Nasdaq First North-listed foodtech company Agtira AB has signed an agreement to acquire Pepino AB, one of Sweden's most established and profitable cucumber growers, along with its associated property company Gurkfast AB. The transaction makes Agtira the largest cucumber producer in Sweden and marks a key step toward group-level profitability.
Earlier this year, Vertical Farm Daily reported on Agtira's high-tech indoor cucumber facility in Kramfors, developed with Meteor Systems and other partners. The acquisition of Pepino extends Agtira's reach into southern Sweden and significantly increases its total production capacity.
© Agtira
Joakim Linneros and Fredrik Forssberg
Doubling cultivation area and strengthening market position
Following the acquisition, Agtira's total cultivation area will grow from 16,000 square meters to 49,000 square meters. Pepino operates around 32,000 square meters of greenhouses in Paarp, Skane, supplying major Swedish retailers, and according to Agtira, holding an estimated 7–8 percent share of the national cucumber market.
"This is a strategic milestone for Agtira. Through the acquisition of Pepino, we become Sweden's largest cucumber grower and reach one of our key growth targets. We also transition from a growth company to a profitable group with a strong market position," says Erik Jonuks, outgoing CEO of Agtira.
© Agtira
Erik Jonuks
Expansion potential at the Paarp site
Agtira plans to invest in lighting to increase year-round production at Pepino's Paarp facility. The company also intends to expand the site with two additional hectares of lit greenhouses, with construction scheduled to begin in autumn 2025. The acquisition of Gurkfast AB secures buildable land and sufficient electrical capacity to support the expansion.
"By joining forces, we strengthen Swedish greenhouse production and stand stronger against imported cucumbers. It is our shared view that Swedish year-round production should be developed and owned by those who believe in Swedish food production," says Joakim Linneros, CEO of Pepino and incoming COO of the Agtira Group.
Financial details and completion timeline
The purchase price for Pepino is approximately SEK 84 million, paid in newly issued Agtira shares. Gurkfast will be acquired for approximately SEK 16.5 million, with half of that amount paid in newly issued shares and the remainder as a 12-month promissory note.
On a pro forma basis, the combined company would have generated approximately SEK 116 million in revenue in 2024, with an estimated EBITDA of +SEK 10 million. Completion is subject to approval from Sweden's Inspectorate of Strategic Products (ISP), with closing expected between September and October 2025.
Leadership transition
In connection with the acquisition, Agtira's board has appointed Fredrik Forssberg as CEO, effective 1 September 2025. Forssberg, currently CFO, will lead the company into its next phase of profitable growth. Jonuks will remain operational during the autumn to oversee the integration of Pepino and support the expansion planning.
For more information:
Agtira
© Agtira
Erik Jonuks, CEO
[email protected]
www.agtira.com
