Food Union Group, a Latvia-based group of dairy and ice cream producing companies, has raised EUR214 million (approximately US$225 million) from Asia-focused alternative investment management firm PAG and private equity investment group Meridian Capital, an existing shareholder in the company. PAG invested EUR161.6 million (approximately US$170 million), while Meridian invested EUR52.4 million (approximately US$55 million). With PAG and Meridian’s support, Food Union Group plans to expand in China where the company is building two dairy plants.