“Rietumu Bank”And the international group of companies“ European Lingerie Group ”(ELG) have prepared and concluded a transaction on financing the group’s business; The total amount of financing granted by the bank is 27 million euros.
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As a result of the transaction, Rietumu Bank provides the European Lingerie Group with the necessary resources to stabilize the group’s financial position during the Covid-19 pandemic period, as well as becomes the owner of 30% of the group’s capital.
The European Lingerie Group is a fully vertically integrated group of companies active in the production and sale of lingerie. The group’s manufacturing companies operate in the Baltics, Hungary and Germany, but its products are represented in retail in 46 countries around the world, as well as on online platforms.
Among other things, ELG was active in the production of fabrics for underwear (“Lauma Fabrics brand), which are supplied to major factories in Europe and other regions of the world. The group is also involved in the design, manufacture and sale of premium lingerie, including brands such as Felina, Conturelle and Senselle, as well as is also the owner of Dessus-Dessous, France’s largest online platform for the sale of high-quality lingerie and swimwear, and ELG also manufactures Lauma Medical’s medical textiles.
Artūrs Jukšs, Head of Credit Management at Rietumu Bank, says: “This is not a standard transaction for our country’s financial market – and not so much because of its size. but also became a partner with a direct interest in the company’s success and progress, notably the particular complexity of this international transaction. Baltic countries, Germany, Swedish a Of Hungary law offices and consultants. Of course, this is not the first international transaction for our bank, but, in my experience, one of the most difficult and interesting. “
Indrek Rahumaa, the largest shareholder and board member of the European Lingerie Group, emphasizes: “We wanted to attract a partner who, like us, would be interested in business success and growth, new markets, setting and implementing ambitious goals, perspectives and creative business ideas. We found like-minded people at Rietumu Bank who assessed our potential and provided the necessary financing both in the form of a loan and becoming a co-owner of the group. I am convinced that this transaction will allow us to survive difficult times and focus on further business development in the near future.
ELG’s head office is in Latvia, but production facilities are located in Latvia, Germany, Hungary and other countries. In Latvia, the group owns the Liepaja company “Lauma Fabrics”, which is one of the ten largest production companies in the world – its production capacity in areas under one roof is more than 100 thousand square meters. In total, ELG companies in different countries employ more than 1,000 people. The group’s main business markets are the Baltic States, Germany, France, Russia, Poland, the Benelux countries, Spain, Italy, Ukraine and other countries around the world.
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