The company SIA “Lat Eko Food”, whose best-known brand in the Latvian market is the organic food brand “Rūdolfs”, has attracted financing from the bank “BlueOrange” in the amount of 7.4 million euros.
The received financing was used to refinance the company’s liabilities, for the needs of economic activity and for development purposes.
The main activity of the company is the production of organic food for children and babies. However, since 2015, the company has expanded its production of other organic foods for the whole family, including smoothies, ketchups, fruit and vegetable creams, porridge, juices, humus, jams and desserts.
At present, more than 200 different types of products are manufactured at the company’s production plant in Ādaži, which covers a total area of 3,500 m2.
Despite the difficult situation in the Latvian and world markets, SIA “Lat Eko Food” managed to maintain stable growth last year: the company’s turnover last year was 6.8 million euros or almost 30% more than in 2020. The company thus exceeded the initially set goals for increasing turnover and production capacity last year. With the installation of new production lines and the development of new products in the coming years, the company plans to double its production capacity and significantly increase the company’s turnover accordingly.
“Targeted and well-thought-out investment in production and product development in our industry is a very important factor that allows us not only to expand the range of products and enter new markets, but also to strive for ever higher product quality. In the technological processes, we take care of the taste properties of the products, as well as the preservation of all the valuable nutrients and vitamins that organic, clean and fresh vegetables, berries and fruits provide us. The financing granted by the Bank BlueOrange will also be a great starting point for the further development of the company, ”says Egija Martinsone, the owner and founder of SIA Lat Eko Food.
In the local market, Lat Eko Food sells about 30% of its production and about 70% is exported. The company’s main markets are currently the Scandinavian countries of Finland and Sweden, as well as Austria, Russia, the Czech Republic, Lithuania, Canada, Singapore, Japan, Israel, the Netherlands and others – a total of more than 30 countries around the world.
Taking into account the strict requirements for the certification of organic and especially baby food, the company SIA “Lat Eko Food” purchases only biologically certified raw materials – fruits, vegetables, berries, meat, fish, dairy products and many other raw materials. In support of the local economy, preference is given to the supply of raw materials to Latvian organic farms.
The creator of the Rūdolfs brand, SIA Lat Eko Food, is a significant benefit not only to the Latvian state budget and the economy as a whole, but also to Latvia’s organic farms, with which the company successfully cooperates. We are pleased to see more and more Latvian companies among our customers, which are able to develop rapidly and export their products to dozens of countries around the world. At the same time, the bank’s priority is still Latvian small and medium-sized enterprises in various sectors, and the bank plans to allocate 150 million euros for business development projects this year, ”says Dmitrijs Latiševs, Chief Executive Officer of the bank BlueOrange.
SIA Lat Eko Food currently has 68 employees. The company has received both the “green flag” of organic products of the European Union and a number of other certificates of international significance. These include the BRC, IFS and the Scandinavian Organic Food (KRAV) certificate, which certifies both the production of organic products and the reduction of environmental impact and the highest quality standards in production processes.
In order to reduce its ecological footprint, the company currently buys only renewable or green energy. Also, all processes in the plant are purposefully designed according to the principles of waste-free management. For example, the peel and residues of the fruit and vegetables used in production are fed to the animals. This year, it is also planned to install a water recirculation system at the plant, which will significantly reduce the water resources consumed at the plant.
Founded in 2010, SIA “Lat Eko Food” opened its production plant in Ādaži, Muižas Street 18A, in 2014. The founder of the company is Egija Martinsone, who started to produce baby food thanks to the birth of her son Rudolf, and after whom both the new factory and the line of organic products for children are named.