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Published: 30 march 2012 17:10

BaltCap to invest 1.5 million euros in Latvia's garden furniture maker EKJU

AFP/„Scanpix“ nuotr. / .

BaltCap, the Baltics' leading venture capital company, is set to invest 1.5 million euros in Latvia's EKJU, the Baltics' biggest garden furniture manufacturer.

The investment should go toward modernizing the company's production unit and working capital, BaltCap said in a press release this week.

"We have agreed with the management of the company that EKJU needs to strengthen its positions and it must, in medium term, become one of the leading European companies in its segment. The goal is ambitious enough but, with our business knowledge and financing, we are sure that we can achieve it," BaltCap Investment Director Peteris Treimanis said.

"By attracting a venture capital company to our development, we acquire not only financing, but also serious experience in the management of a production company, as well as valuable international contacts," said Juris Skolins, CEO of EKJU.

The BaltCap investment project is being implemented with investment from private investors and financing from the EU's structural funds, according to the press release.

EKJU now exports 95 percent of its products to Britain, Denmark, France, Sweden, Norway and other countries. The company employs 180 people. Its revenue increased by 13 percent last year compared with 2010 to 6.8 million euros.

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