News
GILD Arbitrage invests into expansion of Enter
Estonian leading digital goods store chain Enter has took on board a new investor GILD Arbitrage, the only multi-strategy hedge fund in the Baltics. By investing EUR 2 mln to Enter ITMarket AS, GILD acquires minority stake in the company. Additional financial resources enable Enter to continue with expanding and growing sales in the Baltics.
„The sales of Enter grew by 21% in the first half of 2008, compared to the same period of last year, which makes our company one of the fastest growing retailers in Estonia. In 3 years we have gained a strong position on the market and with our new investor we are ready for the next leap,“ said Aivar Paalberg, a Head of Council of Enter ITMarket AS.
Tõnno Vähk, GILD Bankers Partner and Fund Manager of GILD Arbitrage believes that Enter has chosen a convincing retail strategy, which has been proven in other markets and by the previous performance of the company: “This strategy has good chances to provide continuous growth which will survive through temporary cooled economical climate. The company management has an outstanding track record and we believe them to continue to be very successful in this venture.”
“Currently Enter manages 13 stores all around Estonia and an internet shop www.enter.ee. GILD investment allows Enter to finalize the build-up of a store chain in Estonia and start expansion to new markets. Important role in expansion process is carried by the internet shop and digiDoctor services,“ said Mr Paalberg.
In the second half of 2008 Enter opens four new and expands four current stores in Estonia. All new and expanded stores will host Apple store-in-store concept, digiDoctor service-area and enlarged home audio-video section. Current shareholders of Enter are Estonian private persons and companies.
Enter is a digital goods store chain, which concentrates on providing consumers with goods based on digital technology and digiDoctor services. Enter employs more than 100 employees and its last FY sales were EUR 11,5 mln. Company’s objective is to evolve digital lifestyle.
GILD Bankers is an independent investment bank in Emerging Europe with a leading position in the Baltic countries offering management of alternative funds, investment banking and private banking. GILD has offices in Estonia, Latvia, Lithuania, Ukraine, Bulgaria and the United Kingdom, the area of activities and investments extends to all emerging economies in Europe and its vicinity. GILD Alternative Funds team specialises in tailored and active investments. Assets under management in GILD Arbitrage, Emerging Europe multi-strategy hedge fund, GILD Long Haul private equity funds and GILD Real Estate funds surpass EUR 150 mln. GILD active investment funds have provided consistent 21 -31% average annual returns to our investors. GILD Alternative Funds unit is a member of global hedge fund association, the Alternative Investment Management Association (AIMA) that has 1280 corporate members worldwide, based in 49 countries.
For further information, please contact:
Aivar Paalberg
Head of Council
Enter Itmarket AS
Phone: 6 390 000
E-mail: aivar.paalberg@enter.ee
Tõnno Vähk
Partner
GILD Bankers
Phone: 6 800 447
E-mail: tonno.vahk@gildbankers.com