Saudi retail giant wins bid for bankrupt Estonian dairy plants
Saudi Arabia's BinDawood Holding has won a €135.25 million auction for two plants belonging to bankrupt Estonian dairy producer E-Piim. A third plant found no buyer.
Listed Saudi retail company BinDawood Holding has submitted the winning bid in a public auction for two production plants belonging to bankrupt Estonian dairy producer E-Piim Tootmine, located in Paide and Põltsamaa. The auction closed on August 14, with the winning offer of €135.25 million coming in well above the €80 million starting price.
According to Estonian business daily Äripäev, BinDawood intends to complete the purchase once all necessary regulatory approvals are secured. The company said the deal fits its strategy of diversifying its business, expanding investments in the food sector, and strengthening its food production and industrial capacity. The transaction was submitted through BinDawood's Estonian subsidiary, Juust & Jubn OÜ, represented locally by law firm Sorainen. The acquisition will be financed from BinDawood's existing resources, with returns expected over the medium to long term.
As Postimees reports, the deal marks BinDawood's first major entry into Europe's dairy sector. Lithuanian broadcaster LRT has reported that the group is also weighing investment in Lithuania's dairy industry, either by building a new processing plant or acquiring a stake in an existing company.
A major retail player
BinDawood Holding posted revenue of €1.46 billion and profit of €62.4 million last year. By the end of 2025, the group operated 103 grocery stores, including 33 supermarkets and 56 hypermarkets, along with more than 200 pharmacies, and had operations in wholesale, technology, marketing and food production. Its shares trade on the Saudi Stock Exchange.
A separate auction for a third E-Piim plant, in Järva-Jaani, with a starting price of €8 million, attracted no bidders. AS E-Piim Tootmine, Estonia's largest cheesemaker, was declared bankrupt in March.
