BaltCap, the leading private equity and venture capital investor in the Baltic States, invests EUR 1.4m in Riga-headquartered pan-Nordic concrete floors contracting company Primekss to obtain a significant minority stake. This is the first investment by BaltCap Latvia Venture Capital Fund, which is part of the EU Structural Fund’s co-financed JEREMIE Holding Fund managed by the European Investment Fund in Latvia.
Primekss, established 1997, has continuously invested in research and development, which has allowed the creation of unique, patented technology for casting slender, tough, jointless concrete floors for heavy use. The very flat floors improve the operating efficiency of large automated warehouses and other commercial and industrial premises. In addition to the considerable advantages for end users, the technology saves up to 50% of CO₂ emissions during construction, if compared to traditional concrete slab construction.
The new PrimeComposite technology has already been widely adapted by leading customers across Scandinavia and Baltics, including environmentally conscious general contractor Skanska, The Postal Service of Norway and many others.
“We are proud and very excited about being able to support the superb team of Primekss in their ambitious growth plans. This is a unique opportunity for our fund to back a truly innovations-driven and environmentally conscious company with great growth potential in international markets,” said Mārtiņš Jaunarājs from BaltCap.
“The interest in PrimeComposite from local and global customers has been considerable, yet our growth has been hampered by lack of funding. This investment will lay a sound foundation for rapid expansion. We are especially happy to have the experienced and professional team at BaltCap as partners in this global greentech venture”, said Jānis Ošlejs, CEO of Primekss.
Richard Pelly, Chief Executive of the European Investment Fund added “This investment into Primekss is BaltCap’s first transaction from the Fund established with our cornerstone investment. It is a key milestone for Primekss, BaltCap and the EIF as it shows that high-growth innovative enterprises in Latvia can now start fully benefitting from EU financing.”
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