Ukrainian agribusiness Kernel Holding has signed an agreement to acquire 100% of agricultural holding company Enselco Holding for US$348M.
Enselco’s assets included a landbank of 190,000ha, a network of grain elevators and a fleet of railcars, Kernel said in its 2 April statement.
The transaction followed a long period of operational co-operation between the two companies and was part of Kernel’s wider plan to strengthen its vertical integration and consolidate assets within a single corporate structure, the company said.
In the year prior to the agreement, Enselco had significantly expanded both its scale and structure, increasing its logistics and storage capacities, while its land bank had grown by 42% through mergers and acquisitions – from 134,000ha in 2022 to 190,000ha in 2026, Kernel added.
“The acquisition of Enselco is Kernel’s response to the new reality of the agricultural market – namely, the restoration of a stable export corridor via the Black Sea, which provides us with the confidence to expand our agricultural asset base,” said Yevgen Osypov, CEO of Kernel.
“Enselco and Kernel have a long track record of close and effective operational cooperation. The consolidation of these assets into a single structure is a logical strategic step that allows us to unlock scale efficiencies in agricultural operations management.”
Kernel is a leading global sunflower oil producer and a major processor and shipper of grains and oilseeds, with operations spanning farming and origination through processing, storage, logistics and exports.
In 2025, its oilseed processing volume totalled 3.5M tonnes, an 8% increase from the previous year, according to a 5 August World Grain report.
