"Following the recent announcement of the investment from Bregal Sagemount, Printful continues to strengthen its Board of Directors and has appointed Nils Melngailis, an executive with substantial international experience in a broad range of industries, as an Independent Director of the Board," a statement issued by Printful in the United States said July 12.
“We’re delighted to welcome Nils Melngailis on board. I’m confident his international expertise and experience in financial markets and the tech industry will help us with our ongoing global expansion. Adding the perspective of an independent Board member will help us enhance corporate governance practices,” said Davis Siksnans, CEO and Co-founder of Printful.
Melngailis will join the Printful Board of Directors alongside CEO and Co-founder Davis Siksnans, COO Zane Levsa, Chairman of the Board and Co-founder Lauris Liberts, as well as the newest member of the board and the representative of Bregal Sagemount, Adam Fuller.
"As a board member, Melngailis will support the shareholders and management team in strategic matters, developing sound corporate governance practices, and preparing for potential capital markets transactions. He'll also serve as the Chairman of the company’s Audit Committee," Printful said.
“I’ve followed the development of Printful closely over the years and look forward to joining the team at this exciting moment in the company’s history. With a strong financial partner and increasing market opportunities across the globe, I believe Printful will play an even more significant role in the transformation of ecommerce in the years to come,” said Nils Melngailis.
He wil also maintain his position as the Chairman of the Supervisory Council of Luminor Bank.
Melngailis has served as an Operating Executive at Centerbridge Partners, Head of Financial Services at Alvarez & Marsal, and has been a Senior Advisor to the Blackstone Group. He began his career as a corporate finance partner at PWC and later at IBM.
He led extensive transformation efforts as CEO at Lattelecom and later, during the financial crisis, he took on one of the hottest seats in the country as he oversaw the restructuring of the collapsed Parex bank to establish Citadele bank.
He currently serves on the boards of Qualco, a European software company, and PQH, an asset manager in Greece and is a Fellow Professor at the Institute of Finance and Technology at University College London (UCL), where he lectures on venture capital, private equity, and fintech. He also serves as a Senior Expert in the Monetary and Capital Markets Department at the International Monetary Fund (IMF).
Printful recently announced a $130 million non-control investment from Bregal Sagemount, a growth equity firm. The financing established Printful as the first privately owned company with Latvian roots to achieve so-called 'unicorn' status with a valuation of above $1 billion.
The company fulfills and ships more than 270 different products to customers worldwide. In 2020, the Printful Inc subsidiary Printful Latvia had a turnover of 47.2 million euros. More than 590 professionals work at Printful offices in Riga, Cesis, and fulfillment centers in Marupe in Latvia, while Printful employs more than 1,800 people worldwide.