We are assisting BinDawood Holding, a listed Saudi company operating across retail, distribution, technology and manufacturing, in the acquisition of dairy business assets of a leading Estonian dairy company E-Piim Tootmine. Through the acquisition, BinDawood Holding is entering the Baltic dairy industry on a significant scale. The Saudi group plans to build on E-Piim’s existing production and export capabilities while expanding exports of premium Estonian dairy products to strategic international markets, including Saudi Arabia and the wider Gulf region.
A strategic investment in the Baltic food industry
“This acquisition represents a major milestone in BinDawood Holding’s food manufacturing strategy. E-Piim’s world-class production facilities, established export capabilities and highly skilled workforce provide a strong platform for future growth and product development. We also see significant opportunities to introduce premium Estonian dairy products to Saudi Arabia and capitalise on the growing demand for high-quality Baltic food products across the GCC,” said Ahmad AR. BinDawood, CEO of BinDawood Holding.
The Saudi group intends to leverage E-Piim’s existing production and export capabilities, as well as the expertise of its local workforce. The investment is expected to support exports to strategic international markets, including Saudi Arabia and the wider GCC region, while diversifying the group’s supply channels and making its supply chains more resilient to global and regional disruptions.
Partner Sven Papp, leading our transaction team, views the landmark investment as a welcome signal of broader economic recovery and growing foreign investor interest in Estonia.
“It is not every day that investments over EUR 135 million happen in Estonia or even in the Baltics. The transaction sets a record as the highest price ever paid in an insolvency asset sale in Estonia. BinDawood plans to restart the acquired facilities at full capacity, supplying not only the Estonian and Baltic markets but also exporting significant volumes beyond the region. This is an extremely positive development for Estonian milk farmers, the dairy industry, and Estonian economy in general. The transaction demonstrates that foreign investors feel comfortable and confident in investing in Estonia, and that strategically significant industrial targets continue to attract international investor interest,” he says.
From a small family business to a publicly listed market leader
Growing from the first BinDawood-branded grocery store in Mecca in 1984, BinDawood Holding is now a group listed on the Saudi stock exchange, but remains controlled by the BinDawood family.
At the end of 2025, the group employed more than 13,000 employees, and operated 103 grocery stores, including 56 hypermarkets and 33 supermarkets, and more than 200 pharmacies.
The group’s 2025 revenue reached SAR 6.35 billion, equivalent to approximately EUR 1.47 billion. Net profit amounted to SAR 270 million, or around EUR 62 million.
Full-scale assistance to the client on the acquisition of production facilities and business operations
The team led by partner Sven Papp is advising BinDawood Holding throughout all the key stages of the transaction, including legal due diligence, transaction structuring, preparation of transaction documentation, and negotiations.
The core team includes counsels Mari Agarmaa-Jentson and Robin Teever, senior associates Marcus Niin and Kristi Aer, and associate Kevin Piho. The legal due diligence team included senior associates Cathriin Majas, Anu Liinsoo and Vladislav Leiri; associate Karl Oskar Pungas; and assistant lawyer Lauren Aalberg.
