Apollo Group, the parent company of Lido and the largest entertainment and restaurant operator in the Baltics, plans to invest approximately €30 million in Finland and make significant investments across the Baltics as part of its growth strategy. To finance further growth in Latvia, Lithuania and Finland, the company is issuing bonds with a 7% annual interest rate. The subscription period for Baltic investors, including those in Latvia, is open until the afternoon of March 16.

“If Finland currently accounts for 6% of the group’s sales revenue, then within a few years it could reach one fifth. To achieve this, in addition to the existing eight restaurants we plan to open around 20 more, including not only KFC but also Lido and Vapiano restaurants,” said Apollo Group CEO Toomas Tiivel.

Baltic investors currently have the opportunity to take part in Apollo Group’s growth story. The funds raised through the bond issue will be used not only to support expansion in Finland but also to develop new projects across the Baltics. In Riga, the company plans to establish a Lido central kitchen in Imanta – a modern facility that will allow coordinate the food deliveries to restaurants in several countries from a single location while improving operational efficiency. The Lido central kitchen, which will serve as a logistics hub for the company’s other markets, is expected to be completed in 2027.

“To accelerate expansion, we will raise additional funds through a bond issuance. This will allow us to strengthen our positions in different countries, develop existing and new concepts, and increase the number of locations in the Baltics and Finland approximately twofold – from 170 units to 300,” Tiivel added.

One of the largest public bond offerings in the Baltics

According to Kristiāna Janvare, Head of Investment Banking at Signet Bank, Apollo Group stands out in the Baltic capital market this year due to the size of its offering. “This is one of the largest public bond issues in the Baltics over the past year, providing investors in Latvia with an opportunity to participate in financing a significant regional company,” notes K. Janvare.

The bond terms provide for regular financial disclosure, compliance with certain financial covenants, and the presence of an investor representative structure that ensures additional oversight and communication with investors.

“Apollo Group is one of the largest companies in the entertainment and catering sector in the Baltic region. This bond issue also gives Latvian investors the opportunity to participate in the company’s further growth, which includes investments in the establishment of Lido’s central kitchen in Riga,” adds K. Janvare.

Apollo Group’s bonds are planned to be listed on the Nasdaq Tallinn Baltic Bond List. “The restaurant and entertainment sector is closely linked to everyday consumption, and investment opportunities of this kind have so far been relatively limited in the Baltic capital market. Therefore, this issue also offers investors an opportunity for sector diversification,” explains K. Janvare.

The Baltic bond market has become significantly more active over the past year. “Last year saw a record-high level of activity in the secondary market – transaction volume on the Baltic exchange alone reached EUR 160 million. At the same time, many new issues entered the market – in 2025, a total of 56 bonds with a combined value of EUR 1.9 billion were listed on the exchange,” adds K. Janvare.

How to subscribe to the bonds?

Investors in the Baltics can subscribe to Apollo Group bonds until 15:30 on March 16. Please note that on the final day of the offering, subscription may close earlier at some banks and investment service providers.

The minimum investment and the nominal value of one bond is EUR 500, and the annual interest rate is 7%. Interest will be paid to investors four times per year. The planned size of the bond issue is up to EUR 50 million, however, in the case of oversubscription the demand the company may increase the issue size by an additional EUR 20 million.

Anyone who has a securities account or investment account with a bank or another financial institution in the Baltics can subscribe to the bonds.

The bond issue is arranged by LHV Pank in cooperation with Signet Bank.