Agreement signed on the sale of shares in UAB Litagra

On 7 September 2026, an agreement was signed for the sale of 100% of the shares of agricultural group UAB Litagra. Invalda INVL indirectly holds 48.81% of the shares of this company. The buyer is AS Infortar subsidiary OÜ Infortar Agro.

The aim is to close the transaction by the end of this year; closing is subject to obtaining the necessary regulatory approvals and fulfilling other conditions set out in the agreement. The final sale price of the shares will be calculated upon completion of the transaction.

Invalda INVL forecasts that the transaction will have a positive impact on the company's results. Had the transaction been completed on 30 June, 2026 — the date as of which Invalda INVL's most recent financial results were published — the company's net profit for the first half of 2026 would have increased by approximately EUR 3.6 million, taking into account the terms of the sale and purchase agreement, fees paid to intermediaries, and other expenses. The final impact on the results will be determined upon completion of the transaction.

Additional information:

Investment company Infortar through subsidiary Infortar Agro is acquiring Litagra, one of Lithuania’s leading agricultural groups, making Infortar the largest milk producer in the Baltic states.

Under the transaction, Infortar Agro will acquire the 100% shareholding in the Litagra UAB from the company founder Gintaras Kateiva, Invalda INVL, and Adomas Grigaitis.

Once the transaction is completed, the farms owned by the group will have a total of 16,600 animals, annual milk production will reach 93,000 tonnes and the total area of farmland will increase to 23,000 hectares. Poultry farming, including turkey and broiler farms, will become a new area of activity.

“Estonia and Lithuania have historically been agricultural countries. Our latitude and climate are well suited to milk production, our cows have the highest milk yields in Europe and we have the most modern farms. Milk is our most important natural resource, and by increasing production, it could become an important export product and help secure our place in international competition,” said Ain Hanschmidt, CEO of Infortar.

 “We have been operating in Lithuania for eight years, where we have experienced an investor-friendly environment and benefited from the country’s economic growth. Agriculture is highly valued in Lithuania, and both performance and productivity are strong. This is why we decided to make one of Estonia’s largest foreign investments in Lithuanian agriculture and invest in a well-established company with a long history,” said Martti Talgre, Managing Director of Infortar.

For Litagra’s founders and management, the transaction marks the next stage in the group’s development.

“Over the past 35 years, what began as a business from the ground up has grown into a strong group of companies with an experienced team, solid operations and significant potential for further growth. Invalda INVL, which joined us in 2011, became an important part of this stage of growth. We are now taking the next step, with Litagra welcoming a strong strategic investor with a long-term perspective, the resources to grow and, importantly for us, a strong understanding of the agricultural sector,” Gintaras Kateiva, founder of Litagra, said.

Invalda INVL, which has been a shareholder since 2011, said the transaction confirms the value created in the company and marks the completion of a successful investment cycle.

"Fifteen years ago, we invested in Litagra with the ambition of building a competitive company operating in high-value, profitable segments of the food and agriculture industry. Over the years, we consistently invested in dairy and poultry production, expanded into new businesses and exited activities that no longer fit our strategy.

We are grateful to the company’s founder, Gintaras Kateiva, our fellow investors throughout this journey, and the entire Litagra team, whose dedication and professionalism helped build the company into what it is today. Throughout all the years of our work together, Litagra has consistently grown and created value for Invalda INVL and other shareholders. We believe we have achieved the objectives we set when we made this investment, and the time has now come to redirect capital and focus to new opportunities pursued together with our investors through INVL-managed funds, in line with Invalda INVL’s business model.

We are pleased to pass Litagra to a professional owner with a deep understanding of the business. We are confident the company will continue supplying high-quality products to the food and agriculture sectors, remain an excellent place to work, and continue creating value for its stakeholders across the Baltic region,” said Darius Šulnis, CEO of Invalda INVL.

“We were looking for a partner that would recognise the potential of Litagra’s businesses, be committed to developing them further and have the resources to do so. Infortar’s approach to our businesses, our team and their future matched what we were looking for. It is especially important to us that they value the current management and specialist team, as well as the expertise built up across the Group over many years. We therefore see this transaction as a natural continuation of Litagra Group’s story,” said Evaldas Matulis, CEO of Litagra.

Under the agreement, Infortar will acquire 100% of the shares in Litagra. Completion of the transaction is subject to obtaining the necessary approvals and consents from the relevant authorities and meeting other additional conditions.

Litagra’s M&A adviser in the transaction was Oaklins Lithuania, with NOOR acting as legal adviser. Infortar was advised by KPMG on the financial, tax and business due diligence, while Ellex acted as legal adviser.

Litagra’s current management team will continue to manage the company’s day-to-day operations, and Infortar does not plan any significant changes to its existing activities as a result of the transaction.

Last year, Infortar acquired Estonia Farms, one of Estonia’s largest milk producers, and the year before it acquired Halinga Farms. Together, the farms have 8,300 dairy cows and young cattle and produce up to 160 tonnes of milk per day. The group’s subsidiaries currently own more than 13,000 hectares of land.

Litagra is a Lithuanian agricultural group established in 1991. Its activities include dairy and crop farming, poultry farming, feed production and other agriculture-related activities. The Litagra group includes UAB Joniškio Grūdai, UAB Litagros Žemės Ūkio Centras and Agrohold Estonia OÜ, all of which are wholly owned by UAB Litagra. The Litagra group comprises 34 companies in total.

The Litagra group employs almost 400 people. At the end of 2025, the group’s consolidated revenue was EUR 69 million and EBITDA was EUR 14.5 million. The group farms a total of 10,500 hectares of land.

Litagra subsidiary UAB Litagros Žemės Ūkio Centras (LŽŪC) is an agricultural company with Lithuania’s third-largest dairy herd. It operates eight farms and focuses on dairy and crop farming. Its dairy herd consists of approximately 8,300 dairy cows, young cattle and bulls, and the company produces an average of 35,000 tonnes of raw milk per year.

Litagra subsidiary UAB Sūduvos Ūkis, which is wholly owned by UAB Joniškio Grūdai, is the largest turkey farming company in the Baltics. The company operates six production sites with a total of 29 modern farms and 160,000 turkeys.

The group is also involved in broiler farming, with a capacity of approximately 360,000 broilers per production cycle, allowing it to produce around 6,200 tonnes of chicken meat per year. The group’s poultry operations are supported by UAB Joniškio Grūdai, which produced 69,000 tonnes of compound feed and related products in 2025, including protein, vitamin and mineral supplements, premixes, bait feed and pet food.

About Infortar
Infortar operates in seven countries. Its main areas of activity are maritime transport, energy and real estate. Infortar owns a 68.76% stake in AS Tallink Grupp, 100% of AS Elenger Grupp and a diverse and modern real estate portfolio of approximately 141,000 m². In addition to its three main business areas, Infortar operates in agriculture, engineering and construction, construction minerals, printing and other sectors. The Infortar group comprises 107 companies, including three associated companies and two subsidiaries of associated companies. Excluding associated companies, Infortar employs 6,890 people. Infortar’s shares are listed on the Main List of the Nasdaq Tallinn Stock Exchange.

About Invalda INVL

Invalda INVL is the leading Baltic asset management group with a track record spanning over 30 years. With an open approach, the group continues to grow while creating well-being for people through its activities. The group’s companies manage or have under supervision EUR 2.3 billion of assets across multiple asset classes including private equity, forests and agricultural land, renewable energy, real estate as well as private debt. The group’s scope of activities also includes family office services in Lithuania, Latvia and Estonia, management of pension funds in Latvia, and investments in global third-party funds.

The shares of Invalda INVL have been traded on the Nasdaq Vilnius stock exchange since 1995. Further information: https://www.invaldainvl.com/en

Further information:
Darius Sulnis, CEO of Invalda INVL
darius.sulnis@invl.com