PEM invests in e-commerce leader in Baltic states
11:40
An investment fund owned by Private Equity Managers MCI.TechVentures 1.0 has signed a deal to acquire a majority stake in Pigu.lt, a leading e-commerce platform in the Baltic countries. The companies are waiting for approvals from anti-monopoly watchdogs, PEM Managers informed.
"The company's potential is very large. Baltic countries are far less saturated than Western Europe and online shopping is becoming increasingly popular. At the same time, in these countries, due to rapid economic growth and an extensive broadband infrastructure, we expect the dynamic development of an e-commerce market," said Maciej Kowalski, investment partner at Private Equity Managers.
Pigu.lt is a leading e-commerce platform in Lithuania and Latvia, and it has been developing its activities in Estonia since 2004. The company's revenues stand at €50 mln and it has one million registered users.
