Green Gateway Fund backs Latvia-based Primekss

Primekss has secured 10 million euros in funding from Green Gateway Fund. Wermuth Asset Management advised the fund. Based in Riga, Latvia, Primekss is a concrete specialist.


Frankfurt-am-Main, 23 January 2014 – Wermuth Asset Management GmbH (“WAM”), the exclusive BaFin regulated investment adviser to the Green Gateway Fund LLP, announces a fourth consecutive investment of €10m, in Primekss, a technologically advanced concrete specialist.

Primekss headline product is PrimeComposite, a patented system for making ecologically friendly seamless concrete elements. The concrete produced is largely crack-free and joint-free, easier to maintain, visually more appealing and boosts productivity at building sites. PrimeComposite is used to produce concrete floors for industrial buildings, shopping malls and DIY stores, and it forms the foundations of many civil engineering buildings, water and LNG tanks, and windmills, among other structures. PrimeComposite enables a reduction in CO2 emissions from concrete production of more than 30 per cent.

Primekss is a leading concrete contractor in Scandinavia and the Baltic states and licenses its technology across the USA, Belgium, South Africa, Belarus, Russia, Israel, as well as other countries, via a growing network of specialist contractors. PrimeComposite is the flooring concrete of choice for IKEA, ProLogis, Volvo and other blue-chip companies.

Green Gateway Senior Fund Partner Casper Heijsteeg, commenting on the investment, stated, “We have been very impressed with Primekss in terms of the quality of business, the company’s high growth prospects and the vision of the management. We see this investment not only as a financial investment but also as a strategic partnership as we collectively seek opportunities to develop Primekss further into a leading specialist concrete producer.”

Primekss CEO Janis Oslejs added: “PrimeComposite takes concrete, the world’s most ubiquitous building material, to a new quality and environmental level, whilst reducing building and usage cost because of better floors. The investment by the Green Gateway Fund will provide us a stable foundation for further growth and the experience and network of Wermuth Asset Management will strategically boost the business”.

About the Green Gateway Fund
The aim of the Green Gateway Fund is to invest in west European energy and resource efficiency growth companies, helping portfolio companies to access the fast-growing East European markets through the gateway of Kazan. The fund adviser, Wermuth Asset Management GmbH, has more than a decade of successful experience of investing and doing business in Eastern Europe. The fund has hard commitments of €110m and is targeting a final closing size of €250m. Since its inception GGF closed four deals. It invested in The Mobility House, a fast growing e-mobility solutions provider, Aquarion Group, a leading provider of advanced water solutions to the oil & gas industry, the energy sector and other process industries, OTI Greentech, a leading provider of sustainable cleantech solutions and, Primekss, an advanced concrete specialist.

About Primekss

Primekss, founded in 1997, is a highly innovative concrete specialist based in Riga, Latvia with offices and licensees across the globe. Through its R&D efforts Primekss constantly continues to improve concrete. The company has twice received the prestigious Most Innovative Product award at World of Concrete in Las Vegas for its PrimeComposite floors and rafts, and has been a recipient of numerous prizes for innovation, in addition to other accolades across Europe.

About WAM

Wermuth Asset Management GmbH (WAM), founded in the late 1990s, is a German family investment firm that acts as an adviser on alternative and sustainable investments, supervised by BAFIN. WAM headquarters are in Mainz, Germany, with additional offices in Moscow and staff working from Amsterdam. WAM is the exclusive investment adviser to several funds and SPVs whose investors include wealthy persons, family offices, funds of funds, banks, pension funds, endowments and sovereign wealth funds. WAM has overseen investments exceeding $1bn at peak. It is committed to impact investing, in particular to a profitable move towards a sustainable economic model and doing business in an ethical fashion.

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