RIGA - A reorganization process is under way in which Narvesen Baltija retail company is taking over Coffee Inn, the owner of the Caffeine Roasters (Caffeine) cafe chain, according to an announcement published in the official gazette Latvijas Vestnesis on Monday.
Creditors now have a month to file their claims.
In December 2018, the Competition Council gave permission to Reitan Convenience, the Norwegian owner of Narvesen Baltija, to acquire Coffee Inn.
The Competition Council has concluded that the takeover will not weaken competition and will not lead to a dominant position on any of the Latvian markets in which the parties of the transaction are operating.
Reitan Convenience purchased Caffeine Roasters from BaltCap equity fund, Lithuania SME Fund, which owned a 70.5 percent stake in Caffeine Roasters, as well as Lithuania's Keturi Kambarai, which owned the remaining 29.5 percent of Caffeine shares.
The acquisition of the cafe chain was part of Reitan Convenience's strategy to reinforce its position in Europe as an operator of convenience stores.
Coffee Inn, established in 2010, has a share capital of EUR 2,845, according to information available at Firmas.lv. In 2018, Coffee Inn turned over EUR 2.592 million and suffered a EUR 54,453 loss.
Narvesen Baltija, established in 1997, has a share capital of EUR 10.593 million. In 2018, Narvesen Baltija turned over EUR 64.22 million and made a EUR 1.579 million profit.
Narvesen is a member of Reitan Group, which operates in Nordic and Baltic states under the brands of Narvesen, Pressbyran, R-kiosk and 7-Eleven.