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Friday, 19.04.2024, 11:09
Norway's Reitan Convenience buys Caffeine café chain in Lithuania
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BaltCap says it
has signed a contract with Keturi
Kambariai, the operator of the café chain, on the purchase of 100% of Caffeine shares. The value of the deal
is not disclosed.
Lithuania SME Fund, managed by BaltCap, owns 70.5% of Caffeine shares, and Caffeine's management team owns 29.5%.
"The chain's cafes are located in strategically significant areas of
major cities. We plan to further develop our business in the Baltic states and
hope that Caffeine will provide us with new development opportunities in these
countries," Reitan Convenience
CEO Johannes Sangnes said.
The deal still needs approval from Lithuania's Competition Council.
Reitan Convenience operates
in seven countries and has 2,250 shops. The groups' turnover exceeded 9 bln
euros last year, and it had 37,000 employees. Reitan Convenience Lithuania posted 31.6 mln euros in revenue last
year, up 0.9% from 2016, and net losses went down 12.7% to 513,200 euros.
Caffeine was
founded by four Lithuanian businessmen in 2007. BaltCap invested into the chain in 2012 and since then it has
increased the number of its cafes to over 60 in Lithuania, Latvia and Estonia.
Two Caffeine cafes also operate in
the United States under a franchise deal. Last year, the chain was renamed from
Coffee Inn to Caffeine Roasters.
«The Baltic Course» Is Sold and Stays in Business!
