EU – Baltic States, Investments, Latvia, Markets and Companies

The original founders of Primekss will remain the company's shareholders. Primekss founder Janis Oslejs will continue as the company's head. According to Firmas.lv data, Primekss Group belongs to the Switzerland-registered Primekss Group Switzerland AG, whose owners are the founders of Primekss and said investment fund.

Primekss Group has received EUR 10 million capital investment by Wermuth Asset Management GmbH (WAM), Primekss representative Elina Luse told "Nozare.lv".

Thanks to the new investment, the company will be able to continue developing the unique patented "Prime Composite" technology, praised by WAM and "Green Gateway Fund".

In 2010, BaltCap, the largest private equity and venture capital investor in the Baltic countries, invested EUR 1.4 million in the innovative concrete floor production and installation company Primekss Group, acquiring 47.9% interest in the company.

This week's transaction is in the interest of both BaltCap investors and the company itself, because the funds attracted by Primekss founders will enable the company to further expand its business, said Treimanis.

He went on to say that Primekss was a success story of a company that, with the help of venture capital, was able to quickly expand into foreign markets. "We hope that the example of Primekss will also inspire other businessmen to use venture capital for business development," added Treimanis.

"Support provided by "Green gateway Fund" will enable us to offer the patented "Prime Composite" product on markets where we may not be too well known at the moment. This is a chance to present our product to broader audiences and, undeniably, become ever more successful. "Green Gateway Fund" capital investment will give us steady foundation for further growth, whereas experience and network of contacts of Wermuth Asset Management will strategically improve our business," said Primekss CEO Janis Oslejs.

Latvian Guarantee Agency is also pleased at the acquisition deal. "The management at Primekss have proved that technologies capable of conquering global markets can be created in Latvia. This is a good example of how problems in the construction industry can be successfully solved," said the agency's director Ivars Golsts, explaining that the new concrete floor technology meant better quality floors and at the same time cost and energy savings, and adding that securing investments had been crucial to the company's success.

Primekss Group is the group's holding company. The group also includes concrete floor manufacturer Primekss, online chemicals store MolPort and flooring materials company Gridu buvmateriali.

"Prime Composite" is a new and unique type of concrete that, thanks to the special chemical additive "Prime DC", is so strong that it does not require the traditional steel reinforcement bars.