BaltCap, the largest private equity manager in the Baltics, through its Private Equity Fund III, has agreed to acquire a 70% share in the leading Baltic automation services provider Hansab Group. Hansab has a strong presence in the Baltics, backed by BaltCap’s investment and expertise, the company plans to expand outside the region and diversify its service portfolio.
Founded in 1991, Hansab develops and provides security, cash handling, point of sales, parcel handling, queuing, parking and other automation solutions and services to its B2B customers in logistics, finance, public, retail and other sectors. The company operates in Estonia, Latvia, Lithuania and Finland, with 18 offices and service points across the region.
“Hansab is an established business that has developed a high quality and efficient service model in the fast-growing area of automation,” commented BaltCap partner Kristjan Kalda. “We see many avenues to grow the business further, using BaltCap’s long-term experience in taking Baltic companies to international arena.”
Aigar Urva, founder and CEO of Hansab Group, added: ”During the past 32 years, we have successfully grown the company organically. Now we intend to accelerate the development and enter new fields of activity and territories. We are happy to join forces with BaltCap, a financially strong and effective partner, helping us fulfill our growth strategy.”
The transaction will be completed in the coming months subject to the approval of the competition authorities in the Baltic countries and obtaining other required permissions related to the business.
After the completion, Aigar Urva will move to the supervisory board, and Janno Kallikorm, CEO of AS Hansab Estonia, will become the new CEO of Hansab Group.
The transaction has been advised by Cobalt Legal and Sorainen. The transaction value and other details were not disclosed.
About BaltCap Private Equity Fund III
Private Equity Fund III (BPEF III) invests in innovative companies in the Baltic and Nordic countries following buy-and-build strategy. BPEF III was established in co-operation with European Investment Fund (EIF), the European Bank for Reconstruction & Development (EBRD), the Nordic Environment Finance Corporation (NEFCO), LHV pension funds, SEB pension funds from Estonia, Latvia and Lithuania, eQ Asset Management and also family offices. EIF has invested through Baltic Innovation Fund 2 (BIF 2, an initiative created by cooperation between the Republic of Estonia, the Republic of Latvia, the Republic of Lithuania and EIF) and EIF’s investment in BPEF III also benefits from the financial backing of the European Union under the European Fund for Strategic Investments (“EFSI”) set up under the Investment Plan for Europe. The purpose of EFSI is to help support financing and implementing productive investments in the European Union and to ensure increased access to financing.