PRFoods is selling its Saaremaa-based Saare Kala Tootmine to Latvia’s Brivais Vilnis A/S, marking the exit of the listed Estonian food producer from local manufacturing.
Its subsidiary Saaremere Kala AS will transfer its 100% stake in Saare Kala Tootmine, one of the Baltic States’ largest fish processors, to Brivais Vilnis.
The sale follows PRFoods’ April debt restructuring plan, which required divesting key assets to distribute proceeds to creditors. Shareholder approval is needed to finalize the deal.
PRFoods board member Timo Parn confirmed the company would no longer have production units in Estonia after the sale.
“Of course it’s challenging in a volatile economic environment, and we are seeing positive progress,” Parn said.
PRFoods, he added, remained focused on serving shareholders’ interests.
PRFoods welcomed a reputable buyer for its Saaremaa facility.
“We believe Brivais Vilnis is an investor with strong strategic plans who will help the Saare Kala team achieve its desired results,” Parn said.
The sale price, including shareholder claims, totals EUR 2 million.
After the Saaremaa sale, PRFoods will continue investing in its Scottish facility in Aberdeen.
Parn noted that the Scottish subsidiary John Ross Jr. (Aberdeen) held a Royal Warrant as supplier of traditional smoked salmon to the British Royal Family.
“The Scotland plant has remained stable and has seen revenue and profit growth in recent years,” he added.
In 2024-2025, Saare Kala Tootmine posted an unaudited revenue of EUR 4.985 million and net loss of EUR 1.048 million.
PRFoods’ own revenue reached EUR 18.782 million, nearly 10% higher than the year before, with growth in both the U.K. and Estonian markets. The company attributed the rise to recovering demand and exports.
PRFoods returned to profitability after a EUR 4.842-million loss in 2023-2024, reporting EUR 7.339 million in profit for the latest financial year.
The company exited the Saaremaa rainbow trout farm Redstorm in winter 2023 to cut debt, and in spring 2024, longtime board chairman Indrek Kasela stepped down. A two-member board led by Parn and Kristjan Kotkas now runs the company.
Earlier this year, PRFoods unveiled a restructuring plan requiring the sale of all production units and major assets by March 2028. Until then, the majority shareholder must provide at least a EUR 1-million loan.
The plan aims to sell stable, operating companies, preserve jobs as well as maximize sale revenue.
PRFoods is a fish farming and production company listed on the Tallinn Stock Exchange since May 2010. Its key market is Estonia, and since the acquisition of John Ross Jr. and Coln Valley Smokery in Scotland in 2017, the group has expanded its sales across Europe, North and South America and Asia. (ERR)