Global Champs, a Latvian-owned company, has acquired Baltic Champs, a Lithuanian mushroom cultivation company, from the Lithuanian agricultural group Auga Group, supported by EUR 5 million in financing provided by Signet Bank.

Baltic Champs is one of the largest and most advanced mushroom producers in the Baltic region. The company cultivates and wholesales fresh mushrooms across the Baltic States, Finland, Sweden, Norway, Denmark, and Poland, and also supplies compost used in mushroom cultivation throughout Lithuania.

Global Champs’ strategic objective is to ensure the company’s continued growth by implementing modern production technologies, improving operational processes, and enhancing efficiency, while further strengthening its position in export markets.

“The acquisition of Baltic Champs marks an important milestone for Global Champs as we continue to expand our presence in the agri-food sector. We see strong strategic and operational synergies between Baltic Champs and our existing activities, particularly in the circular economy production model and the FMCG (fast-moving consumer goods) segment,” says Vladimirs Mhitarjans, Chief Executive Officer of Global Champs.

“Baltic Champs has established solid foundations, a professional team, and a strong market position across the region. Our goal is to support the company’s continued development through the gradual introduction of modern production technologies, process improvements, and enhanced operational efficiency. By working closely with the existing team, we aim to strengthen the company’s competitiveness, thoughtfully expand production capacity, and create long-term value for employees, partners, and customers. We are confident that this transaction provides a solid foundation for sustainable growth and contributes positively to achieving the strategic objectives of the entire group.”

“We are pleased to support the acquisition of Lithuania’s leading mushroom producer by a Latvian company. Signet Bank sees significant potential for the company’s further development, reinforcing its market-leading position in the Baltics and ensuring product supply not only to local markets but also to several Nordic countries. Transactions such as this demonstrate that Latvian entrepreneurs have both the ambition and capability to expand beyond Latvia’s borders and strengthen economic cooperation across the Baltic region. Signet Bank stands ready to support the international expansion ambitions of both Global Champs and other Latvian companies through traditional lending as well as capital market instruments,” comments Roberts Idelsons, Chairman of the Board of Signet Bank.