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The major supplier of premium coffee services in the Baltic States, Coffee Address Holding, in cooperation with Signet Bank, has issued unsecured bonds in the amount of EUR 5 million. The bonds were offered to investors through a private placement, and are scheduled to be included in the Nasdaq First North alternative market within 12 months.
22 private and institutional Baltic investors participated in the bond issue, with the demand from investors exceeding the supply. Demand from institutional investors, mainly investment funds, accounted for about a half of the total demand for bonds, and the other half was accounted for by private investors.
Coffee Address Holding offers self-service premium coffee and fast food solutions. The three main business segments of the Group are vending machines, where it is represented with Lavazza and Coffee Address brands, on-the-go coffee in cooperation with almost all major gas stations in the Baltics, and coffee supply in offices. The Group is a service provider for 5,000 customers, serving more than 250,000 cups of coffee a day.
Coffee Address Holding dates back to 1993. In 2017, the leading private equity manager in the Baltic States – BaltCap – became a shareholder of the Group, starting a phase of rapid growth, and turning Coffee Address Holding with a turnover of almost EUR 33 million (in 2021) into a strong market leader in all three Baltic States. Coffee Address Holding plans to redirect the funds raised in the bond issue to refinancing existing liabilities, thereby optimizing the overall funding structure of the Group in order to successfully continue its development strategy.
The bond issue of Coffee Address Holding has shown that the bond market is a real source of financing for ambitious Baltic companies. We congratulate the management team of the company on its successful debut in the capital markets, and we are pleased with the high interest in Coffee Address Holding bonds from both private and institutional investors, showing confidence in the company’s shareholders and management team, as well as appreciating their strong market position and business potential. We are certain that with this first step in the capital markets, Coffee Address Holding will be able to open up more opportunities to raise funds for the implementation of future plans.
Kristiāna Janvare, Head of Investment Division at Signet Bank
The bond issue of Coffee Address Holding underlines the successful strategy the company has embarked on since 2017 and unlocks a new funding source that will help cementing its leading position in the coffee market of the Baltic States. As a private equity investor, we are pleased to see high investor interest in this bond issue. We expect that bonds will continue to be an attractive financing source for regional companies to fund their growth and strengthen their capital structure also in the future.
Sandijs Āboliņš-Ābols, Partner at BaltCap
About Signet Bank
The bank was founded in 1992 as Latvijas Biznesa banka. Since 2013, it has focused its strategy on servicing entrepreneurs and their businesses, with an emphasis on high-quality capital management and structuring of investment projects. Signet Bank’s shareholders are nine Latvian and international private investors.