BluOr Bank provides 3.29 million EUR in financing for Pure Chocolate’s development

January 16, 2026

At the beginning of this year, Latvian chocolate producer Pure Chocolate attracted more than 3 million EUR in financing from BluOr Bank to support its business development plans. The transaction includes both partial financing for the acquisition of equity stakes and financial instruments required for the company’s further growth. Part of the financing is also secured by an ALTUM guarantee. As a result of the transaction completed at the end of last year, the controlling stake in Pure Chocolate has been acquired by three Latvian entrepreneur families who have previously managed the company, thereby ensuring the company’s continued development in Latvia.

Chairman of the Management Board of Pure Chocolate, Normunds Sala, explains that the transaction was a deliberate choice to preserve the company as a national brand. He emphasizes that Pure Chocolate was founded in Latvia nearly 20 years ago, and therefore it was particularly important for the management team and minority shareholders to keep the chocolate truffle production facility in Latvia and continue strengthening the brand both domestically and internationally. The shareholders also plan to continue developing production specifically in Pure.

“It was essential for us that Pure Chocolate remains in the hands of Latvian investors. It is a national brand with a clear identity and high quality. We would like to thank BaltCap, which was the company’s investor for more than ten years and made a significant contribution to its growth. We highly value BaltCap’s professional approach and long-term support, which has been crucial to the company’s development. We also thank BluOr Bank as a very supportive and important partner, whose initiative was decisive for the successful completion of the transaction,” emphasizes Normunds Sala.

Pure Chocolate, which will celebrate its 20th anniversary next year, is one of the major employers in Tukums Municipality, currently employing more than 60 people at its production facility. The company produces premium, exceptional-tasting chocolate truffles made from high-quality chocolate and carefully selected ingredients. The assortment includes truffles with natural berry and fruit fillings and decorations, offered in more than 30 unique flavour variations.

The previous controlling shareholder, BaltCap Latvia Venture Capital Fund AIF KS, was established in 2010 with the aim of financing Latvian small and medium-sized enterprises, and its largest investor is the state development finance institution ALTUM. With the support of the BaltCap fund, Pure Chocolate has become a Latvian success story, offering customers in Latvia and abroad high-quality, visually refined truffles made from real chocolate. The transaction was initiated as the fund approached the final phase of its investment cycle and decided to sell the company’s shares to the management team and existing shareholders. ALTUM, the main investor in the former controlling shareholder, expresses satisfaction that the completed transaction has ensured the company’s business continuity and further development in Latvia.

“Pure Chocolate is an important Latvian food manufacturing company which, through the cooperation of the management team and BaltCap Latvia Venture Capital Fund, has over the years strengthened its position in the domestic market and demonstrated sustainable growth. We welcome the successful management buyout transaction, which confirms the company’s progress and its continued status as a Latvia-based, locally owned business. The ALTUM guarantee also played a significant role in implementing this management buyout, enabling the company to raise the necessary funds while simultaneously reducing the financier’s risk. This is the first transaction in which an ALTUM guarantee has been used in a situation where the company’s existing owners buy out equity from other shareholders, marking an important approach to capital succession transactions. ALTUM continues to provide this type of support for the growth of Latvian companies by offering credit guarantees that serve as additional collateral for a company’s liabilities to the bank,” says Reinis Bērziņš, Chairman of the Management Board of ALTUM.

Latvia’s Minister of Economics Viktors Valainis notes: “The change of ownership of Pure Chocolate is a good example of how Latvia can successfully ensure capital succession while keeping a national brand in the hands of local capital. This is important both for regional employment and for the overall export potential of Latvia’s food industry. Such stories prove that cooperation between entrepreneurs, the financial sector and state support instruments, including ALTUM guarantees, works in practice and helps Latvian companies grow, develop and remain competitive in international markets.”

Following the change in the controlling stake, the company plans to continue focusing on strengthening its brand and expanding exports. Already today, more than 70% of export volumes are made up of products under the Pure Chocolate brand.

Pure Chocolate products are sold in the domestic market and exported to more than 25 countries worldwide. The company’s main export markets are Europe, North America and Asia, with Germany, the United States, Japan and Ukraine listed among the most important countries.