NEWS

2017-08-08

Lithuanian EUROCASH1 Has Completed Acquisition of CBL Cash Logistics in Latvia

The EUROCASH1 group, a collection and security company operating in Lithuania and Latvia, has successfully completed the acquisition of the Latvian company SIA CBL Cash Logistics. Financial transaction details are not disclosed by the parties. The transaction was completed on August 1 this year, after obtaining the necessary authorizations of the authorities carrying out the supervision of competition in Latvia, and after the parties agreed to all financial, technical and commercial conditions.

 

EUROCASH1 is one of the largest collection and security services in Lithuania, while CBL Cash Lo-gistics is one of the leading collection companies in Latvia owned by the Citadelė Bank Group.

 

Vytautas Labeckas, General Manager of EUROCASH1 Group, is pleased that the acquisition process has proceeded smoothly.

 

“We finished the acquisition process even faster than we planned. I believe that this is a very important step for us, which will strengthen the Group’s position in the market for security and collection services in Latvia and allow us to think about further development in all the Baltic States,” says V. Labeckas.

 

Kaspars Cikmačs, Member of the Board of Citadelė Bank, says that the previous successful experience of their cooperation with the EU-ROCASH1 group in the Baltic States and the plans for group’s development in the Baltic States will allow the new business owners to continue to successfully deliver collection services to the client and maintain high customer service standards.

 

“We have sold this business because we want to focus on our core business areas - lending and services for natural persons as well as small and medium-sized businesses,” says K. Cikmačs.

 

EUROCASH1 offers security and collection services in Lithuania and Latvia. The company employs more than 1000 employees in both countries, and the company’s business revenue in 2016 exceeded EUR 13.5 million, of which EUR 9.3 million in Lithuania and EUR 4.2 million Euro in Latvia. The company’s revenue in 2015 was EUR 10.6 million (EUR 8.5 million in Lithuania and EUR 2.1 million in Latvia).

 

EUROCASH1 has been operating in Lithuania since 2000, while in Latvia it started its activities in 2011.

 


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