Kernel Holding S.A. Acquires Agricultural Holding Enselco for $348 Million

Kernel Holding S.A., recognized as one of Ukraine's leading agricultural holdings, has officially announced the completion of a purchase agreement in which it has acquired 100% of Enselco Holding Limited. This acquisition is particularly noteworthy as Enselco controls a land bank encompassing 190,000 hectares and is managed by Andriy Verevskyi, the chairman of Kernel's board of directors and its majority owner.

According to information provided by Kernel representatives to NV Business, the transaction is valued at $348 million, which is 5% lower than the valuation conducted by an independent international expert. This indicates Kernel's commitment to securing optimal conditions for expanding its agricultural business amid the current market landscape.

Over the past year, Enselco has significantly expanded its scale and structure. The agricultural holding has enhanced its logistics and elevator capacities, with its land bank growing by 42% through mergers and acquisitions (M&A), increasing from 134,000 hectares in 2022 to 190,000 hectares by 2026. This growth reflects the company's active expansion within the agricultural market.

The independent valuation of assets and the negotiation of the deal's terms were conducted under the close scrutiny and approval of independent members of Kernel's board of directors. This underscores the company's serious approach to ensuring transparency and efficiency in managing its assets.

“The acquisition of Enselco is Kernel's response to the new reality of the agricultural market, particularly the stable export corridor through the Black Sea, which restores our confidence to increase agricultural assets right now,” noted Yevhen Osypov, CEO of Kernel. He further emphasized that land has become a more scarce resource, and companies that integrate agricultural production, technology, processing, and logistics hold stronger market positions. “The agricultural enterprises of Enselco and Kernel have a long history of close and effective operational cooperation. The consolidation of these assets into a single structure is a logical strategic decision that allows us to achieve maximum economies of scale in agricultural production management,” Osypov highlighted.

The Enselco group of companies was established in 2022 through the sale of part of the land assets and infrastructure that were previously part of the Kernel group. Currently, the Enselco group includes agricultural enterprises such as LLC Enselco Agro, LLC Agropolis, and PSP AF Bilozirska, and from January 2026, it will also encompass the assets of the Agro-Region group of companies. The primary focus of the company is the cultivation of grain and oilseed crops, with Andriy Verevskyi remaining the beneficial owner.

Earlier reports indicated that in 2025, Enselco Agro, owned by businessman Andriy Verevskyi but not part of his Kernel group, became a leader in profit, although it ranked only fifth in revenue. The company managed to increase its profit nearly fourfold within a year, earning 4.22 billion hryvnias. In contrast, revenue grew only by a third, reaching 9.67 billion hryvnias, reflecting the increasing efficiency of management.

In March 2026, it was also revealed that the Enselco group had expanded its land bank to 190,000 hectares, further confirming the company's active expansion in the Ukrainian agricultural market.

Thus, the agreement between Kernel Holding S.A. and Enselco Holding Limited represents a significant step in the development of Ukraine's agricultural sector, reflecting the new challenges and opportunities facing agricultural companies in the current market environment.