SEB's financing EUR 5.7 million invested in expanding Latvijas aptieka chain of pharmacies

SEB bank has issued a long term loan of EUR 5.7 million to the Latvian pharmaceutical company Olainfarm for expanding its chain of pharmacy stores Latvijas aptieka. Olainfarm has acquired five pharmacies in three Latvian cities - Ventspils, Bauska and Rēzekne.

Latvijas aptieka brand was previously not present in these three cities. Currently there are 67 pharmacy stores in Latvijas aptieka chain.

"SEB has been our main financial partner for a long time. In finance, mutual understanding and trust between partners is of utmost importance. Olainfarm and SEB share these qualities, therefore we can focus our work on our development projects knowing, that we will receive the necessary support," says Salvis Lapiņš, Member of Olainfarm board.

Ints Krasts, Board member of SEB Latvia: "On top of its core business - producing medications and pharmaceutical products, Olainfarm actively develops other lines of business as well, including retail sales of pharmaceuticals and medical centres. This enables to create synergies between different business functions, deepen relations with its loyal client base and split the risks. Olainfarm has strong ambitions for business growth, but those ambitions are pursued through a well-considered strategy and sustainable financial solutions. Therefore we are happy for this opportunity to give our input in reaching these targets".

Olainfarm is the leading company in Latvian pharmaceutical industry, exporting its products to more than 40 countries, including Baltic States, Russia and other CIS countries, Europe, North America, Asia and Australia. Olainfarm Group includes Latvijas aptieka chain of pharmacy stores, producer of natural food supplements and medical devices Silvanols, producer of elastic medical products Tonus Elast, manufacturer of organic cosmetics Kiwi Cosmetics, medical institutions DiaMed Clinic and Olaine Health centre, as well as Belorussian producer of natural herbal medicines and food supplements NPK Biotest.