BaltCap sold SIA Adam Auto in Latvia
Amserv Group subsidiary Hansa Auto SIA signed a contract to acquire 100% of Adam Auto SIA’s shares from Baltic Investment Fund III managed by leading Baltic private equity firm BaltCap and the minority shareholders. Adam Auto SIA operates three Opel and Chevrolet dealerships in Riga, Ventspils and Liepaja.
Adam Auto SIA was founded in 1997. In 2010, the company sold 140 Opel cars (personal and commercial vehicles), 18 Chevrolet cars and 166 used cars. The company employs 76 people.
According to Aivis Silgals, the CEO of Hansa Auto, the acquisition will not lead to significant changes in Adam Auto and its dealerships’ daily work. “During the 14 years of operation, the dealerships of Adam Auto have shown to be highly stable and successful car saloons with a good team and excellent customer service,“ Silgals said.
“We believe that the Latvian economy is increasing rapidly. 2011 is the right time to make new investments in Latvia, taking into account the potential of the car market and the increase in sales figures for 2012-2013.” commented Raivo Kütt, CEO of Amserv Group.
Astra Neimane, Investment Director at BaltCap added: „Since the investment in 2004, BaltCap has developed and supported Adam Auto both during the times of very fast growth and during market decline. Now that the market recovery is taking place, we believe that this is the rigth moment to transfer the ownership of Adam Auto to strategic owner Amserv Group. Becoming a part of one of the leading car dealer groups in the Baltic States would provide additional development opportunities for Adam Auto.“
Amserv Group is the largest car retail and service company in Estonia and Latvia. The company operates 11 dealerships in Tallinn, Pärnu, Tartu, Paide, Viljandi and Riga representing the brands of Toyota, Opel, Chevrolet, Hyundai, Peugeot, Lexus and Saab.
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