Luminor bank has become the home bank of Lithuanian industrial company Baltik vairas, the largest bicycle & e-bikes manufacturer in Northern Europe that produces 2 000 different models and is able to deliver up to 450 000 bicycles per year. We have signed financing agreements for a total amount of over EUR 17 million.
Baltik vairas selected Luminor as a home bank after a competition involving a total of four lenders.
Jonas Urbonas, Head of Corporate Banking Lithuania Department, says: „We are delighted to attract a company which builds it‘s name on quality and clients satisfaction. A company with such a deep historical tradition ads significant weight and solidity to the bank’s customer portfolio“.
Konstantinas Bradauskas, Finance Manager at Baltik vairas, says that the company uses a large variety of financial products and Luminor offered the most favourable terms.
K. Bradauskas says: “We have been looking for a long-term partner for further financing of activities. We clearly felt Luminor's interest and willingness to cooperate. We are pleased that the active participant has returned to the financing market and see that the positive experience of the partnership has already begun”.
Baltik vairas today is a largest bicycle & e-bikes manufacturer in Northern Europe. Operating since 1948, the company exports top-quality bicycles all over the Europe. Having manufacturing capacity of 6 lines, produces 2 000 different models and is able to deliver up to 450 000 bicycles per year. Few percent of the production stays in Baltics. Other bicycles are exported to 14 countries – to Germany, Netherlands, Denmark, Switzerland, Austria, Finland, and others. The factory employs 440 people continuously, and the number of employees exceeds 500 during the seasonal peak.
The company is owned by KJK Sports, a Luxembourg-based holding company that brings together companies which produce and sell sports and leisure goods. KJK Sports has re-ceived an investment from KJK Fund III S.C.A. SICAV-RAIF, a EUR 220 million private equity fund managed by KJK Management SA.