Growth capital firm LitCapital has invested in Lithuanian third party logistics company Nordnet.
The investment will be used to support and facilitate further business expansion for the company, which is the only independent temperature controlled food products logistics company in Lithuania covering the full service range.
Nordnet’s clients include Lithuanian retailers, producers, importers and distributors of frozen and chilled food products. The country’s frozen and chilled products markets in 2011 increased by 11 per cent and eight per cent, respectively.
This is the fifth portfolio investment for the European Investment Fund-backed firm, which was established in 2010 under the JEREMIE initiative and has €25m under management.
JEREMIE (Joint European Resources for Micro to Medium Enterprises) is a joint initiative launched by the European Commission (DG Regional Policy) and the European Investment Bank group to improve access to finance for SMEs in the EU.
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