BaltCap has exited its portfolio company Adam Auto by selling it to Hansa Auto, the Latvian subsidiary of leading Baltic car dealer Amserv Group.
Hansa Auto has acquired 100% of Adam Auto SIA’s shares from Baltic Investment Fund III advised by BaltCap, and minority shareholders.
Adam Auto SIA was founded in 1997 and is among the leading car dealers in Latvia operating three Opel and Chevrolet dealerships in Riga, Ventspils and Liepaja. The company employs 76 people.
Astra Neimane, Investment Director of BaltCap says: "Since the investment in 2004, BaltCap has developed and supported Adam Auto both during the times of very fast growth and during market decline. Now that the market recovery is taking place, we believe that this is the right moment to transfer the ownership of Adam Auto to the strategic owner Amserv Group. Becoming a part of one of the leading car dealer groups in the Baltic States would provide additional development opportunities for Adam Auto.“ According to Aivis Silgals, the CEO of Hansa Auto, the acquisition will not lead to significant changes in Adam Auto and its dealerships’ daily work. "During the 14 years of operation, the dealerships of Adam Auto have shown to be highly stable and successful car saloons with a good team and excellent customer service,“ Silgals says. Amserv Group is the largest car retail and service company in Estonia and Latvia. The company operates 11 dealerships in Tallinn, Pärnu, Tartu, Paide, Viljandi and Riga representing the brands of Toyota, Opel, Chevrolet, Hyundai, Peugeot, Lexus and Saab.