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Tuesday, 16.04.2024, 06:47
BaltCap to exit Caffeine, cafe chain will expand
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Nidas Kiuberis, head of communications at Caffeine, also said in a press release that the chain is set to invest 2 million euros in an expansion, with plans to increase the number of cafes from 62 to a hundred.
"Unofficial information that emerged last week about the sale of Caffeine caused a lot of noise, so the statement about expansion may look to some as a rough attempt to deny rumors," Kiuberis said.
"I am not going to deny anything. Because in this case, both messages are correct: BaltCap is looking for a buyer for its shares and we have embarked on a rapid expansion of our network," he added.
The Vz.lt website reported last week that BaltCap was selling the Caffeine chain of cafes in Lithuania, Latvia and Estonia. BaltCap's Lithuania SME Fund holds a 70.5 percent stake in Caffeine, with the remaining 29.5 percent owned by Caffeine's management team.
"The fund invested in Caffeine for a definite period of time to contribute to the chain's rapid development and realize the value created," Kiuberis said.
"Just like acquisition, exit is an inevitable part of strategy for a financial investor," he added.
The cafe chain last year changed its name from Coffee Inn to Caffeine Roasters.
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