Industra Bank and Signet Bank grant €13 million loan for Grindeks Group growth

Industra Bank and Signet Bank have granted a syndicated loan of EUR 13 million to Kalceks, a company of the Grindex Group, to support its expansion in Western Europe. Signet Bank provided 58 percent of the loan, while Industra Bank provided 42 percent.

Kalceks is one of Latvia’s oldest pharmaceutical companies, founded in 1920. The company currently exports its products to more than 90 countries. It specializes in hospital medicines and is part of the Grindex Group.

Last year, Kalceks posted a turnover of EUR 63.355 million, a decrease of 15.9 percent year-on-year, and recorded a profit of EUR 1.006 million, compared to a loss the year before, according to Firmas.lv.

The company was registered in 2004 and has a share capital of EUR 1.75 million.

The Grindex Group includes Grindex, Kalceks, Namu Apsaimniekošanas Projekti, Tallinn Pharmaceutical Plant in Estonia, and HBM Pharma in Slovakia. The group’s largest shareholder is Liplat Holding, owned by Kirovs, Anna and Filips Lipmans.

Signet Bank, meanwhile, posted a profit of EUR 5.473 million last year.

Signet Bank’s shareholders include several Latvian and international private investors, among them Signet Acquisition III (18.84 percent), whose sole owner is U.S. investor Aleksandrs Solovejs; Reglink (14 percent), founded by Irina Pigozne; and RIT Group (14 percent), a Latvian company owned by the Rapoports family.

Industra Bank reported an audited profit of EUR 2.435 million in 2024. The bank was established in 1994 and was originally called Multibanka. It was later renamed SMP Bank, then Meridian Trade Bank, before adopting the name Industra Bank in January 2020.

The bank’s largest shareholders are J.A. Investment Holdings (43.38 percent), HPI 2 (25 percent), and Ouroboros (25 percent).