BaltCap Growth Fund (BGF) sells its shares in Kool SIA, the operator of Latvian fuel stations and convenience stores chain, to Olerex, the leading fuel station network in Estonia. Olerex acquires Kool through Aqua Marina, the holding company of Olerex group in Estonia. Sandis Šteins, CEO and concept author of Kool, will continue to manage the company in Latvia.
Kool is a network of 10 convenience stores and fuel stations in Latvia, based on module type stations in busy traffic areas. Kool offers competitive fuel price in combination with high quality convenience store and carefully selected, locally sourced meal variety.
“Building Kool and its network of fuel stations and convenience stores has been a challenging 3-year period, we are happy to have been part of the rapid growth journey,” said Mārtiņš Jaunarājs, partner at BaltCap, the biggest shareholder of Kool. “Kool has established its market position and we have accomplished our goal as growth capital provider and strategic partner. We are thankful to the management team and to our fellow investors for their contribution in developing the business. I trust Olerex, the leading player in Estonia, will write the next successful chapter in Kool´s growth story,” Jaunarājs added.
Sandis Šteins, CEO of Kool Latvija and the concept author, will continue managing the company. “Becoming the Latvian branch of Olerex international retail network opens up many new opportunities for our customers. This will only accelerate our growth,” Steins comments.
After the acquisition of Koo, Olerex becomes the first fuel company of Baltic origin whose stations cover all three Baltic states.
“We have been cooperating with our good neighbours Latvians for many years,” said Antti Moppel, Board Member of Aqua Marina, after signing in Riga. “With our direct entry into Latvian market, we bring in our market power, experience, and innovative mind, which will add value not only to Kool Latvija, but to the whole Latvian petrol industry.”
Walless advised BGF in the transaction, buyer side was advised by Palladium law firm and the transaction was co-financed by SEB. The transaction value and other details have not been disclosed.