BaltCap, a private equity and venture capital firm targeting the Baltics, has agreed an €1.5m investment in PostService Group, the largest privately-owned postal operator in Latvia.
“As the amount of online purchases grows rapidly, so does the demand for convenient and effective delivery of goods purhased online. With more than ten years of experience in the postal industry, PostService Group has excellent growth potential – not only in the local postal and parcel delivery market but also in the export markets as a developer of automated last mile delivery solutions. We are excited about being able to support the experienced team of PostService Group on the way to achieving their goals,” said Janis Pranevics, associate director at Baltcap.
“We have ambitious plans for the Latvian postal and courier market and we also aim to bring our export business to a whole new level,” said Nadezda Razumova, owner and chairwoman of the Management Board at PostService Group. “I believe that synergy with BaltCap will yield good results in the near future and together we will create a success story for both companies. Experience from our co-operation, which so far has been relatively short but intense and valuable, confirms that,” she added.
BaltCap Latvia Venture Capital Fund’s investment in PostService Group comprises commitments from private investors as well as from the EU-sponsored JEREMIE programme, administered by the Latvian Guarantee Agency.
Klavs Vasks, chairman of the board at LGA, added, “Companies with high growth and export potential like PostService Group are one of the priorities for state support.”
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