SIA EKJU invests EUR 1.45 million to increase production capacity

Signet Bank has granted a loan of EUR 1.45 million to one of the leading European companies for the production of wooden garden furniture – SIA EKJU. The funding is intended to increase the company’s production capacity – expand production facilities and develop new products.

SIA EKJU regularly invests in production development in order to continue moving towards the strategic goal of the company – to become one of the most recognized manufacturers and suppliers of high-quality garden furniture made of natural materials in several world markets in 2030.

With Signet Bank’s financing, we can achieve faster growth rates, and our mutual cooperation helps us to set new ambitious goals in our future plans. The funds provided were used to increase the company’s production capacity – expanding production facilities and developing new products. The activities are carried out in cooperation with Latvian Investment and Development Agency (LIAA), which administers the resources of Norwegian Financial Mechanism, while implementing the project of SIA EKJU: “Outdoor wooden furniture and accessories developed for B2B e-commerce and introduction of increased environmental requirements in production.

Māris Danieks, Chairman of the board of SIA EKJU

We have been cooperating with EKJU for several years now, and it is immensely rewarding to follow their development. Manufacturing and export enterprises are the backbone of the Latvian economy, so it is especially gratifying to see that EKJU have a clear business development strategy and confidently expand their product range and explore new markets.

Ineta Done, Senior Vice President at Signet Bank

SIA EKJU was founded in 1992. Since 2012 the company has significantly increased its export volumes, strengthened its position in the main European markets and implemented the principles of sustainability. SIA EKJU has confidently started a successful export activity and is currently one of the most successful companies in the garden furniture market in France, Great Britain, and Germany. The EKJU Group of companies has implemented LEAN and TOC production methods, significantly boosting its productivity and sales – from EUR 5.6 million in 2012 to more than EUR 23.5 million in 2022.

Signet Bank was founded in 1991 and is one of the first banks of independent Latvia. The Bank’s strategy focuses on financing local entrepreneurs and their businesses, as well as on capital management. Since the beginning of 2021, Signet Bank has provided clients with financing in the form of loans and bonds in the amount of 400 million euros. Signet Bank’s shareholders are nine Latvian and international private investors, the largest of which are Signet Acquisition III (25%), where the only shareholder is the US investor Alexander Solovey; AS RIT Group (19.50%) – a Latvian company owned by the Rapoport family, and SIA Reglink (15.93% ), whose founder Irīna Pīgozne is a banking professional.