BaltCap exits 48% stake in Latvia’s Primekss


floor primekssTallinn-based investment firm BaltCap has exited its 48 per cent stake in Latvian-based concrete floor manufacturer Primekss.

BaltCap bought a 47.9 per cent interest in Primekss for €1.4m in 2010 in the first deal from its BaltCap Latvia Venture Capital Fund.

Primekss has twice received Most Innovative Product award at World of Concrete in Las Vegas for its PrimeComposite floors and rafts, which reduce CO2 emissions from concrete production by more than 30 per cent.

BaltCap investment director Peteris Treimanis said, “During BaltCap’s tenure Primekss successfully expanded internationally becoming one of the leading  concrete  contractors  in  Scandinavia  and  the  Baltic  States and  licensing  its  technology  across the  USA, Belgium, South Africa, Belarus, Russia, Israel.

“Primekss is a success story showing how a Latvian company with an innovative product offering can rapidly expand its business in foreign markets with the help of venture capital.”

Last month BaltCap recieved a 20m commitment for its latest fund from the European Bank for Reconstruction and Development.

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