- In 2024, ALPPES Capital significantly diversified its investment portfolio by expanding into a broader range of industries.
- In 2024, either directly or indirectly, ALPPES Capital invested in sectors such as renewable energy, real estate, e-commerce, used car retail, and financial services.
- The investment company concluded the reporting period with strong financial results, reporting a profit of €74.8 million.
- In 2024, ALPPES Capital made its investments using profit accumulated in previous years, along with dividends, interest, and coupon income received during the reporting period.
- As of year-end 2024, ALPPES Capital had no outstanding loans from credit institutions or any other borrowings.
ALPPES Capital has diversified its investment portfolio
To expand and diversify the company’s asset and investment portfolio, ALPPES Capital made several significant investments in 2024 – both in privately held and publicly listed companies, in alternative investment funds, as well as in corporate bonds issued by multiple companies.
ALPPES Capital has made significant investments in Merito Partners’ funds and the companies managed by the private equity firm Merito Partners. By the end of 2024, these investments had reached €14.6 million. Through its investments in Merito-managed funds and companies, ALPPES Capital has indirectly co-financed ventures such as Saules Energy, which has built eight power plants in Latvia; the modular home manufacturing company MyCabin; and the e-commerce business Adaptive Media. ALPPES Capital has also co-financed real estate development projects in Riga’s Old Town and the Mūkusalas district. The co-financed portfolio also includes the technology firm Tapbox, which develops self-service solutions, and Sef Storage, which operates under the Box Storage brand and is developing self-storage facilities across all three Baltic states.
During the reporting period, ALPPES Capital made several significant investments in companies within the financial services sector, including UAB Goindex – a rapidly growing, licensed pension fund management company in Lithuania. In addition, ALPPES Capital acquired shares and made investments in the following publicly listed companies in the Baltics and Scandinavia: ARTEA Bank (formerly Šiauliu Bankas, Lithuania), Coop Pank (Estonia), LHV Group (Estonia), IPAS INDEXO (Latvia), Swedbank AB (Sweden), Skandinaviska Enskilda Banken (SEB, Sweden), Handelsbanken (Sweden), and Nordea Bank (Finland).
At the end of 2024, ALPPES Capital also acquired shares in KAMUX, a used car retail company. KAMUX is the largest player in its sector in Finland, ranks among the top seven in Sweden, and is experiencing rapid growth and expansion in the German market. The company’s shares are listed on the Nasdaq Helsinki stock exchange, and its consolidated annual revenue exceeds one billion euros. As of December 31, 2024, ALPPES Capital’s total investment portfolio in the listed companies mentioned above – primarily in the banking sector – amounted to €4.7 million.
During the reporting period, ALPPES Capital also invested in corporate bonds issued by various companies, which provide regular coupon income. As of the end of 2024, the total value of the bond portfolio amounted to €4.2 million.
Financial highlights of ALPPES Capital
ALPPES Capital concluded 2024 with a profit of €74.8 million, while the company’s equity at the end of the reporting period stood at €143.9 million.
As of the end of 2024, the investment company had no borrowings from credit institutions or any other sources. ALPPES Capital conducted its operations and made investments using its own equity, as well as dividends, interest, and coupon income. As of December 31, 2024, the total assets on the balance sheet amounted to €145.6 million.
About the family investment company ALPPES Capital
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 affiliated and associated companies.
ALPPES Capital invests in private and publicly listed companies, bonds and other debt securities, as well as in long-term alternative investment funds. ALPPES Capital is directly or indirectly the largest shareholder and a long-term investor in several private and publicly traded companies, including Eleving Group S.A., DelfinGroup AS, Sun Finance Group AS, Longo Group AS, and Mintos Holdings AS. The companies in which ALPPES Capital holds a direct or indirect leading ownership stake employ more than 5,000 people, of whom approximately 1,000 are based in Latvia. These companies generate a combined annual turnover exceeding €600 million and operate across more than 30 countries worldwide. In recent years, they have contributed, on average, over €25 million annually in taxes to the Latvian state budget.
The investment portfolio of 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.
ALPPES Capital is a 100% owned company of Aigars Kesenfelds, a multi-sector entrepreneur.