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Signet Bank AS
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Riga, LV 1010, Latvia
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Longo Group AS, the leading player in the field of used car trade in the Baltics, successfully placed their inaugural bond issue in the amount of 3 million euro with a coupon rate of 6% and maturity on November 30, 2024. The bonds are secured by assets of the Group’s subsidiaries, which primarily are made up of relatively liquid inventory of cars. The bonds are planned to be included in the Nasdaq Riga alternative market First North.
The funds raised through the bond issue will be used to expand the range of cars offered in Latvia, Lithuania and Estonia, ensuring a wider supply of personal cars in accordance with consumer demand and global market developments.
In the first nine months of this year, the turnover of Longo Group AS reached EUR 22.3 million. In the 3rd quarter of 2021, the Group’s enterprises hit a record for car sales, reaching EUR 10.5 million with EBITDA of EUR 526 thousand. The funds raised will help the Group to achieve a turnover of EUR 100 million already in the coming years and expand its activities more rapidly in all three Baltic States.
Raising funds in the bond market is an important cornerstone of the Longo Group growth. The debut on the Baltic capital market not only gives the company the opportunity to continue its growth, strengthen its leading position in the Baltic market and increase profitability through the funds raised, but also confirms the sustainability of the company’s strategy. This will allow Longo Group to gain recognition among a wider range of investors, thus, also facilitating the fundraising in the future
Edgars Cērps, the founder and CEO of Longo Group
The bond issue for Longo Group AS was arranged by Signet Bank that provides support to leading Baltic companies in raising funds on the capital market.
We are pleased to be able to support Longo Group AS in their debut bond issue – the successful development of the Group will promote the transparency and reliability of the Baltic used car market. The bond issue attracted interest mostly from Latvian investors who trust the Group’s business model and growth prospects.
Kristiāna Janvare, Head of Investment Division at Signet Bank
Longo Group AS is the fastest growing trade group of used cars in the Baltic States. The Group is fully capable of providing the whole range of services related to the car sale inside the Group. Car purchases are made in selected European Union countries (the Netherlands, Belgium, Germany), while technical inspection, quality control, on-site or online sales and post-service warranty are provided in the Baltic countries
Longo Group sells twice as many units of used cards per month than its closest competitor, and since its establishment has delivered more than 7,000 cars to its customers. In the first half of 2020, Long Group was among the first in the region to provide its customers with 100% online car purchase service, offering 3D viewing option.
About Longo Group AS
Longo Group AS is an international company, which is active in the field of used car trade. The company has branches in Latvia, Lithuania, Estonia, where car sales take place. While the company’s branches in the Netherlands, Belgium and Germany specialise directly in the purchase of cars for sale in the Baltics. The company offers transparent and reliable intermediary services for the purchase, sale and financing of used cars. In May 2019, Longo opened in Riga the largest trading platform in the Baltic States with a capacity of 450 cars. The total range of cars offered in the Baltics is around 700 vehicles. All cars on sale are provided with a two-month or 3000 km warranty.
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 investment projects. Signet Bank’s shareholders are nine Latvian and international private investors.