Mapon issues €3 million bond to finance acquisitions 

Mapon, a Latvia-founded fleet management solution provider with a workforce of 180 people, has attracted private and institutional investors who have invested €3 million into the company's bonds. The funding will be used to finance company acquisitions and further expand Mapon's operations in Europe, the company said in a relase March 11. 

 Mapon certainly does not lack ambition, adding that it "aims to maintain its annual growth rate of nearly 30%, which it has achieved over the past five years, constantly beating the market." 

According to unaudited data, the company's turnover reached €17.3 million in 2023. This year, it is estimated to exceed €22 million, it said. 

Since it was founded, Mapon has expanded through strategic acquisitions and has a branch in Spain, plus representation in Finland and Denmark. Over the past seven years, Mapon has acquired companies and client portfolios in Estonia, Finland, Lithuania, and Denmark, becoming one of the industry leaders both in the Baltics and Northern Europe.

“We'll use the funds raised in the bond issue to make similar deals in the future. I'm certain that this opportunity will let us further strengthen our position in our current markets and invest in opening new branches in Europe,” said Andris Dzudzilo, co-CEO. 

The bond issue was organized in cooperation with Signet Bank, legal advisor COBALT, and collateral agent Eversheds Sutherland Bitans.

The bonds were offered to investors in a private placement and were "substantially oversubscribed" according to the company. Within a year, the bonds will be listed on the Nasdaq Riga First North multilateral trading facility. 

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