Heartland had previously made several other investments in agriculture. Anders Holch Povlsen is among other things the largest private landowner in Scotland. Besides farmland in Denmark, he also owns the manor house Constantinsborg near Aarhus.
The capital injection into Firstfarms takes place through a directed share issue and the issuance of convertible bonds. This allows Povlsen to acquire more than 11 percent of the shares, with an option to increase to over 18 percent.
Firstfarms is an agri-concern based in Denmark with operations in the Czech Republic, Slovakia, Hungary, and Romania. Several other prominent Danish figures from agriculture also hold shares in Firstfarms. Besides chairman Henrik Hougaard, Claus Ewers, Sheriff Bendt Wedell, the largest landowner in Denmark, and Asbjørn Børsting also own shares in it.
The investment in a significant ownership stake in Firstfarms has resulted in a board position for the Heartland group. CEO Lise Kaae of Heartland’s investment company now has a seat at Firstfarms’ board table. This expands the board to seven members. “The opportunity arose to acquire a larger stake and we seized it after a very good dialogue,” said Lise Kaae in a written response to Danish AgriWatch.
According to the 2022 annual reports, Firstfarms has invested in green energy projects including solar, wind, and biogas, and according to their statements also operates with principles of conservation agriculture.