Cherkizovo Group)

Cherkizovo Group has completed the purchase to become the single owner of Tambov Turkey, acquiring the second largest turkey producer in Russia from Grupo Fuertes.

“We are very satisfied with the partnership that we started a decade ago with the Cherkizovo Group. For Grupo Fuertes, this new coalition is a step forward in our relationship with the group, as we increase our percentage in the company and we consolidate a strategic relationship that unites us. We are committed, not only with turkey, but also with chicken and pork, mainly focusing on a firm and future-oriented strategic market such as Russia. We share the same strategy and most importantly, the same values,” affirmed Rafael Fuertes, from Grupo Fuertes.

In exchange, Grupo Fuertos received 1,175,000 new Cherkizovo Group shares. This means that Grupo Fuertos’ stake in the authorized capital of Cherkizovo Group rose from 8.58% to 11.12%.

Tambov Turkey was formed as a joint venture between Russia-based Cherkizovo and Grupo Fuertes of Spain in 2012. It’s first stage was launched in 2015 and in 2017 it started offering Pava-Pava branded products, including chilled chopped meat and ready-to-cook products.

Since its inception, Tambov Turkey, according to Cherkizovo, has grown to become the second largest turkey producer in Russia.

In 2020, it produced 57 thousand metric tons of live-weight meat. In the summer of 2020, the second stage of Tambov Turkey was launched to increase its total annual capacity to 85 thousand metric tons of turkey meat.

Plans for the purchase were approved by the Federal Antimonopoly Service in Russia in December 2021. Cleary Gottlieb Steen & Hamilton served as a legal advisor for the transaction.

“We are grateful to our friends and partners from Grupo Fuertes for 10 years of their cooperation on Tambov Turkey project. Over the years, we have learnt a lot from them in terms of management, creation of products which meet European quality standards and got access to the advanced production technologies. I am sure that as a significant shareholder of Cherkizovo, Grupo Fuertes will continue making good use of their vast experience in the agri-industry to further develop all business segments of our company,” Sergey Mikhailov, CEO of Cherkizovo Group said in a statement.

Cherkizovo, according to the Poultry International Top Companies survey, ranks as the world’s 28th largest poultry producer, and the largest in Russia.

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