BaltCap exits Primekss

During BaltCap's holding period, Primekss expanded into the concrete contracting market in Scandinavia and the Baltics as well as internationally. It now licenses its technology in Belgium, Belarus, Russia, Israel, the US and South Africa.

BaltCap acquired 47.9% of Primekss for €1.4m in October 2010. The transaction was the first investment from the BaltCap Latvia Venture Capital Fund, which raised €30m at final close in February 2010. The fund was established with support from the Joint European Resources for Micro to Medium Enterprises (Jeremie) initiative, co-financed by the European Union Structural funds.

BaltCap had a representative on the company's board of directors and aimed to support its international expansion.

Founded in 1995, BaltCap invests more than €3m for buyouts and €300,000 for venture capital investments per transaction. Its portfolio includes Stenders, Coffee Inn and Amatek.

Company
Founded in 1997 and based in Riga, Primekss is an industrial flooring specialist that has developed a patented technology for casting slender, tough and jointless concrete floors for heavy use. Its PrimeComposite product is designed to enable a reduction in CO2 emissions from concrete production of more than 30%.

People
Peteris Treimanis is an investment director at BaltCap.

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