Venture capital fund ZGI-3, which is managed ZGI Capital, has sold its 28% stake in the exhibition services company Art Fairs Service.
The company was registered in the spring of 2014, and turned to the investment fund seeking financing necessary for buying equipment. The company has successfully found a niche for itself thanks to innovative technical solutions and original logistical and workflow organization procedures. It enabled the Latvian company to compete with similar companies abroad, which had been in the business for years. It proves that, even in such a seemingly traditional business as organization of and providing equipment for exhibitions, innovative approach can lead to success.
The company has been steadily expanding into new markets. In 2016, Art Fairs Services organized exhibitions in Belgium, Sweden, Netherlands, Germany, Italy, Great Britain, Denmark, Spain and Latvia. Exports account for 99% of the company’s turnover. Art Fairs Service is planning further growth on European markets and also expand into Middle East by employing new business models.
Art Fairs Service earned high marks in the Investment and Development Agency of Latvia’s Export and Innovation Award competition 2016, category Best Exporter, and in the Latvian Export Product 2014 competition organized by the Export Council of Latvia.