BPM Mezzanine Fund exited its investment in Latvian dairy company Smiltenes Piens

BPM Mezzanine Fund SICAV-SIF, SCA (BPM) invested in the buy-out of a well-known Latvian dairy company Smiltenes Piens in August 2019, as former owners of the company were looking forward to retire and Latvian entrepreneur Armands Kovaldiņš saw Smiltenes Piens with its well-know brands and quality leadership as an attractive target to be developed further and expand into export markets as well. BPM was the sole debt provider in the transaction. In the current turbulent environment Smiltenes Piens has proven to be a stable, resilient, and high-quality asset, which is also appreciated by senior lenders. Accordingly, refinancing of mezzanine with senior loan was an awaited step in the development of the company and with this BPM exited its investment into Smiltenes Piens.

Partner of BPM Capital, Mr. Martin Reinson, commented that although our journey with Smiltenes Piens was short, it has been very successful and I would like to thank Armands and his team for their efforts in those turbulent times.  When people think of Smiltenes Piens, they think of dairy products with highest quality and I believe this forms an excellent base to develop this company further and enter new markets.

Owner of Smiltenes Piens, Mr. Armands Kovaldiņš added: acquiring Smiltenes Piens was truly a unique opportunity and to execute the transaction we needed a flexible, reliable and fast partner. I am very happy that we found such partner – BPM. The cooperation with BPM has been smooth and already from beginning it seemed as if we had worked together already for a long time.

For further enquiries, please contact:

BPM Capital: Martin Reinson, e-mail:
Smiltenes Piens: Armands Kovaldiņš, e-mail:

More information about BPM Capital
BPM Capital ( is an independent investment manager operating out of two offices, in Tallinn and Warsaw. It has been founded and is managed by Kalmer Kikas, Martin Reinson, Paweł Zabrzycki and Priit Veering.  BPM is supported by prominent international and domestic institutional investors. BPM was originated through the Baltic Innovation Fund initiative created by cooperation between Estonia, Latvia, Lithuania and the European Investment Fund. Portfolio companies include MarkIT, OC Vision, Eskaro, DEAC (exited in August 2020), Corle, Tahe Outdoors, DenEesti, Smiltenes Piens, Zoo Factory, iDS.

More information about Smiltenes Piens
Smiltenes Piens ( is one of the oldest Latvian dairy companies. The Company holds a significant market share in Latvian dairy market with a leading position in the cheese segment. The product portfolio ranges from sour cream to cheese cakes, but with main focus on different types of cheese.