The family investment company of Aigars Kesenfelds, ALPPES Capital, has become the largest shareholder of INDEXO, increasing its stake in the financial services group INDEXO to 29.68%. The stake was increased by exchanging DelfinGroup shares owned by the company within the framework of the voluntary share buyback offered by INDEXO to DelfinGroup shareholders, as well as by participating in the latest INDEXO share issue.
The management of ALPPES Capital states that in recent months the company has purposefully increased its participation in INDEXO, as it believes that INDEXO Bank has the potential, within five to seven years, to become one of the leading locally owned banks in Latvia. The investment company believes that all the preconditions have been created for INDEXO Bank to significantly accelerate its growth, much more rapidly expanding both its loan portfolio and the development of new products and services.
The management of ALPPES Capital is confident that the current management team of the INDEXO Group will be able to deliver the growth indicators it has presented during capital-raising stages and that in the foreseeable future it will show positive financial results. The investment company notes that this is a long-term investment, and at least until 2030 ALPPES Capital does not plan to sell its INDEXO shares.
As reported previously, the Bank of Latvia has granted permission for ALPPES Capital to acquire a direct qualifying holding and for Aigars Kesenfelds to acquire an indirect qualifying holding in IPAS INDEXO. Meanwhile, the European Central Bank approved Aigars Kesenfelds and ALPPES Capital to acquire an indirect qualifying holding in INDEXO Bank.
About the family investment company AS ALPPES Capital
AS ALPPES Capital is the family investment firm (family office) of Aigars Kesenfelds, a multi-sector entrepreneur, with a long-term objective of capital growth. The firm’s primary sources of income are dividends and interest received from related and associated companies.
AS ALPPES Capital invests in private and publicly listed companies, bonds and other debt securities, as well as in long-term alternative investment funds. AS ALPPES Capital is directly or indirectly the largest shareholder and a long-term investor in several private and publicly traded companies, including INDEXO Group, Eleving Group S.A., Sun Finance Group AS, Longo Group AS, and Mintos Holdings AS. The companies in which AS ALPPES Capital holds a direct or indirect leading ownership stake employ more than 5,500 people, of whom approximately 1,000 are based in Latvia. These companies generate a combined annual turnover exceeding EUR 700 million and operate across more than 30 countries worldwide. In recent years, they have contributed, on average, over EUR 25 million annually in taxes to the Latvian state budget. The investment portfolio of AS ALPPES Capital, through both direct and indirect investments, spans a wide range of sectors including retail, consumer goods and services, leasing and consumer finance, e-commerce, real estate, forestry, renewable energy, manufacturing, and others.
AS ALPPES Capital is a 100% owned company of Aigars Kesenfelds, a multi-sector entrepreneur.