Past Transactions

AS Kekava ABT

Callidus Capital acted as an exclusive financial adviser in deal structuring and capital attraction to Kekava ABT during the first major PPP road construction project in Latvia. As a result a 23-year DBOM (design, build, operate, maintain) concession agreement has been signed between Latvian State Roads and Kekava ABT. Senior debt in the deal was provided by European Investment Bank (EIB) and Nordic Investment Bank (NIB). The total investment in the project exceeds EUR 130 million.

SIA Cēres akmens

Callidus Capital represented SIA Cēres akmens in the process of fundraising, as a result, a financing transaction was concluded with AS Signet Bank worth almost EUR 1 million. The funding is intended for the purchase of real estate in the territory of Cēre – a quarry of national significance, thus expanding the part of the quarry already owned by SIA Cēres akmens.

SIA Cēres akmens is a gravel and sand processing company, which mainly performs quarry processing in Cēre – the sand-gravel quarry of national significance.

SIA Alpha Osta

Callidus Capital as the exclusive financial adviser managed transaction as a result of which SIA “ASNS Investment”, a 100% subsidiary of Callidus client - agricultural services cooperative society LATRAPS, acquired a 50%+1 share in SIA Alpha Osta. LATRAPS is the largest agricultural company in Latvia with more than 1100 members. One of the activities of LATRAPS is sale and export of grain and rapeseed.

The loading capacity of Alpha Osta port terminal exceeds 20 thousand tons per day and the total amount of grain storage is over 100 thousand tons. Its berth can serve ships of various tonnage, including PANAMAX ships with a total capacity of more than 70 thousand tons. As a result of this transaction, LATRAP obtains both the possibility to deliver grain to ships faster and with better quality, as well as additional grain storage capacity.


Callidus Capital, who acted as the exclusive financial consultant, in cooperation with Signet Bank, who acted as the issue organizer, managed the JSC "ELKO Group" bond issue, as a result bonds for the total amount of EUR 20 million were issued.
The bonds were purchased by more than 80 investors from the Baltic States, Germany and Malta – including banks, pension plans, investment funds, insurance companies, as well as private investors. The Altum Capital Fund, for which this was the first investment, also participated in the transaction as an investor. Bonds will be listed on the Nasdaq Riga First North list of the alternative securities market.

JSC "ELKO Group" was founded in 1993 and is the largest distributor of IT products, consumer electronics and solutions in the Baltics. Representing 400 IT manufacturers, Elko offers a wide range of products and services to more than 10,000 retailers, local computer manufacturers, system integrators and companies in various industries in 11 countries in Europe. Wholesaler of IT products and home appliances. In 2020, the JSC "ELKO Group" achieved a turnover of USD 2 billion.

Latvijas Propāna Gāze SIA

Callidus Capital advised Latvijas Propāna Gāze (LPG) on attracting credit guarantees from the state development financial institution ALTUM, which resulted as LPG's lending bank - extended loan repayment terms and rescheduled loan repayment schedules in accordance with the company's cash flow, ensuring stable further operation and development.

Latvijas Propāna Gāze SIA

Callidus Capital advised Latvijas Propāna Gāze (LPG) on receiving financial support for the Covid-19 crisis-affected exporting companies from the LIAA to overcome the consequences of the crisis, as a result of which LPG received support of 350 thousand EUR.

Latvijas Propāna Gāze is the largest supplier of liquefied petroleum gas in Latvia with an extensive retail network - 53 gas filling stations and 350 gas cylinder distribution points. The company owns 70% of the car gas market and more than half of the liquefied heating gas and gas cylinder market in Latvia.

Latvijas Propāna Gāze SIA

As a result of the Covid-19 crisis, the Latvijas Propāna Gāze needed additional working capital. Callidus Capital represented LPG's interests in ALTUM and raised additional working capital of EUR 1 million to overcome the consequences of COVID-19.

Latvijas Propāna Gāze is the largest supplier of liquefied petroleum gas in Latvia with an extensive retail network - 53 gas filling stations and 350 gas cylinder distribution points. The company owns 70% of the car gas market and more than half of the liquefied heating gas and gas cylinder market in Latvia.


Callidus Capital performed an analysis of the assumptions of the GoWood business plan in connection with the establishment of dried firewood plants in Latvia, and provided its opinion to the ZGI Capital Foundation, which planned to make and as a result also invest in the implementation of the GoWood business plan.

About GoWood
Founded in 2019 with the aim of becoming the leading dried firewood production company in the region, developing production facilities in Daugavpils, Balvi, Ludza and Limbaži.


Callidus Capital was hired as a shareholder financial advisor to attract buyers and arrange the transaction. Callidus Capital ensured the successful completion of the transactions and as a result 9 shareholders sold their shares, which is 19.5% of the total number of IPAS INDEXO shares, and 25 investors bought these shares for the total amount of 1.9 million euros. The shareholders sold their shares, tripling their capital investment about three and a half years ago.


Callidus Capital acted as an exclusive advisor to INDEXO pension fund manager and lead its share capital raising process. Investments were necessary because INDEXO has reached 200M€ assets under management, which by law requires having share capital of at least 3.0M€. Investors bought newly issued shares at a pre-money valuation of 10M€. Since its inception INDEXO has been the fastest growing pension fund manager in Latvia and the newly raised funds will allow it to continue its success story.

AS Smiltenes Piens

Callidus Capital acted as an exclusive buy-side advisor to a private investor in the acquisition of 96.3% of the Smiltenes Piens shares, taking care of deal coordination, negotiations with the sellers and attracting financing from BPM Mezzanine Fund.

Smiltenes Piens is one of the leading dairy product producers in Latvia, offering a wide product range and well-recognized brands in the local and export markets

SIA KOOL Latvija

KOOL is a new innovative brand in the Latvian petroleum retail market with a fresh and contemporary concept. KOOL's strategy relies heavily on competitive pricing as well as a premium customer experience, by offering carefully selected and locally sourced foods.

"Callidus Capital" Ltd acted as an exclusive financial advisor to KOOL assisting on all aspects of its development since its launch when the idea was only on a paper. Callidus Capital developed comprehensive business plan and participated in creation of strategy and brand, which allowed to raise first round of investment in October, 2016 followed by 2nd round investment in June and November, 2018.

Since launch, KOOL has attracted over 7.5M€ funding from the various local entrepreneurs as well as private and institutional investors, including leading investor in the Baltics – Baltcap fund.

Baltcap reference:

SIA Energia Verde

Callidus Capital acted as an exclusive advisor to AS Energoeco, shareholder of 70% shares of Energia Verde SIA, assisting the vendor on all aspects of the transaction, including designing the sell-side process, selecting investor list and approaching them, preparing valuation analysis, coordinating due diligence process with selected bidders, assessing strategic and tactical alternatives and negotiating final transaction documentation.

SIA Energia Verde owns newly developed biomass combined heat and power (RES CHP) plant in Riga, Latvia. The plant has total electrical capacity of 3.98 MW and thermal power capacity of 18 MW, fuel type – woodchips (biomass). All produced electricity is sold to Energy Public Trader (Enerģijas Publiskais Tirgotājs AS) and heat is sold to Rigas Siltums AS.

SIA Hanza Holdings

Organization of the land property sale transaction in Riga, Hanzas street 14B to Capitalica Asset Management

SIA Hanza Holdings

Transaction management and financing attraction of 3.1 million euro for the aquisition of SIA Hanzas Business Center liabilities from Raiffeisen Bank International AG and the Austrian company SRED GmbH.


Attracting capital of EUR 2.3 million EUR from more than 30 well-known Latvian entrepreneurs and managers for the asset management company AS INDEXO. Coordinating the Financial and Capital Market Commision licensing process.

Kinetics Nail System SIA

Callidus Capital acted as an exclusive financial advisor to management of the company assisting on all aspects of the transaction: 100% share buy-out (MBO) and Kinetics trademark buy-out from USA partner.
As a result, refinancing from client’s current bank to another bank was executed and new financing for share acquisition supported by ALTUM guarantee attracted.

Kinetics Nail Systems Ltd. is a professional nail cosmetics brand - a manufacturer and distributor of world wide known nail polish and hand care products in the European and Global market. The company already exports 93% of its production to more than 30 countries worldwide.

RP SIA Rīgas Satiksme

Callidus Capital represented Riga Municipality company SIA Rīgas satiksme in negotiating and attracting financing from local banks, which resulted in funding of 100 million from SEB bank. The financing is intended for investment in tram infrastructure improvement, renovation of depot at Brivibas street, construction of hydrogen production and filling stations, as well as construction of the new Skanste tram line.
Press release:

SIA OK Īpašumi

Attracting financing more than 10 million euros and managing a transaction for 70% of the share purchase from the Norwegian Investment Fund.
The company owns a shopping centre “Dauga” in Ogre, with a total area of ​​8000 sq. m, which is leased to 54 tenants. Shopping centre Dauga is the largest shopping centre in Latvia located outside Riga.

Latvijas Propāna Gāze SIA

Callidus Capital attracted financing of EUR 20 million for Latvijas Propāna Gāze Ltd. The financing was used for minority shareholder buyout and development of the company. In order to secure the best possible deal conditions, the ALTUM guarantee was used to cover part of attracted financing.
Latvijas Propāna Gāze the largest supplier of liquefied petroleum gas (LGP) in Latvian market holding 70% of autogas market, 60% of LPG heating market and 50% of LPG cylinders market. The company also provides LPG export and transit.

SIA KOOL Latvija

KOOL Latvija is a brand new chain of retail fuel stations and convenient stores founded in September 2016.
Callidus Capital developed the Business Plan and Financial Model, as well as participated in the company's strategy development, which resulted in the successful fund raising of the initial capital of more than 3 million euros for the launch of KOOL Latvija.
Сapital was mainly attracted from local private investors and private equity manager ZGI Capital.

Dzintaru 28, Latvia

Valuation of share capital.

In 2016 Callidus Capital performed valuation of share capital of SIA Dzintaru 28 on behalf of investors. SIA Dzintaru 28 is an owner of the apartment complex in Jurmala, Dzintaru prospekts 28 and Dzintaru prospekts 26.

Latvijas Piens, Latvia

Consulting services and management of liability's restructuring process
In 2016 Callidus Capital provided consulting services and managed Latvijas Piens liability's restructuring process, which resulted in an agreement, which was reached with the State Treasury for the State guarantee the interest rate reduction and change in repayment schedule of commitments and in an agreement, which was reached with the credit institutions, that was financing Latvijas Piens, which extended the repayment schedule and significantly reduced monthly principal payments. In addition Callidus Capital provided consulting services to Latvijas Piens shareholders LATRAPS and DZĒSE for capitalization of debts in the share capital, resulting in increase of share capital of Latvijas Piens by EUR 3 million.

RP SIA Rīgas Satiksme

Callidus Capital represented Riga Municipality company SIA Rīgas Satiksme in negotiations with the European Investment Bank (EIB) and the Nordic Investment Bank (NIB), which resulted in a successful financing of EUR 135 million by signing agreement for receiving funding from the EIB in total EUR 75 million and NIB 60 million euro
This is the first loan in Latvia for the development of the transport sector, supported by the European Strategic Investment Fund (ESIF) (Junker Plan).The funding is intended for investments in low-floor tram infrastructure and the purchase of 20 new low-floor trams, as well as the purchase of hydrogen powered vehicles and investments in the construction of hydrogen production and refueling station.
Press release:

OOO Aeroexpress, Russia

Consultant, reorganisation and restructuring of an international export finance transaction. Successful debt financing for the purchase of new trains
OOO AEROEXPRESS is a privately owned exclusive rail services operator, operating in the Russian Federation. The company provides rail services between Moscow center and three major city airports.

Latvijas piens, Latvia

The acquisition of controlling stake
Latvijas Piens is one of the leading dairy companies in Latvia. The acquisition of controlling stake (73.28%) by the largest Latvian agricultural cooperative Latraps. Arranger.

Monea, SIA Monetizator, Latvia

Attraction of private investor
Monea is the leading mobile payment platform in Latvia. Attraction of private investor. Callidus Capital partner Valdis Siksnis becomes Chairman of the Board of Directors of Monea.

Energia Verde

Callidus Capital organized and conducted Energia Verde acquisition deal and fund raising that included - acquisition of 100% Energia Verde shares - EUR 15 million fund raising for the construction of biomass combined heat and power plant (RES CHP) in Salaspils region, Latvia
Transaction size: EUR 15 million.

Lattelecom, Latvia

Support for strategic planning process
In 2015 Callidus Capital supported a strategic planning process for the company Lattelecom LTD.