BaltCap to become the majority shareholder of HansaMatrix

BaltCap, the largest private equity fund manager in the Baltics through its company Emsco, will become the largest shareholder of the high-tech company HansaMatrix. BaltCap has successfully concluded the voluntary share purchase offer, through its Private Equity Fund III, by acquiring 93.1% of HansaMatrix shares.

Juris Pārups, Investment Director at BaltCap, is content that HansaMatrix’s voluntary share purchase offer has been successfully concluded. “We are grateful to HansaMatrix’s shareholders for entrusting us. The positive outcome and such active participation of shareholders demonstrate that the investors felt the offered share price fairly reflected the company’s value and offered an attractive premium. The new ownership structure will now allow the company to better raise additional capital to unlock the company’s further growth potential and thereby also help to boost the economy in the Baltics,“ Pārups commented.

Given that SIA Emsco will acquire more than 90 percent of HansaMatrix’s voting rights, SIA Emsco, per Takeover Law, will have the right to redeem the shares of Hansamatrix held by remaining shareholders without their consent. “SIA Emsco intends to execute this right in accordance with the Takeover Law,” Pārups stated.

BaltCap plans to propose delisting from the regulated market. Pārups noted: “The delisting of HansaMatrix will allow us to focus on the long-term development of the company. It is a common global practice for companies to enter the stock market at certain stages of their development and, similarly, to exit when the market circumstances change.”

According to law, initiating the delisting of shares from the regulated market requires approval from at least 75% of the shareholders.

BaltCap’s offer was valid for 30 days – from 2 March 2023 to 31 March 2023.  The voluntary share purchase offer price was 8,50 EUR per share, which was a 22% premium on the price at the end of 2022 and a 12% premium on the price of 16 February 2023, the last trading day prior to the announcement of the intention to launch the offer.

In November 2022, the Competition Council of Latvia decided to allow BaltCap’s company Emsco to acquire HansaMatrix.

Please note that complete and detailed information on the rights and obligations of all interested parties in the voluntary takeover bid is provided in the Takeover Law and the respective takeover prospectus, as approved by the Bank of Latvia, and the foregoing in no way modifies the information contained in the takeover prospectus or terms or conditions of the offer.

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.