ELKO Group announced that Amber Trust II S.C.A. and East Capital Baltic Fund have acquired 25,5% of the ELKO Group. "ELKO Group is pleased to have Amber Trust and East Capital join the fast development of our business," said Egons Mednis, President and co- founder of the ELKO Group, "Danske Capital Finland, Firebird and East Capital manage some of the leading investment funds across Eastern Europe and the C.I.S. and have tremendous track records in building shareholder value in their investments. The new shareholders will be important for the further growth and development of the ELKO Group."
"The capital invested will be used to further ensure a fast and stable growth of at least 20% per year," added Jens Hartmann, CEO of the ELKO Group, "We are very optimistic about ELKO’s long-term outlook. As our partners’ businesses expand into every corner of peoples’ lives - from the office to the living room - they require more and more flexible and rapid support and scaleable supply chains to address the diverse needs of customers in our region. We have never been more excited about the relevance of our capabilities and the growth prospects of the increasingly diverse markets that we serve."
"Amber Trust is impressed with ELKO’s exceptional financial performance and business development and long-term potential. It is already one of the largest companies in Latvia and over the next few years it should develop into a true national champion," stated James Richard, General Manager of Amber Trust II and Principal at New York-based Firebird, " Firebird and Danske Capital Finland look forward to working with ELKO’s fine management and dedicated shareholders to realize this potential."
"Though a Baltic company," said Aivaras Abromavicius, Fund Manager East Capital, "ELKO has grown far beyond its home market and has built a very impressive market share in Russia and Central Europe due to managements’ strong commitment and right strategy."
About Amber Trust II, Danske Capital Finland and Firebird
Following the success of Amber Trust S.C.A., a EUR 65 million buy out/ private equity fund focusing on the Baltic States, Danske Capital Finland Ltd. and New York-based Firebird Equity Advisors LLC launched the EUR 150 million Amber Trust II S.C.A. in January 2005. The Luxembourg-based Amber Trust II is jointly managed by Danske Capital Finland and Firebird and has made four investments to date, UAB Palink, AB Malsena, UAB Litagra and ELKO. The Fund will continue with Amber Trust II’s investment program across the Baltics, CEE and C.I.S. in the coming months.
Danske Capital Finland and Firebird manage EUR 500 million in Baltic equities. The total Eastern European equity assets managed by Danske Capital are EUR 750 million, while Firebird has in total over EUR 1 billion under management in former Soviet Union and Eastern European markets.
For further information please visit: www.ambertrust.com; www.fbird.com
Contact: Mr. James Richard (Tel +1 212 698 9262, email: firstname.lastname@example.org
or Mr. Indrek Kasela (Tel +372 506 4642, email: email@example.com
or Kustaa Äimä (Tel +358 9 8567 6383, email: firstname.lastname@example.org
About East Capital
East Capital is a leading independent asset manager specialising in Eastern European financial markets, with around 1 billion EUR in assets under management, both in public and private equity. The company was formed in 1997 by a group of professionals with extensive experience from both the financial markets and the corporate world in Russia and the Baltic States. East Capital was awarded Golden Star as best fund manager by Morningstar and Dagens Industry in 2001, 2003 and 2004.
For further information please visit: www.eastcapital.com or contact Mr. Aivaras Abromavicius email@example.com.