ArmInfo. The Bacon Holding CJSC has received $6 million from the EU- Armenia SME Fund, managed by the Amber Capital Armenia investment fund, to support its comprehensive development strategy, the Fund's press service reports. It is noted that the Fund has acquired a significant minority stake in the company, the amount of which is not disclosed.
The Bacon Holding CJSC is part of the holding company Bacon Product LLC, one of the leading producers of meat and semi-finished products in Armenia. "This partnership provides Bacon Product with both capital and strategic expertise to move into the next stage of development. In partnership with Amber Capital, we aim to accelerate growth, introduce new products, and further strengthen our position in the local market and abroad," Pavlik Margaryan, CEO and owner of Bacon Product LLC, said. The investment will support a comprehensive development strategy focused on modernizing production and improving infrastructure. Priority areas include automating production processes and improving logistics capabilities, aimed at increasing efficiency, scalability, and the quality of operational management. Also, the company will develop its product portfolio and strengthen its trading platform to ensure further market expansion, exports, and the creation of long-term added value. It is worth noting that the holding's primary export destinations are Russia and Georgia, where its products are sold, among other places, in major chain stores.
ArmInfo specialists were unable to find the company's financial report for 2024 in open sources. However, according to 2023 data, the company's balance sheet total was AMD 4,426,720 thousand, of which AMD 1,116,165 thousand were non-current assets and AMD 3,310,555 thousand were current assets. The company's liabilities amounted to AMD 3,813,774 thousand, and AMD 2,361,102 thousand were accounts payable.
The company's revenue at the end of 2023 amounted to AMD 7,238,286 thousand, with gross profit of AMD 1,131,638 thousand. AMD 405,074 thousand were allocated to commercial expenses, and AMD 394,758 thousand to administrative expenses. Financial expenses (interest payable) amounted to AMD 119,696 thousand. Net profit was AMD 90,909 thousand. However, the company ended 2023 with a modest financial result of AMD 41,704,000, compared to AMD 394,050,000 in 2022. At the end of 2023, the company's equity stood at AMD 612,946,000.
Recall, the EU-Armenia SME Fund, managed by Amber Capital Armenia, is a private equity fund launched in Armenia in January 2020 with investments from the European Union (EU), the European Bank for Reconstruction and Development (EBRD), Amundi-ACBA Asset Management, the Hrayr and Anna Hovnanian Foundation, and the Amber Capital investment team, the Dutch Enterprise Development Bank (FMO), the Armenian government, and several Armenian diaspora investors, with total committed capital of $60 million.
