Coffee Address Holding, the leading vending and coffee service company in the Baltics operating under the Coffee Address brand, has completed the acquisition of another vending operator in Latvia – SIA Kafe-Serviss.
Sandijs Abolins-Abols, partner at BaltCap is content that an important transaction has been closed despite covid-19 related circumstances.
“The transaction was signed in December 2019 and closed almost a year later, on November 17, 2020. Covid-19 pandemic impacted decision-making timeline of approval by the Competition Council of the Republic of Latvia and macro-economic uncertainty impacted finalization of the deal. The dedication and perseverance of the Coffee Address team has been remarkable in finalizing the transaction,” Abolins-Abols commented.
“Joining forces with Kafe-Serviss team will enable us to create considerably better product and service offering for our existing and future customers in the Latvian market,” said Viktorija Meiksane, the board chairwoman of Coffee Address Holding.
“I am happy that both parties believed in mutual benefits of the transaction to the end and were able to successfully overcome the covid-19 related challenges,” Meiksane added.
Coffee Address is the leading vending and coffee service company specializing in office and on-the-go coffee in the Baltics. It is a market leader in the Baltics providing self-service premium coffee and convenience food solutions by serving over 250,000 cups of coffee a day. Coffee Address has been in the business since 1993. The company is actively consolidating the Baltic market – since 2017, Coffee Address has acquired Estonian company Vending Automaadid OÜ, Lithuanian company Pardavimo Automatai UAB and Estonian company 7Kohvipoissi OÜ.
The transaction was advised by Oaklins’ Latvian team, transaction value has not been disclosed.
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