Altia Corporation has expanded its presence in the Baltic region with the acquisition of Latvia's Mobil Plus ADV.

The Finnish state-owned wine and spirits group said on Friday (24 March) that it had secured the deal for Latvia's second-largest wine and spirits group for an undisclosed sum.

Altia Corporation CEO and president Leena Saarinen said that the takeover was "a clear step towards the vision" of becoming the leading alcoholic beverage company in the Nordic and Baltic countries within three years.

Mobil Plus ADV board member Lev Lisagor added: "We are certain that Altia Corporation will be the best owner for Mobil Plus ADV in order to further grow the business of Mobil Plus ADV in Latvia."

Altia is the exclusive producer of Finlandia vodka for Brown-Forman. The company sold its 20% stake in the brand to B-F in 2004 but struck a deal that will see it distill Finlandia until at least 2017.