AS Mapon bond issue

About Group

Established in 2006 in Latvia, Mapon is one of the largest fleet management and asset tracking solution providers in Northern Europe.

Mapon offers fleet management solutions, offering real-time vehicle location monitoring, route optimization, and enhancing overall safety and productivity for clients’ fleets. In addition, Mapon’s toolkit includes fuel tracking systems, video monitoring systems, and solutions for effectively managing digital tachograph compliance.

Since 2006, the Group has expanded its operations both organically and through acquisitions. In 2016, Mapon opened its branch in Spain. From 2017 to 2023, the Group has successfully completed five acquisitions across Estonia, Finland, Lithuania, and Denmark.

In 2023, Mapon generates c. 21% of consolidated revenue in its local market, Latvia, while the remainder is predominantly generated in the European Union.

As of December 2023, the Group boasts robust financial metrics, including an equity ratio of 70%, a net leverage of -0.6x, and an interest coverage ratio of 129x. The bonds issue is secured by a first ranking commercial pledge over shares owned by AS Draugiem group and SIA Pirmdiena. Minimum of 51% Mapon shares shall be pledged.

Term Sheet