BaltCap Latvia Venture Capital Fund has sold its controlling stake in Pure Chocolate

Latvia’s premium chocolate truffle producer Pure Chocolate has completed a management buyout, with its controlling stake acquired from BaltCap Latvia Venture Capital Fund AIF KS by a newly established holding company, PCh Holding, formed by the company’s management team and minority shareholders.

The transaction keeps the company in the Latvian ownership and was financed with more than EUR 3 million from BluOr Bank, partly backed by a guarantee from the national development finance institution ALTUM. Three Latvian entrepreneur families have become the new controlling owners, ensuring Pure Chocolate’s long-term development in Latvia.

Normunds Sala, Chairman of the Management Board, said the deal was a strategic step to preserve the company as a national brand and accelerate international growth. Pure Chocolate employs over 60 people in Pūre and exports its premium truffles to more than 25 countries, with key markets including Germany, the US, Japan and Ukraine. Over 70% of exports come from its own brand.

BaltCap is exiting following the completion of its investment cycle, having supported Pure Chocolate’s strong growth over the past decade. In 2024, the company achieved revenues of EUR 4.7 million, up 17.6% year-on-year, and continued rapid growth in 2025, driven by both domestic sales and exports.

About Pure Chocolate

Founded in Latvia almost 20 years ago, Pure Chocolate is a premium chocolate truffle producer based in Pūre, offering high-quality, visually distinctive products made from carefully selected ingredients. The company operates across the Baltics and exports to more than 25 countries worldwide, with a strong focus on its own brand and international growth.

About BaltCap Latvia Venture Capital Fund AIF KS

Established in 2010, BaltCap Latvia Venture Capital Fund invests in Latvian small and medium-sized enterprises with strong growth potential. Its largest investor is the national development finance institution ALTUM. The fund has supported Pure Chocolate’s transformation into one of Latvia’s leading premium confectionery brands.

For more info, please contact:

Mārtiņš Jaunarājs

BLVCF manager

Martins.Jaunarajs@baltcap.com