BaltCap to acquire Alma Littera Group, the leading publishing house & omnichannel book retailer in the Baltics

BaltCap Private Equity Fund III (BPEF III) signed an agreement to acquire Alma Littera publishing house, Pegasas bookstores, and related group companies to further back the growth of the largest publishing house & omnichannel book retailer in the Baltics. The current management team will continue with the company. The transaction is subject to competition clearance.

“We are investing in a company with a long history, proven track-record and well-established brands in the Lithuanian book publishing and retail markets. The sector is still fragmented, and we believe the companies of Alma Littera Group are positioned to capture further growth. We see opportunities in digital distribution and new book formats, which create new incremental consumer occasions,” said Oliver Kullman, Partner at BaltCap.

Founded in 1990 in Lithuania, Alma Littera Group is the largest integrated general book publisher and retailer based in Lithuania, operating via publishing house UAB Alma littera, wholesaler UAB Alma littera sprendimai, book retailer UAB ALG knygynai, 3PL logistics provider UAB ALG logistika, and book e-commerce website UAB Knygų Klubas.

Arvydas Andrijauskas, founder and shareholder of the Alma Littera Group, says that the interest from an international fund manager like BaltCap shows they have succeeded in building an attractive and sustainable business. Andrijauskas trusts BaltCap’s long-term experience and professional team will guide the company towards achieving ambitious growth goals both in Lithuania and abroad.

The buy-side advisers in the transaction were Ellex and Persense. The transaction value and other details have not been disclosed. The transaction is subject to competition clearance – BaltCap has already applied to the Competition Council and the deal is expected to be approved within 1-2 months.

BaltCap and Nalka sell INTRAC to United Partners Investments

BaltCap Baltic Investment Fund III sells INTRAC Group, a leading distributor of machinery for forestry, construction, agriculture and industry in the Baltics, to United Partners Investments (UPI), a Baltic investment company. As a result of the transaction, UPI will acquire 100% of INTRAC Group, including shares of Nalka Invest and minority shareholders.

INTRAC Group is an exclusive importer and distributor of world-leading producers of heavy machines in Estonia, Latvia and Lithuania. The group represents John Deere Forestry, Manitou, Doosan and Case earthmoving machinery, Bomag and Massey Ferguson, as well as other brands. INTRAC Holding AB is the parent company of the INTRAC group of companies with HQs located in Stockholm.

Peeter Saks, the Managing Partner at BaltCap, says that INTRAC grew more than four times through the holding period. “Developing INTRAC has been a journey of numerous achievements but also challenges including several crisis periods and market shifts. I am content that together with the company management we have succeeded in building INTRAC into the leading heavy machinery trader in the Baltic region.” Saks added he is thankful to the management team for their dedication and grit through these years.

Marko Tali, the Investment Manager at United Partners Investments, says that the INTRAC group is an attractive investment with substantial further growth potential. „Acquiring INTRAC allows UPI to create synergies between light and heavy machinery distribution market in the Baltics,” Tali added.

Carl Leijonhielm, the Managing Director of INTRAC Group, says: “From INTRAC side, we want to thank BaltCap and Nalka for the long cooperation. Over the last 20 years. we have together continued to develop the company keeping the group’s leading position in the Baltic heavy machinery business, and we are confident that we can take the company to an even higher level in cooperation with United Partners.”

The transaction has been advised by Aureus Capital Consulting. The transaction value and other details were not disclosed. Completion of the deal is subject to regulatory approvals.

BaltCap signs agreement to sell Uprent to Renta, the fastest growing Nordic equipment rental company

BaltCap Private Equity Fund II (BPEF II) signed an agreement to sell SIA Uprent Group – a leading specialized pumping company providing dewatering and bypassing solutions in the Baltics and Poland – to Renta Group Oy. Renta Group is a Finnish construction machinery and equipment rental company with over 100 depots and 1,000 employees in Scandinavia and Europe. BaltCap will sell Uprent Group together with its minority shareholders. Renta Group will acquire 100% of the company.

BPEF II invested in Uprent Group in 2016. During the investment period, the company successfully expanded its network of depots in the Baltics and Poland and broadened the range of service offerings, introducing new and sustainable technological solutions in the market of pumping services.

Sandijs Abolins-Abols, Partner at BaltCap, said that backing Uprent was a unique opportunity to work with a determined management team and founders and develop the company into the leading player in the Baltic and Polish markets. “The team had a very clear strategic growth objective to become a go-to-market player in pumping solutions specializing in high value-added services for dewatering and bypassing needs. We were fortunate to be a part of the transformation, during which the company expanded its geographic reach and grew professionally. We are grateful to the management and founding partners for making this investment successful,” Sandijs Abolins-Abols added.

Kari Aulasmaa, CEO of Renta Group, commented, “We consider specialized pumping a highly attractive niche rental segment, where Uprent is the clear market leader in the Baltics and Poland. We are delighted to join forces with this high-quality company where we see a talented team and significant further growth potential.”

Martins Egle, CEO at Uprent, underlined the importance of having an experienced and professional partner like BaltCap. “BaltCap´s experienced team guided us through the crucial development phase of the company that contained both ups and downs in the market,” Egle commented. “We consider this transaction a high evaluation of our success until today. Being aligned with Renta Group in the future provides us with excellent opportunities to expand geographically and further develop our product range, technical capabilities and professional expertise,” Martins Egle added.

The sell-side advisers in the transaction were Superia (financial) and Cobalt (legal). The transaction value and other details were not disclosed.

BaltCap-backed FCR Media becomes the largest digital marketing player in Benelux

FCR Media acquires Youvia in the Netherlands.

FCR Media and Youvia have a common niche in the market—both offer professional digital marketing and social media tools and services to help self-employed people and SMEs win new customers and increase their business. The one-stop shop concept of digital marketing solutions includes a wide range of products, including online listing, websites & web shops, SEO, SEA, social media marketing and review management.

Jon Martinsen, CEO of FCR Media says the acquisition is a logical step for both companies. “The mission of FCR media and Youvia match perfectly – we both support SMEs and businesses to successfully adapt with continuous changes in media and marketing in the digital age. We see great synergies in the merger that help us to serve our customers and markets even better, ” Martinsen comments.

Simonas Gustainis, Managing Partner at BaltCap comments that BaltCap is excited about FCR’s acquisition that expands FCR’s operations in Benelux from Belgium to the Netherlands. “Youvia will strengthen FCR’s position as a partner to Benelux SMEs and speed up the roll-out of new solutions that FCR has developed specifically for the SME SaaS market,” Gustainis emphasised.

About FCR Media
FCR Media is the largest Belgian digital marketing agency for SMEs and the self-employed and has activities in Belgium, Czechia, Croatia & Romania. The company has many years of experience in the SME market with a team of experienced experts creating and optimizing websites, Google and Facebook ads and providing other digital marketing services. FCR Media has 270 employees and ca 26,000 customers.
https://fcrmedia.be/

About Youvia
Youvia, formerly DTG (De Telefoongids & Gouden Gids), offers suitable online marketing for various SMEs. The company works on online presence, findability and reach as well as the online reputation of their clients.
https://www.youvia.nl

BaltCap sells Baltic property manager BPT Real Estate to leading European property house Newsec 

BaltCap Private Equity Fund II (BPEF II) sells a 95% majority stake in AS BPT Real Estate, one of the largest property management companies in the Baltics, to Newsec, a leading full-service property house offering property asset management and advisory across Northern Europe. This is the 6th exit of BPEF II.

BaltCap acquired BPT Real Estate (BPT) in 2015. During the holding period, the company has established itself as one of the leading independent commercial property service providers in the Baltics, with offices in Tallinn, Riga and Vilnius. BPT serves as a partner to commercial real estate investors, owners and tenants and provides a full range of real estate services, including property management, project management, technical consulting and construction supervision services.

In 2016 BPT Real Estate expanded its business into providing co-working and flexible office space solutions through subsidiary Workland which was spun off from BPT in 2019. After exiting BPT, BaltCap, together with Indrek Hääl, the former CEO of BPT Real Estate, will continue with the active development of Workland.

Sarunas Alekna, Partner at BaltCap, said he is content that BPT Real Estate will become a building block for the region’s largest real estate management company. „As usual with our exits, we’re transferring a strong business to a strategic investor with a clear vision for further development. I trust that combining BPT’s market presence and Newsec’s service offering, property owners will benefit from even higher value-add services. BaltCap will now concentrate on Workland, the provider of co-working and flexible workspace solutions, for which we see great potential,“ commented Alekna.

Ugnius Meidus, CEO of Newsec in the Baltics, says acquiring BPT Real Estate is a strategic step for the Newsec group to establish itself in all three Baltic markets and significantly bolster its position in the region.

“After the transaction, Newsec will have more than 84 commercial real estate properties under management in the Baltic countries with a total area of 880,000 square metres, and a team of 74 professionals. With the acquisition of BPT Real Estate, we will become the biggest independent real estate management company in the Baltics and will be able to offer clients the highest level of competence and expertise in the entire region. We will ensure this by implementing uniform operating standards, processes and quality management certification solutions, and by digitalizing services,” commented Meidus, who following the transaction will also be the acting CEO of BPT Real Estate.

TGS Baltic was an advisor to BPEF II in the transaction. The value of the transaction is not disclosed.

 

Additional information:

Sarunas Alekna
BaltCap, Partner
Phone: +370 6868 9242

sarunas.alekna@baltcap.com
www.baltcap.com

BaltCap backed Ridango acquired LIT Transit to become a global challenger in public transport mobility solutions

BaltCap portfolio company Ridango acquired a 100% stake in LIT Transit, a Slovenian based firm providing IT solutions for public transportation. The new group now operates in more than 25 countries and makes the service provided by transport agencies and operators simpler and more convenient, with end-users being the ultimate beneficiaries.

Ridango is an Estonian company specializing in the development of systems for public transport ticketing as well as payments and RTPI solutions.

“Our joint ambition is to become one of the leading providers of public transport mobility technology systems globally by 2026. The acquisition of LIT Transit is an important milestone, as they’re leading players in the public transport real-time industry,” commented Erki Lipre, the Chairman of the Management Board of Ridango.

Lipre explains Ridango’s main focus has been account-based ticketing and payments in the Baltic and Nordic markets. “In 2012 we launched the first sizeable account-based ticketing solution in Europe and Ridango was the first to bring contactless bank card payments into public transport in the region. The current transaction will significantly increase our global reach and the number of markets we operate, as well as provide very strong expertise in real-time and ticketing solutions,” Lipre adds.

“I believe Ridango and LIT share a common goal simplifying the complex processes in public transport through technology and we are both committed to enhancing public transportation worldwide,” said Bogdan Pavlič, CEO of LIT Transit. “Our team is very excited about joining Ridango and the ability to bring even more knowledge and resources to all customers.”

Ridango is operating in Estonia, Sweden, Finland, Lithuania, Norway, Ukraine, and Greenland.

Following the acquisition of LIT Transit, the group now offers its ticketing, transit management (AVL/CAD/RTI) and payment solutions in countries and cities like Singapore, Hong Kong, India, Saudi Arabia, Australia, Qatar, New Zealand, Oman, and many more.

“The market is moving fast, and we are well placed to move along with it. A strong team and largescale product development play an important role here, so that every customer’s experience is world-class,” said Lipre. “LIT Transit has a strong team and the product portfolio of the two companies complement each other perfectly. Bogdan Pavlič and Rado Skender, the cofounders of LIT Transit, will join our leadership team at the group level.”

The legal advisors for the transaction were Šelih & Partnerji (Slovenia) and RASK Law Firm (Estonia). Due diligence was performed by PwC. The transaction was financed by SEB Bank.

Ridango is headquartered in Tallinn, Estonia and is an intelligent transportation solutions provider founded in 2009. Being one of the most proven account-based ticketing and contactless bank card acceptance providers for public transport globally, Ridango has successfully executed projects in Nordic countries and the CEE region.

LIT Transit was founded in 2012 in Slovenia and has customers in Hong Kong, Singapore, India, Middle East, Mexico, etc. Among other solutions, LIT has a leading Transit Management System and a world-class ETA prediction engine.

Piletilevi Group’s CEO Sven Nuutmann on acquiring Tiketa

BaltCap backed Piletilevi Group, an international group of companies engaged in ticketing and event planning, announced the completion of the acquisition of Lithuanian ticketing services provider Tiketa. We had a chat with Sven Nuutmann, the CEO and shareholder of Piletilevi Group, to ask about the add-on investment and growth plans of the group.

What role does Tiketa play in the growth plans of Piletilevi Group?

Following a challenging year, the acquisition of Tiketa is a step towards planned expansion and digitalization of our group’s services portfolio. With the acquisition and product integrations, Piletilevi will significantly expand and strengthen its services. The unified platforms and market development will create new opportunities for numerous counterparts – consumers, event organizers, promoters, venues, and employees.

What are the next milestones for Piletilevi Group?

Piletilevi Group’s aim is to lead a rapid market recovery in live events businesses after the Covid-19 pandemic. Strengthening the organizational and digital capabilities in event management are the key triggers to innovation which, we believe, will bring customers and partners a better user experience, more quality events and therefore best value in the region.

What will you focus on in the coming years?

We plan to invest more than 5 million euros into our IT environment in 3 years, consolidating the three Baltic countries markets assets and efforts.

We will focus on building a unified software platform and digital marketplace development, which will create a basis for best consumer value, culture development and will also drive sustainability of the sector. For us it is important to remain close to the ticket buyer and provide high security, modern additional services and constantly improve user-friendliness.

The attention is on a user-friendly self-service environment for partners, integration of dynamic pricing, marketing and sales analytics. We build on many years of experience of Piletilevi Group, international know-how, and continuous research.

You recently announced that Lithuanian Competition council required post-completion merger filing concerning the add-on, why did this happen?

The Lithuanian Competition Council can use their discretionary power to ask for a post-closing merger filing, even if the deal does not exceed the set transaction thresholds (as in case of Tiketa). We will of course cooperate with the council and present the needed information and our views.

BaltCap backed Workland buys UMA centers in Tallinn and Vilnius

BaltCap portfolio company Workland, a fully serviced offices and coworking centers group, is expanding its network by taking over two strategic UMA locations in Tallinn and in Vilnius. With the acquisition, Workland Group will secure its position as the market leader in the Baltics, offering unique coworking and office space solutions in all Baltic capitals.  

According to Workland founder and chairman of the board Indrek Hääl, expanding the network of centers is a logical step in the current market situation. “Demand for coworking centers and fully serviced offices is growing, primarily owing to the flexibility and cost-effectiveness it offers to the clients.” 

With the transaction, Workland secures its position as the market leader in the number of workstations in the Baltics. As a result of the acquisition, nearly 450 workstations will be added to the current 1,200 in Estonia, Latvia and Lithuania, which will lead to a 40% increase. The acquired centers will start to operate under Workland brand.  

The increasing popularity of the coworking centers has been significantly influenced by Covid-19 related changes in working life. “Coworking centers allow the tenant to pick a suitable contract period, select the number of desks according to the changing needs and the growth rate of the business. This enables to successfully combine home and city office while optimizing the costs for teams that work partly remotely,” Hääl explained. 

Forecasts indicate that 30% of all office space will be consumed flexibly by 2030.  “In 15-20 years, this number could even be higher, the pandemic has significantly accelerated it. Never before have we seen such a rapid increase in interest towards Workland services as in the last year,” says Hääl. “As a next step, we are developing a collaboration model with commercial building owners and developers to expand even more vigorously and bring a flexible office concept solution to every major commercial building.” 

BaltCap backed Workland Group is the largest network of coworking spaces in the Baltics with 10 centers – four in Tallinn, one in Riga, four in Vilnius and one in Kaunas. Workland’s mission is to provide inspiring workspaces on flexible terms with professional support services and a community that supports the company’s growth. 

 

Additional information:

Šarunas Alekna
Partner, BaltCap Private Equity Fund II
Phone: +370 6868 9242
sarunas.alekna@baltcap.com
www.baltcap.com 

BaltCap sells the leading Estonian waste management company Eesti Keskkonnateenused

BaltCap Private Equity Fund II (BPEF II) sells 75% majority stake in AS Eesti Keskkonnateenused, the leading waste management company in Estonia, to OÜ MBA Investeeringud.

BaltCap acquired Eesti Keskkonnateenused in 2015. During the six-year holding period, the company invested heavily into expansion of services organically and by M&A. Through 5 significant add-on acquisitions the company has expanded into treatment and collection of secondary raw materials and road cleaning, and has strengthened its position as the leading provider of waste management and municipal services in Estonia.

Eesti Keskkonnateenused and its group companies provide a wide range of waste management services including collection, transportation of municipal solid waste, construction waste, as well as recycling and resale of secondary raw materials. EKT increasingly engages in cleaning of streets and public areas and hazardous waste collection and treatment.

Peeter Saks, Managing Partner at BaltCap is content that during BaltCap’s ownership EKT strengthened its position as a market leader and expanded its service range.

“EKT has achieved many relevant milestones over the last six years. The company has more than doubled its revenues and has successfully diversified into new business lines. Two new important initiatives, the construction of a biogas plant and expansion of the hazardous waste treatment plant, will be completed in the coming years. Therefore, we are happy that current EKT management will continue to build the business further and are thankful to Argo Luude and management team for their contribution,” Saks comments.

Argo Luude, the CEO and co-owner of EKT emphasized that BaltCap had a crucial role in EKT´s growth journey. “The strategic backing of BaltCap enabled us to expand activities of EKT, providing necessary resources and know-how. We are thankful to BaltCap for the partnership,” Luude says.

Superia and TGS Baltic were advisors to BPEF II in the transaction. The deal was financed by LHV Bank and private bond investors.

OÜ MBA Investeeringud is a company owned by Argo Luude, the co-owner and CEO of EKT, as well as Mihkel Õnnis and Bruno Tammaru, also co-owners and members of the Management Board of EKT.

 

Additional information:

Peeter Saks
Managing Partner
peeter.saks@baltcap.com
www.baltcap.com 

BaltCap has agreed to sell Ecoservice to Eco Baltia, the largest environment management group in the Baltics

BaltCap Private Equity Fund II (BPEF II) has agreed to sell Ecoservice, the leading player in waste management industry in Lithuania, to Eco Baltia Group, the largest environment management group in the Baltics backed by private equity fund INVL Baltic Sea Growth Fund and European Bank for the Reconstruction and Development. Saulius Budrevičius, CEO and co-owner of Ecoservice will continue in his current role. 

BaltCap acquired Ecoservice in 2014. During the seven-year holding period the company modernized its vehicle fleet, strongly extended the range and geography of services through 5 add-on acquisitions and strengthened its position as the leading waste management company in Lithuania. 

Currently, Ecoservice is servicing more than 40% of the country’s territory. The company engages in collection, transportation, sorting and processing of different types of waste, city cleaning and street maintenance, and providing a wide range of other environmental services across Lithuania 

Šarunas Alekna, Partner at BPEF II says he is content that during BaltCap’s ownership Ecoservice solidified its position as the leading and most modern provider of environmental services in LithuaniaIt has been a privilege to partner with Ecoservice´s management team and contribute to its growth journey. It is important for us that the new owner has a vast experience in the sector – we are excited to witness the further growth of the company,” Alekna comments. 

Saulius Budrevičius, the CEO and co-owner of Ecoservice emphasized BaltCap’s essential role in the companys growth. The strategic backing of BaltCap enabled us to expand activities of Ecoservice from 14 to 25 municipalities and volume wise almost double the scope of environmental services. We also grew the family of Ecoservice employees almost 2-fold during the last 7 years. We look forward to further expanding the range of our services and contributing to the creation of circular economy in Lithuania in partnership with Eco Baltia,” Budrevičius said. 

Maris Simanovičs, Chairman of the Board at Eco Baltia, commented“This deal strengthens Eco Baltia’s market position as the largest environmental management group in the Baltics while also entering a new geography in the form of the Lithuanian market. With this acquisition, our combined revenues will grow by over 50% to more than €100m. Combining with Ecoservice will enable us to offer new product lines and services for clients both in Latvia and Lithuania. As the circular economy continues to grow in the BalticsEco Baltia is well positioned for the next chapter of growth for the Group.” 

Superia, PWC and TGS Baltic were advisors to BPEF II in the transaction. 

 

Additional information:

Šarunas Alekna
Partner, BaltCap Private Equity Fund II
Phone: +370 6868 9242
sarunas.alekna@baltcap.com
www.baltcap.com

BaltCap closes the third buyout fund at record size 

  • BaltCap Private Equity Fund III (“BPEF III”) held the final close at hard cap, raising €177 million (incl. co-investment facility) – the largest Baltic private equity fund 
  • BPEF III contributes to further integration of the New Nordics having the mandate to invest both in the Baltics and the Nordics  
  • BPEF III commits to sustainability – makes positive environmental and social impact top priority across investment portfolio 

BaltCap Private Equity Fund III (BPEF III) aims to make up to 10 platform investments in the New Nordics and continues the proven buy-and-build strategy of its predecessor funds. BPEF III targets mature enterprises in the Baltics and Nordics with enterprise values between €10 to €100 million.

The support of BaltCap’s longstanding investors was complemented by a significant number of new investors encompassing top-tier international institutional investors, fund-of-funds and family offices. For the first time in BaltCap’s buyout funds history, high-net-worth individuals committed to the fund.

“We are proud of the performance of our BPEF II fund portfolio and believe that there is value in the New Nordic region we have yet to unlock. We are grateful for the strong vote of confidence from our investors and welcome fund-of-funds, pension funds and family offices as new investors. We are excited to continue creating value for our existing and new partners with grit and confidence,” commented Martin Kõdar, Managing Partner at BaltCap.

BaltCap’s strategy is to partner with top management teams and transform local companies into international business champions. “Closing BPEF III gives us a fresh mandate to further our mission and take New Nordic companies to the global market. The successful closing marks another milestone in our growth story, manifesting BaltCap’s position as the largest private equity firm in the Baltics,” Simonas Gustainis, Managing Partner at BaltCap comments.

Peeter Saks, Managing Partner at BaltCap, emphasizes that BPEF III broadens the scope of BaltCap target markets and in addition to the Baltics focuses also on Finnish and Swedish companies with a Baltic nexus.

“The Nordic and Baltic economies are increasingly forming an integrated market, the New Nordics. It is a technology-driven and synergy-providing business environment that opens up innovative business opportunities. BPEF III seeks to further facilitate business integration in the New Nordics,” Saks explained.

BPEF III is committed to make investments with a positive impact on environmental, social and governance matters. BaltCap has prioritized building sustainable businesses since its founding in 1995.  ESG factors are fully integrated into the operations of BaltCap and its portfolio companies. BaltCap has a 10-year track record of reporting ESG performance.


About BaltCap Private Equity Fund III 

BaltCap Private Equity Fund III (BPEF III) invests in innovative companies in the Baltic and Nordic countries following buy-and-build strategy. The investors of BPEF III include the 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 family offices. The EIF’s investment is made on behalf of Baltic Innovation Fund 2, an initiative created by cooperation between the Republic of Estonia, the Republic of Latvia, the Republic of Lithuania and the EIF, as well as 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.

About BaltCap 
BaltCap strives to build the New Nordic companies into internationally recognized business champions. We partner with top management teams and entrepreneurs, helping them to achieve their ambitions and deliver transformational growth, both regionally and internationally. Our approach has enabled BaltCap to become the most experienced and largest private equity investor dedicated to the Baltic region, covering buyout, growth capital, infrastructure and venture capital. Since our foundation in 1995, BaltCap has raised multiple generations of private equity funds with aggregate capital of over €650 million backed by institutional investors. We have invested in about 100 companies across a wide range of industry sectors and stages of development. Our team of 34 investment professionals covers the region through 6 offices in Tallinn, Riga, Vilnius, Warsaw, Helsinki and Stockholm.


Additional information:

Martin Kõdar
Managing Partner
+372 665 0280
martin.kodar@baltcap.com
www.baltcap.com

BaltCap sells Qvalitas and Unimed to leading Nordic healthcare company Mehiläinen

BaltCap Private Equity Fund II (BPEF II) sells the Estonian private healthcare companies – occupational healthcare provider Qvalitas Arstikeskus and dental care chain Unimed Grupp – to Mehiläinen, the leading private provider of health care and social services in Finland. BaltCap exits through selling its holding company DenCap, Mehiläinen acquires 100% of the companies.

BPEF II invested in Unimed and Qvalitas in 2015 and 2016, respectively. During the investment period, both companies successfully expanded their nation-wide clinic networks, upgraded medical equipment and IT-solutions and strongly improved their service offering.

Martin Kõdar, Managing Partner at BaltCap said they had a unique opportunity to back Unimed in becoming a leading player in Estonian dental healthcare and help Qvalitas to expand its reach as an occupational healthcare provider.
“Under our ownership, both companies have become vital countrywide service providers shaping the long-term development of health care sector in Estonia. We are grateful to the managements and medical professionals of Qvalitas and Unimed for their contribution and grit,” Kõdar emphasizes. “We also recognize the co-investors EIF, eQ Private Equity and healthcare industry expert Erki Mölder for their support and contribution in making this investment a success,” Kõdar adds.

“The entrance of Mehiläinen marks an important milestone for the Estonian healthcare market and will widen the service offering to patients and to the entire Estonian healthcare,” Oliver Kullman, partner at BaltCap says. “We value the long-term expertise of Mehiläinen in combining traditional medical operations and digital services and trust their vision as a strong strategic partner to Qvalitas and Unimed,” Kullman adds.

Janne-Olli Järvenpää, Mehiläinen’s CEO comments, “Both Qvalitas and Unimed are leaders in their fields in terms of revenue, quality and customer satisfaction. We have been following the development of the companies’ operations for years and have been impressed by both the competence of their experts and the ability of their management to develop the operations. In the future, Mehiläinen’s resources and competence in areas such as combining traditional medical clinics and digital services will support the continuous development of the companies’ quality and customer service.”

Marja-Liisa Alop, the CEO of Unimed emphasized BaltCap´s role as excellent partner with essential role in the company´s growth journey. “We were incredibly lucky to have an owner like BaltCap. Their experienced team guided our way out of a very difficult situation and helped to make a remarkable turnaround in Unimed´s development. The strategic backing of BaltCap enabled us to invest in new and existing clinics and was also critical when coping with the Covid-19 crisis. We look forward to working with Mehiläinen to further improve our patients’ satisfaction and provide the best working conditions to our team of professionals.”

“Together with BaltCap, we have greatly matured as a company and a team while going through a significant growth phase. I would like to thank BaltCap team for their partnership and trusting cooperation,” Tõnu Velt, the CEO of Qvalitas says. “We are excited to continue our growth and further our mission with a respected industry leader from the Nordics,” Velt added.

The sell-side advisers in the transaction were Superia (financial), Ellex Raidla (legal) and KPMG.  The transaction value and other details are not disclosed. Completion is subject to regulatory approvals.

About BaltCap Private Equity Fund II 

BaltCap Private Equity Fund II (BPEF II) is a buyout fund that makes equity investments in innovative companies based in the Baltic region focusing on buy-and-build opportunities. BPEF II was established in cooperation with the European Investment Fund (EIF) involved in the project through the Baltic Innovation Fund (BIF). The BIF is an initiative created by cooperation between the Republic of Estonia, the Republic of Latvia, the Republic of Lithuania and EIF. The other investors of BPEF II include the EBRD, Baltic pension funds, fund-of-funds and family offices.

 

Additional information:

Martin Kõdar
Managing Partner
+3726650282
martin.kodar@baltcap.com
www.baltcap.com

BaltCap to acquire Baltic Ticket Holdings, the leading ticketing company in the Baltics and Belarus

BaltCap Private Equity Fund III (BPEF III) acquires majority in Baltic Ticket Holdings OÜ to further back the growth of the ticket selling network in the Baltics and beyond. A minority share is acquired by co-investor Sven Nuutmann, who will serve as group CEO. The current management team will continue with the company. The transaction is subject to competition clearance.

Founded 1997 in Estonia, Baltic Ticket Holdings (BTH) is the largest ticketing services provider in Estonia, Latvia, Lithuania and Belarus operating Piletilevi AS, Bilesu Serviss SIA, Nacionalinis bilietu platintojas UAB and Kvitki Bel as the main platforms.

BTH main line of business is ticket sales through digital platforms and a network of over 700 physical sales points. In 2019, over 6 million tickets to more than 36,000 events were intermediated. In addition, BTH offers marketing and consultation services. BTH has experience in serving a wide range of cultural and sports events, also including the largest events in the region with more than 100,000 participants.

Co-investor Sven Nuutmann will also be serving as group CEO. Nuutmann is a seasoned expert in the media industry and he brings extensive experience in building companies as a CEO. „This investment allows to further develop BTH platforms and improve its service offering. The business and the management team are familiar to me and thus, provide a smooth transition into my new role. I’m eager to start a new chapter of BTH growth story with the current team,” Nuutmann commented.

Jaanus Beilmann, longtime member of BTH management board says the investment assures international competitiveness of the Estonian rooted BTH. He is excited to partner up with the new owners. „Sven and BaltCap team have a great track record of developing successful strategies for digital businesses. Building on their extensive experience and having access to BaltCap’s international platform with presence across the New Nordics will lead BTH´s future success,” Beilmann assures.

Oliver Kullman, partner at BaltCap sees growth potential in the market and values BTH track record in digital ticketing solutions. “Although 2020 was a rough year for culture and entertainment, we believe the market will quickly recover once Covid-19 restrictions are eased. We plan to use the recovery phase to invest in upgrading the company’s digital products and solutions,” Kullman comments. “I look forward to working with the current management team, who have developed the group to its current position, and welcome Sven’s extensive experience that will help develop BTH further,” Kullman adds.

The buy-side advisers in the transaction were Cobalt, PwC and Civitta. The transaction value and other details have not been 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.

 

About BTH

Baltic Ticket Holdings OÜ is the holding company operating AS Piletilevi, Bilesu Serviss SIA, Nacionalinis bilietu platintojas UAB, Kvitki Bel companies in Estonia, Latvia, Lithuania, and Belarus, respectively.  The company provides ticketing services via its websites (www.piletilevi.eewww.bilesuserviss.lvwww.bilietai.lt and www.kvitki.by) as well as more than 700 sales points.

Read more https://www.piletilevi.ee/eng/bth/

 

Additional information:

Oliver Kullman
BaltCap, Partner
+372 56 463 642
oliver.kullman@baltcap.com
www.baltcap.com

Sven Nuutmann
+372 513 2881
sven.nuutmann@gmail.com

 

BaltCap portfolio company Coffee Address completed the acquisition of Kafe-Serviss

Coffee Address Holding, the leading vending and coffee service company in the Baltics operating under the Coffee Address brand, has completed the acquisition of another vending operator in Latvia – SIA Kafe-Serviss.

Sandijs Abolins-Abols, partner at BaltCap is content that an important transaction has been closed despite covid-19 related circumstances.

“The transaction was signed in December 2019 and closed almost a year later, on November 17, 2020. Covid-19 pandemic impacted decision-making timeline of approval by the Competition Council of the Republic of Latvia and macro-economic uncertainty impacted finalization of the deal. The dedication and perseverance of the Coffee Address team has been remarkable in finalizing the transaction,” Abolins-Abols commented.

“Joining forces with Kafe-Serviss team will enable us to create considerably better product and service offering for our existing and future customers in the Latvian market,” said Viktorija Meiksane, the board chairwoman of Coffee Address Holding.

“I am happy that both parties believed in mutual benefits of the transaction to the end and were able to successfully overcome the covid-19 related challenges,” Meiksane added.

Coffee Address is the leading vending and coffee service company specializing in office and on-the-go coffee in the Baltics. It is a market leader in the Baltics providing self-service premium coffee and convenience food solutions by serving over 250,000 cups of coffee a day. Coffee Address has been in the business since 1993. The company is actively consolidating the Baltic market – since 2017, Coffee Address has acquired Estonian company Vending Automaadid OÜ, Lithuanian company Pardavimo Automatai UAB and Estonian company 7Kohvipoissi OÜ.

The transaction was advised by Oaklins’ Latvian team, transaction value has not been disclosed.

 

For more information please contact:

Sandijs Abolins-Abols
Partner
Phone +371 6735 6396
sandijs.abolins-abols@baltcap.com
www.baltcap.com

BaltCap portfolio company Coffee Address to acquire 7Kohvipoissi

Coffee Address Holding, a vending and coffee service company in the Baltics operating under the Coffee Address brand is to acquire Estonian vending and coffee service company 7Kohvipoissi.

“Estonia has a rapidly developing coffee service and vending market. This transaction lets us better use opportunities provided by the current market situation,” said Coffee Address Holding Board Chair, Viktorija Meiksane. “Joining forces with the 7Kohvipoissi team will enable us to create considerably better service and product offering for our existing and future customers in the Estonian market,” Meiksane added.

Vallo Tonsiver, the CEO of 7Kohvipoissi commented: “The transaction allows to optimize the company’s operations and make the processes more efficient. We trust that under the management of an active owner such as BaltCap, the service field we have developed so far has a huge development potential.”

Coffee Address is the leading vending and coffee service company specializing in office and on-the-go coffee in the Baltics. It serves over 250,000 cups of coffee a day, and has been in the business since 1993. The company is actively consolidating the Baltic market – since 2017, Coffee Address has acquired Estonian company Vending Automaadid OÜ and  Lithuanian company Pardavimo Automatai UAB.

The transaction value has not been disclosed.

For more information please contact:

Sandijs Abolins-Abols
Partner
Phone +371 6735 6396
sandijs.abolins-abols@baltcap.com
www.baltcap.com

 

BaltCap acquires leading Lithuanian meat processing companies Krekenavos Agrofirma and Mėsa LT

BaltCap Private Equity Fund III (BPEF III) has completed the acquisition of the largest Lithuanian meat processing companies Krekenavos Agrofirma and Mėsa LT.

BPEF III has financed acquisition of Krekenavos Agrofirma through Mesa LT and became majority owner of the joint company. Linas Grikšas, CEO at Krekenavos Agrofirma participated in the transaction by acquiring minority stake. The transaction has been cleared by the Competition Council in March this year. This is the first investment by EUR 126 million BPEF III fund which has been established by BaltCap in 2019.

“This is a classical BaltCap deal fully in line with the fund’s “buy-and-build” strategy. We are investing in a sector with a great potential for consolidation and a company with the ability to grow into a regional champion,” said Šarūnas Alekna, partner at BPEF III fund. “We’re partnering with a professional management team, which has demonstrated ability to sustain business integrity and adapt to changing environment even in the face of global crisis. The deal has been closed despite the COVID-19 related lockdown and I believe it transmits positive message to the whole market that life does not cease,” Alekna added.

Linas Grikšas, the CEO of Krekenavos Agrofirma, noted that COVID-19 pandemic had affected the food industry less than other sectors, however disrupted supply chains and changing consumer preferences bring challenges for the entire industry. “”In the right place at the right time” is a very appropriate saying for this transaction. I am sure that the long-term experience and professional know-how of the BaltCap team will lead us to further growth. It is important to have a reliable partner when facing the challenges in the new reality,” Grikšas commented.

AB Swedbank provided the loan of EUR 16 million for the acquisition and refinancing of existing liabilities. Antanas Sagatauskas, Head of Corporate Banking at Swedbank, says that even in a turbulent time the bank strives to support and strengthen Lithuanian businesses. “We are happy to play a major role in financing the acquisition of one of the largest and most important meat processing companies in Lithuania. It is important that an agreement has been reached in quite a complicated period for Lithuania and the whole world,” Sagatauskas said.

TGS Baltic acted as a legal advisor for BaltCap.

Krekenavos Agrofirma recorded sales revenue of EUR 122 million last year and has a net profit of EUR 4.7 million. Mėsa LT’s revenue in 2019 amounted to EUR 0.7 million.

BaltCap 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.

Krekenavos Agrofirma is one of the largest agricultural companies in Lithuania with more than 20 years history in the business and one of the largest and most modern meat processing plants in the Baltic States. The company is located in Mantviloniai village, Kėdainiai district and has an area of more than 20 thousand sq. m. It is a growing company continuously improving and investing in the latest production technologies, new equipment, as well as the systematic improvement of work safety and competence of employees. Mėsa LT holds several well known brands in meat category.

Additional information:

Sarunas Alekna
Partner, BaltCap Private Equity Fund III
Phone: +370 6868 9242
sarunas.alekna@baltcap.com
www.baltcap.com

Coffee Address to acquire Latvian vending and coffee service company SIA Kafe-Serviss

BaltCap portfolio company Coffee Address Holding, a vending and coffee service company in the Baltics (operating under Coffee Address brand) will join forces with another vending operator in Latvia – SIA Kafe-Serviss.

“Latvia has a rapidly developing coffee service market. The same can be said about vending and with this transaction we will be able to better use opportunities provided by the current market situation. Joining forces with Kafe-Serviss team will enable us to create considerably better product and service offering for our existing and future customers in Latvian market,” the board chairwoman of Coffee Address Holding Viktorija Meiksane said in a press release.

The transaction is pending approval of the Competition Council of the Republic of Latvia.

The value of the deal has not been disclosed.

Coffee Address Holding is owned by private equity company BaltCap.

 

For additional information please contact:

 

Sandijs Abolins-Abols
Partner,BaltCap
Phone +371 6735 6396
sandijs.abolins-abols@baltcap.com
www.baltcap.com

Viktorija Meiksane
Baltic Coffee Holding
Phone +371 2911 7768
Viktorija.Meiksane@coffeeaddress.com
www.coffeeaddress.lv

BaltCap has signed an agreement to acquire Krekenavos Agrofirma

BaltCap Private Equity Fund III has signed an agreement to acquire Krekenavos Agrofirma, the largest meat processing company in Lithuania. The transaction is subject to competition clearance – BaltCap has already applied to the Competition Council and the deal is expected to be approved within 1-2 months.

This will be the first investment made by BaltCap Private Equity Fund III (BPEF III), the fund that had its first close of EUR 126 million earlier this year.

“The meat processing sector has always been active, however, not very attractive for investment due to overcapacity and a highly fragmented market. Some fundamental changes have taken place in the sector recently and now we see great potential both in export markets and in Lithuania, where Krekenavos Agrofirma is a leading player. Strong management team and market potential allow us to expect value growth and provide various opportunities for development,” said Šarūnas Alekna, Partner of BPEF III.

The deal is in line with the fund’s buy-and-build strategy.

BaltCap Private Equity Fund III (BPEF III) invests in innovative companies in the Baltic and Nordic companies following buy-and-build strategy. BPEF III was established in co-operation with European Investment Fund (EIF), which invested through Baltic Innovation Fund 2 (an initiative created by cooperation between the Republic of Estonia, the Republic of Latvia, the Republic of Lithuania and 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.
The new fund will aim to make 8 to 10 platform investments in the Baltic and Nordic countries with enterprise value of these companies typically being between €10 to €50 million.

For more information please contact:

Sarunas Alekna
Partner, BaltCap Private Equity Fund III
Phone: +370 6868 9242
sarunas.alekna@baltcap.com
www.baltcap.com

BaltCap launches successor buyout fund focusing on the New Nordics

BaltCap held the first close of BaltCap Private Equity Fund III (BPEF III) at €126 million, being above the initially targeted size subscribed by the existing investor base. The new fund will continue the proven and successful buy-and-build strategy of its predecessor funds, BPEF I and BPEF II, by making equity investments in mature innovative enterprises to build them into business champions.

The new fund will aim to make 8 to 10 platform investments in the Baltic and Nordic countries with enterprise values of these companies typically being between €10 to €50 million and the fund’s equity investment between €10 to €20 million.

Martin Kõdar, Managing Partner of BaltCap, emphasised that the new fund broadens the scope of BaltCap target markets. “In addition to the Baltics, which have been the core region for BaltCap, the fund will also focus on Finnish and Swedish companies with a Baltic nexus. The Nordic and Baltic economies are increasingly forming a larger, integrated market, the New Nordics, with enhanced business opportunities. BPEF III expects to be one of the facilitators of further business integration in the New Nordics,” Kõdar explained.

The investors committing to the fund include the European Investment Fund (EIF) investing partially through Baltic Innovation Fund 2 (an initiative created by cooperation between the Republic of Estonia, the Republic of Latvia, the Republic of Lithuania and 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. “We highly appreciate our long-term cornerstone investors’ continued trust in our team and strategy. It is a remarkable achievement for us and our region to exceed the targeted fund size at first close,” added Kõdar.

Pier Luigi Gilibert, Chief Executive of EIF commented: “The investment into BaltCap Private Equity Fund III marks our continuous successful cooperation. Moreover, it is the first investment from the Baltic Innovation Fund 2 – the joint Pan-Baltic initiative created to continue development of the Baltic private equity and venture capital market.”

Charlotte Ruhe, EBRD’s Managing Director for Central and South Eastern Europe said investing in BaltCap’s new fund is a good strategic fit with the EBRD’s priorities in the Baltics. “We are supporting the emergence of a stronger, more sustainable private equity sector through the provision of equity and quasi-equity financing at all stages of company development. We are pleased with the role BaltCap already has and will continue to have, through this fund, in providing scarce equity finance to companies across the Baltic states,” she said.

SEB Investment Management fund manager Endriko Võrklaev stressed that SEB’s Estonian, Latvian and Lithuanian pension funds are among the fund’s largest investors. „Today more and more growth stories can be found outside listed markets. We consider the local private companies a good match to the local pension funds with a long investment horizon. Our growing exposure to local economies also helps us to remain competitive against local inflation,” Võrklaev added.

Thor Thorsteinsson, Senior Financial Manager at the Nordic Environment Finance Corporation (NEFCO) highlighted the green investments that will be made through the fund. “We are very pleased to continue our good cooperation with BaltCap and to invest in one of their funds targeting the Pan-Baltic region for the second time. NEFCO’s involvement in the fund will result in substantially increased investments directed into companies contributing to a positive environmental impact, related for example to recycling, energy efficiency and green transport,” said Thorsteinsson.

New Nordics as a concept includes the traditional Nordic countries – Norway, Sweden, Finland, Denmark and Iceland – and the three Baltic countries Estonia, Latvia and Lithuania. Together these countries form a dynamically growing, technology-driven and diverse, yet synergy-providing business environment that opens up innovative business possibilities.

About BaltCap
BaltCap strives to build portfolio companies into internationally recognized business champions. We partner with top management teams and entrepreneurs, helping them to achieve their ambitions and deliver transformational growth, both regionally and internationally. Our approach has enabled BaltCap to become the most experienced and largest private equity investor dedicated to the Baltic region, covering buyout, growth capital, infrastructure and venture capital. Since our foundation in 1995, BaltCap has raised multiple generations of private equity funds with aggregate capital of over €600 million backed by institutional investors. We have invested in about 100 companies across a wide range of industry sectors and stages of development. Our team of 30 investment professionals covers the region through 6 offices in Tallinn, Riga, Vilnius, Warsaw, Helsinki and Stockholm.

About EBRD
The EBRD is a multilateral bank that promotes the development of the private sector and entrepreneurial initiative in 38 economies across three continents. The Bank is owned by 69 countries as well as the EU and the EIB. EBRD investments are aimed at making the economies in its regions competitive, inclusive, well-governed, green, resilient and integrated. Follow us on the web, Facebook, LinkedIn, Instagram, Twitter and YouTube.

About NEFCO
NEFCO is an international financial institution (IFI) established in 1990 by the five Nordic countries, Denmark, Finland, Iceland, Norway and Sweden, with the aim of having a positive impact on the climate and environment in a cost-efficient way. By focusing on small and medium-sized projects with tangible results, NEFCO provides high additionality to governments, co-financiers and customers. Over the years, NEFCO has financed more than 1000 private and public sector projects across different sectors in 80 countries, with strong focus on Eastern Europe, the Baltic Sea, and the Arctic and Barents Regions. NEFCO’s headquarters is located in Helsinki, Finland. Read more at www.nefco.org

 

Additional information:

Martin Kõdar
Managing Partner
Martin.Kodar@baltcap.com
Phone: +372 665 0280

 

BaltCap sells Estonian auto24 to Baltic Classifieds Group

BaltCap Private Equity Fund II (BPEF II) has entered into an agreement to sell auto24, a leading automotive classifieds portal in Estonia, to Baltic Classifieds Group. Completion is expected to take place later this year, subject to regulatory approvals. The parties have agreed to not disclose financial details of the transaction.

Founded in Tartu and headquartered in Tallinn, Estonia, auto24 is a leading automotive classifieds business in the country connecting buyers and sellers through itsauto24.ee portal. It also operates a generalist classifieds site (kuldnebors.ee) in a variety of categories.

The acquisition of auto24 will diversify Baltic Classifieds Group’s portfolio of online portals. The transaction represents Baltic Classifieds Group’s first add-on since it was acquired by funds advised by Apax Partners, the global private equity advisory firm, in July 2019.

BaltCap and the management of auto24 acquired the company from Sanoma Media Finland OY in 2017. Oliver Kullman, Partner at BaltCap, said: “I would like to thank the management team of auto24 for their professionalism and commitment during the last three years. It was great to support the company’s development and I wish the team success in the future. I would also like to highlight the role of local pension funds in the transaction: they participated both as investors in BPEF II, and in case of LHV Varahaldus also by providing debt instruments. This is a good example of how pension funds can invest in the local economy.”

Margus Tomberg, CEO of auto24, added: “We look forward to the partnership with Baltic Classifieds Group and Apax Partners. They possess a wealth of experience and industry knowledge within the online classifieds market which offers an exciting opportunity for auto24 and its customers.”

Justinas Šimkus, CEO of Baltic Classifieds Group commented: “The auto24 team has built a successful and innovative company, and we look forward to working together and learning from each other’s experience. We look forward to investing in auto24 further and, with the support of Apax’s Operational Excellence Practice, enhance the value proposition of auto24 for both advertisers and buyers.”

BaltCap was advised by Superia Corporate Finance, Ellex Raidla and KPMG and Baltic Classifieds Group was advised by Simpson Thacher & Bartlett LLP and COBALT.

About auto24

The company operates the auto24.ee classified portal in Estonia in which offers car, motorbike, boat and heavy equipment advertising. It also operates the Kuldne Börs generalist classifieds site in a variety of categories, such as construction materials, agricultural equipment, pets and household goods. It also operates Autoleht, a weekly car magazine and Motors24, a site for motor vehicle videos.

About Baltic Classifieds Group

Baltic Classifieds Group is a portfolio of online platforms in the Baltics, specialising in five key markets: specialised classifieds for automotive, real estate and jobs; generalist classifieds; and ecommerce. The company operates in Lithuania, its largest market, through Diginet LTU, in Estonia through Allepal OÜ, and in Latvia through City24. For more information see https://balticclassifieds.com/

About BaltCap Private Equity Fund II

BaltCap Private Equity Fund II (BPEF II) makes equity investments in innovative companies based in the Baltic region focusing on buy-and-build opportunities. BPEF II was established in cooperation with the European Investment Fund (EIF) involved in the project through the Baltic Innovation Fund (BIF). The BIF is an initiative created by cooperation between the Republic of Estonia, the Republic of Latvia, the Republic of Lithuania and EIF. The other investors of BPEF II include the EBRD, Baltic pension funds, fund-of-funds and family offices. For more information see www.baltcap.com

About Apax Partners

Apax Partners is a leading global private equity advisory firm. Over its more than 40-year history, Apax Partners has raised and advised funds with aggregate commitments of c.$50 billion. The Apax Funds invest in companies across four global sectors of Tech & Telco, Services, Healthcare and Consumer. These funds provide long-term equity financing to build and strengthen world-class companies. For more information see www.apax.com

 

For more information please contact:

 

Oliver Kullman
Partner, BaltCap
Phone: +372 56 463 642
oliver.kullman@baltcap.com
www.baltcap.com

Margus Tomberg
Auto24
Phone: +372 504 7348
margus.tomberg@auto24.ee

Justinas Simkus
Baltic Classifieds Group
justinas@antlergroup.eu

Andrew Kenny
Apax Partners
Phone: +44 20 7 872 6371
andrew.kenny@apax.com

 

BaltCap exits Fitek

BaltCap sells its 95% stake in Fitek Holding to UnifiedPost Group, one of Europe’s leading FinTech firms headquartered in Belgium.

Fitek is the market leader in financial automation processes: the company operates in Estonia, Latvia, Lithuania, the UK, Slovakia, the Czech Republic, Serbia and Bosnia & Herzegovina.

BaltCap’s investment fund BaltCap Private Equity Fund II acquired OpusCapita (part of Finnish Posti Group) Baltic businesses in 2015 and oversaw the transformation of three local players into a truly international group with a strong portfolio of digital platforms and services. In three years, the number of employees has increased from 107 to over 270.

The current transaction is the first exit for BaltCap Private Equity Fund II (“BPEF II”) as well as for the Baltic Innovation Fund (“BIF”), a fund-of-funds initiative supported by the Republic of Lithuania, the Republic of Latvia, the Republic of Estonia and the EIF. The BIF, advised by the EIF, is a significant investor in BPEF II.

“Combining efforts means not only the creation of a major FinTech player across Europe, but it is a great deal for our customers as well,” says Mait Sooaru, CEO of Fitek. “More specifically, a widened product portfolio to serve our customers’ e-invoicing and payment serviced needs.”

“Our investment in Fitek Group has been a resounding success,” said Kristjan Kalda, BaltCap’s partner. “We planned to remain a shareholder for a longer period. Though this happens sooner than expected, it is a perfect opportunity not only for shareholders, but also for customers and employees of Fitek and UnifiedPost Group. I would like to thank the fantastic team in Fitek, this strategic move is definitely a huge leap for the company.”

Hans Leybaert, CEO of UnifiedPost Group: “Our ambition is to grow internationally and to further strengthen our position as a leading player in the FinTech landscape. With both companies coming together, we not only expand our European footprint, but are also getting extra people with solid knowledge of the sector onboard. The growth strategy of UnifiedPost Group is reconfirmed with this acquisition.”

Mait Sooaru and Kaur Lohk will continue as shareholders and executive managers of Fitek. The seller was advised by law firm COBALT.

About UnifiedPost and Fitek Group

We are a leading FinTech group that helps businesses to digitize and optimize their financial value chain, in B2B(2C): from contract – over invoice – to payment, including alternative financial services.

We develop and manage platforms for electronic payment collection, invoice financing and more, starting from “transactional document processing”.

About BaltCap Private Equity Fund II

BaltCap Private Equity Fund II (BPEF II) established in 2014 makes equity investments in innovative companies based in the Baltic region focusing on buy-and-build opportunities. BPEF II was established in cooperation with the European Investment Fund (EIF) involved in the project through the Baltic Innovation Fund (BIF). The BIF is an initiative created by cooperation between the Republic of Estonia, the Republic of Latvia, the Republic of Lithuania and EIF. 

 

For more information, please contact:

Kristjan Kalda                                                     Mait Sooaru
Partner, BaltCap                                                  CEO, Fitek Group
Phone: +372 665 0280                                        Phone: +372 501 9533
E-mail: kristjan.kalda@baltcap.com                  E-mail: mait.sooaru@fitek.com
www.baltcap.com                                                www.fitek.com

BaltCap becomes the owner of dental care provider Kaarli Hambapolikliinik OÜ

BaltCap becomes the owner of dental care provider Kaarli Hambapolikliinik OÜ

BaltCap through its holding company DenCap Investments acquires one of the leading Estonian dental care provider Kaarli Hambapolikliinik OÜ. BaltCap is already a majority owner of a country wide dental care provider Unimed in Estonia. Post-transaction, Kaarli Hambapolikliinik OÜ and Unimed Kliinikud OÜ will become part of the same group.

According to BaltCap’s Managing Partner Martin Kõdar, Kaarli Hambapolikliinik OÜ has a very strong presence in Tallinn, the capital of Estonia. The clinics have an excellent long-term reputation as a dental care provider, loyal set of patients and renowned professional medical personnel.

 

“Investing in Kaarli Hambapolikliinik fits well into our long-term strategy to expand the group of clinics in DenCap’s portfolio. As a joint group the companies have better development opportunities and we look forward to the beginning of this co-operation,” Kõdar added.

 

Laidar Laos, representing the current owners of Kaarli Hambapolikliinik OÜ noted that the initiative for the transaction came from BaltCap. “We found that we share the same values and similar vision about the future of the company and brand. Also, I have no doubt that the already started developments will be successfully completed by the new owner. Our staff is like a family characterized by professionalism and customer driven approach and this being valued by BaltCap was crucial for us.”

 

BaltCap has a long experience in the medical sector and is strongly established in the field. BaltCap is or has previosly been the owner of several well known companies in the Estonian medical sector: occupational health care company Qvalitas, the largest medical laboratory services provider Synlab (ex Quattromed) and clinical research organization eGeen. BaltCap also owns Unimed Group and their dental clinics in Tallinn, Tartu and Pärnu, as well as a dental laboratory Dental Design. In Lithuania, BaltCap is the owner of InMedica chain of primary care and specialized clinics, and Labochema, which offers laboratory supplies in the Baltics.

 

BaltCap’s holding company DenCap Investments acquires 100% of Kaarli Hambapolikliinik for an undisclosed price. The transaction enters into force after obtaining approval from the Competition Authority, which is expected during Q4.

As a result of the transaction, the dentistry companies in BaltCap’s portfolio will jointly be in a stronger position, especially in maintaining and improving the quality of care through the increased training opportunities for doctors, the purchase of treatment support services and the development of support structures (such as information technology). Significant benefts also arise for dental laboratories to be a strong partner for a large number of dental clinics.

 

Kaarli Hambapolikliinik OÜ has been operating consistently since 1998. The main activity of the company is providing specialized dental services. It has four operating entities – Kaarli Dental Clinic, Sõpruse Dental Clinic, Ülemiste Dental Clinic and Kaarli Dental Laboratory all based in Tallinn. Across all units, the company has 43 modern treatment rooms with highly-qualified specialists. In 2017, the clinics had 91,801 patient visits and the turnover was €9.4 million.

 

Additional information:

Martin Kõdar       
Managing Partner

BaltCap

Phone: +372 665 0280

martin.kodar@baltcap.com

 

Jaanus Põder  

Board Member

OÜ Kaarli Hambapolikliinik

Phone: +372 5635 6436

jaanus@templecap.com

www.khp.ee/en

4th exit for BaltCap this year: Kelprojektas sold to Tyréns

BaltCap has sold the largest transport infrastructure consultancy in Lithuania, Kelprojektas group to Swedish consultancy Tyréns.

Kelprojektas is Lithuania’s largest engineering consultancy primarily involved with project engineering and design relating to bridges, railways and roads, but also offers services within water, the environment, traffic planning and landscape architecture.

“BaltCap and the management team at Kelprojektas have developed a leading Lithuanian engineering consultancy into an international group which advises on projects in the Baltics and Sweden. We’re sure it will continue to expand its service offering and international footprint under the ownership of Tyréns. We’re glad to have contributed to another success story for Baltic business,” said Šarūnas Alekna, Investment Director at BaltCap.

“The acquisition of Kelprojektas represents an important step in our efforts to grow in key markets and a way of developing an even stronger international offering. We already know each other well from previous collaborative projects and have much in common as regards to how we work with technical development, how we approach our customers’ challenges and the values that guide us,” said Johan Dozzi, CEO at Tyréns.

Kelprojektas is the fourth successful exit for BaltCap in 2018 – Trev-2, Magnetic MRO and Runway BPO have also been sold to strategic investors.

Kelprojektas is the largest group of transport infrastructure engineering companies in Lithuania that designs transport communications, public use buildings, engineering systems, and performs territorial planning works. The group consists of parent company Kelprojektas and includes subsidiaries Urbanistika and Kelvista in Lithuania as well as ICCON in Sweden. Kelprojektas group employs around 250 people. See more by visiting www.kelprojektas.lt/en

Tyréns is one of Sweden’s leading community development consultancies. Together with customers and partners, Tyréns creates sustainable solutions in the fields of urban development and infrastructure. Owned by a private foundation, Tyréns is committed to research and development and driven by thirst for knowledge and a desire to create better communities. It has over 2400 staff members across offices in Sweden, Denmark, Estonia and the UK. See more by visiting www.tyrens.se

 

Additional information:

Šarūnas Alekna
Investment Director, BaltCap

Tel: +370 686 89242

sarunas.alekna@baltcap.com

 

Johan Dozzi

CEO Tyréns

Tel: +46 10 452 20 22

johan.dozzi@tyrens.se

BaltCap exits TREV-2

BaltCap sells 75% stake in Estonian leading infrastructure construction company TREV-2 Grupp to Eurovia, a subsidiary of VINCI.

Indicative closing date is planned at the end of June after all regulatory requirements and other closing conditions have been fulfilled.

“We welcome Eurovia to Estonia,” said Sven Pertens, CEO of TREV-2. “Eurovia has been globally on the forefront of innovation in infrastructure construction. It is a good match to our aspirations to be the best in engineering and technical development.”

“BaltCap is proud to hand over the ownership in TREV-2 to a world leading strategic investor in infrastructure construction,” said Kristjan Kalda, Chairman of the Supervisory Board of TREV-2 and partner of BaltCap. “It would be hard to find a better match for TREV-2 team to tackle upcoming large scale or complex projects like Rail Baltic.”

“Eurovia has been present in Lithuania since 1994 and in Latvia since 2017. We are very pleased to extend our business to Estonia,” said Mr. Xavier Neuschwander, Chief Executive Officer of Eurovia Europe, Rail and Specialities. “We were impressed by the professionalism and energy of TREV-2 team and we are looking forward to a successful co-operation.”

After the acquisition Mr. Sven Pertens and Mr. Tarvo Kuusk will continue in the management board and Mr. Kristjan Kalda will continue as a member of the supervisory board.

TREV-2 is the third successful exit for BaltCap in 2018, after Magnetic MRO and Runway BPO and second exit to French strategic investor in a row.

TREV-2 Grupp is a leading infrastructure construction company in Estonia with its history and experience dating back to 1960s. The company’s main activities are road construction, road maintenance, environmental construction, mining and traffic management. In 2017, the turnover of TREV-2 exceeded 70 million and the company has 360 employees. TREV-2 achieved recognition from Estonian Road Administration for the smoothest road in Estonia in 2017. See more by visiting www.trev2.ee

Eurovia, a subsidiary of VINCI, is one of the world’s main transport infrastructure construction and urban development companies. Eurovia builds transport infrastructure – roads, motorways, railways, airports and light rail systems – and participates in the development of industrial, retail and urban sites. The company provides full range of related expertise – demolition and deconstruction, drainage, earthworks, main services, road signs, road marking, engineering structures and noise barriers. Thanks to their network of industrial facilities producing aggregates and materials for road and railway construction, Eurovia covers the entire supply chain. Operating in 15 countries, the company employs 39,500 people and generated revenue of €8.1 billion in 2017. See more by visiting www.eurovia.com

 

Additional information:

Kristjan Kalda
Partner, BaltCap

Chairman of the Supervisory Board, TREV-2

Tel.: +372 665 0280

kristjan.kalda@baltcap.com

 

Maxence Naouri

Eurovia press

Tel.: +33 1 47 16 48 36

maxence.naouri@eurovia.com

Sven Pertens

CEO, TREV-2 Grupp

Tel.: +372 677 6500

sven.pertens@trev2.ee

BaltCap exits Runway BPO

BaltCap together with majority shareholder Dasha Group AS sold majority of the shares in Runway BPO to global BPO and customer experience company Webhelp. Runway BPO is multilingual nearshore BPO firm servicing Scandinavian and international customers. Closing of transaction took place in Riga on May 18, 2018.

“During BaltCap’s ownership Runway has grown from being nearshoring BPO service provider in the Baltics to pan-European player having a number of call centers in the Baltics, Ukraine and Spain,” said Sandijs Abolins-Abols, member of the Supervisory Board of Runway and Partner of BaltCap. “During the 7-year period the company has tripled in size and continues to grow at double digit speed per annum. I would like to thank the hard working and energetic team in Runway and our Norwegian partners who made this development possible. Joining Webhelp group will open new development opportunities for the company and the management who will continue to lead Runway BPO.”

Frédéric Jousset, co-founder of Webhelp, said, “Runway is an excellent business with a strong track record of delivering first-class customer experience on behalf of Scandinavian and international clients. We are very excited about joining forces with the company, their management team and employees to expand Webhelp’s global footprint and support the company in Scandinavian market with the resources available from our group organization and investors.”

The sellers were advised by Avendus Capital (U.K.) Pvt Ltd. and law firm COBALT.

About Webhelp
Webhelp is a global business process outsourcer (BPO), specializing in customer experience and payment management in addition to sales and marketing services across voice, social and digital channels. From more than 110 sites in 33 countries with an approximately 40,000-strong team, our focus is on engineering performance improvements and delivering a real and lasting transformation in our clients’ operating models to generate financial advantage. We partner with some of the world’s most progressive brands including Sky, Shop Direct, Bouygues, Direct Energie, KPN, Vodafone, La Redoute, Michael Kors and Valentino. Webhelp is owned by management and KKR, a leading global investment firm, as of March 2016. More information can be found at www.webhelp.com

About Runway
Founded in 2003 by Nils Sundling, Runway has become the ideal nearshoring partner for Scandinavian and other European businesses looking for outsourcing services. Runway BPO is an all-included BPO service company, capable of providing various outsourcing services that are individually designed for each client’s specific needs and requirements. Currently Runway serves their client with over 1000 people from 9 locations in 5 countries – Latvia, Lithuania, Estonia, Ukraine, and Spain. More information can be found at www.runwaybpo.com

 

Additional information:

Sandijs Abolins-Abols
Partner, BaltCap

sandijs.abolins-abols@baltcap.com

Phone: +371 26 513 183

 

Uldis Priedītis

CEO, Runway BPO

uldis.prieditis@runwaybpo.com

Phone: +371 67 224 437

www.runwaybpo.com

The Most Influential CFO works in BaltCap’s portfolio company Magnetic MRO

BaltCap’s portfolio company Magnetic MRO gained a notable recognition last week when their financial manager Astrit Visma-Kass was chosen as the Most Infuential CFO of the Year by Estonia’s biggest business newspaper Äripäev together with BIG4 auditing bureaus.

Astrit played a key role in a major sale transaction that saw BaltCap with smaller minority shareholders selling 100% of their stake in Magnetic MRO to Guangzhou Hangxin Aviation Technology for 43 million euros. BaltCap’s partner and Magnetic MRO’s Chairman of the Supervisory Board Kristjan Kalda has called this deal the largest exit transaction in BaltCap’s history.

PwC‘s leading auditor and representative in the jury Tiit Raimla pointed out that Astrit put a lot of effort into perfecting financial reports in addition to making crucial financial information accessible in multiple due diligence processes. With many potential buyers, the whole process was almost as a second job for Magnetic MRO’s CFO, Raimla added.

New member of the jury and EY partner Ranno Tingas described Astrit as a very determined person who can see the smaller details as well as the big picture of the financial world.
“I am happy that she has received the recognition she deserves,” said Tingas.

In addition to the Most Influencial CFO of the Year category, the readers of the website Finantsuudised helped to select the award for the Best Colleague which was also won by Astrit Viisma-Kass. It is worth to note that in 2017, Magnetic MRO also received the Company of the Year and Exporter of the Year awards in Estonia.

The award for the Most Influential CFO of the Year was handed out for the 7th time. BIG4 auditing bureaus and Äripäev selected 15 nominees that had been responsible for huge transactions or noticed due to their smart financial leadership.

Toomas Truuverk, Head of the Jury and CFO of Äripäev said that the Most Influential CFO award helps highlight people who often work in obscurity but play a crucial role in their companies.

“We want to value the contribution of CFOs who stand out from their colleagues for something extraordinary, whether with huge transactions or remarkable financial organization. Globalisation of businesses along with rapid development of technology pose new challenges to CFOs and in order to succeed you must be adaptable and ready for change,” said Truuverk.

 

Additional information:

Kristjan Kalda
Partner, BaltCap

Chairman of The Supervisory Board, Magnetic MRO

kristjan.kalda@baltcap.com

Tel.: +372 665 0280

Fitek Group expands to new European countries

BaltCap’s portfolio company Fitek has purchased 50% of the Serbian business New Image which offers e-invoicing and digital printing solutions in Serbia and Bosnia and Herzegovina. The business will operate in new markets under the name Fitek.

The partnership allows Fitek customers in the Baltic states access to New Image products, and Fitek’s products will gain entry to Serbia and Bosnia and Herzegovina, plus the export markets of Montenegro, Macedonia, and Croatia.

“We acquired shares in Serbia’s New Image in order to widen Fitek’s presence in Europe. We’re taking part in a modern business which offers invoice-sending services in the Balkans. New Image’s smart bill solution is customizable for a client’s needs – it collects all billing information and forwards e-invoices in both digital and analog channels,” said Kaur Lohk, management member of Fitek Group.

Vladimir Ilić, New Image’s General Manager says his clients will benefit from Fitek’s history in the public sector, telecom, utilities, and banking.

“We’ll also be offering the FitekIn platform,” says Ilić, “a full-service purchase invoice solution which significantly reduces the manual labor of bookkeepers. When you accelerate financial transactions, you lower the cost of doing business, and you also free up your financial team to concentrate on bigger-picture issues.”

Fitek and New Image are both well positioned to exploit European Union Directive 2014/55/EL mandating that all EU businesses engaged in state tenders must be ready for e-invoicing by November 2018. As Serbia progresses on its path to EU membership, Fitek and New Image products will help their clients meet EU standards for transaction speed and transparency.

“The Government of Estonia already uses Fitek’s purchase invoice solution to handle its invoices,” notes Lohk. “We look to offer the same services to the governments of these new markets.”

The partnership means Fitek Group now operates in Estonia, Latvia, Lithuania, Slovakia, Serbia, and Bosnia and Herzegovina, and exports its services to 11 countries. The group employs 240 people with an annual turnover exceeding 20 million euros.

Until the beginning of 2016, the financial service automator and fintech company Fitek Group was known as OpusCapita.

 

Additional information:

Kristjan Kalda
Partner, BaltCap

kristjan.kalda@baltcap.com

Tel.: +372 665 0280

BaltCap exits Magnetic MRO

BaltCap together with minority shareholders sells 100% of the shares in Magnetic MRO to Guangzhou Hangxin Aviation Technology (“Hangxin”) for €43 million (equity value). Magnetic MRO is a full-service aircraft maintenance company headquartered in Tallinn.

Indicative closing date is planned at the end of March after all regulatory requirements and other closing conditions have been fulfilled.

“Magnetic MRO management has been actively looking for opportunities to expand into Asia, the highest growth market in aviation,” said the CEO of Magnetic MRO Risto Mäeots. “Hangxin’s location and service portfolio is  complementary to Magnetic MRO, creating substantial synergies and new business opportunities. For the management Hangxin is a perfect match and we are thrilled to start working with their higly professional and energetic team.”

“During BaltCap’s ownership Magnetic MRO has grown from small regional player to a profitable global company,” said Kristjan Kalda, the Chairman of the Supervisory Board of Magnetic MRO and Partner of BaltCap. “This is the largest exit transaction in BaltCap’s history and proves our ambition to create highly competitive Baltic companies. I would like to thank the fantastic team in Magnetic, this strategic move is definitely a huge leap for the company.”

“We are very pleased to welcome Magnetic MRO to the Hangxin team. Magnetic MRO and their team have developed a high-quality, reliable, customer-focused MRO business,” said Mr. Lv Haibo, Vice President of Hangxin. “We fully support the existing strategy and executive management team, and will support Magnetic MRO’s focus on continuing to deliver value to their existing customers as well as expanding global MRO presence.”

Magnetic MRO sales increased exponentially in 2010-2017 and are expected to grow with the same rate over the upcoming years. The number of employees has increased from 160 to over 440.

The sellers were advised by Superia Corporate Finance, Seabury Securities and law firm COBALT.

Magnetic MRO is an EASA and FAA-certified total technical care and asset management organisation headquartered in Tallinn, Estonia, offering integrated MRO services. The company has a well-established reputation in innovative solutions in digitalised MRO services and proven track record as a one-stop total technical care organization for airlines, asset owners, OEMs and operators. In 2017, Magnetic MRO received Company of the Year and Exporter of the Year awards in Estonia.

Guangzhou Hangxin Aviation Technology is a privately-owned company providing aircraft component maintenance services, based in Guangzhou, Guangdong Province in China. Hangxin services components for over 20 aircraft types. Hangxin serves over 50 airlines in Asia, Middle East, Europe and North America. Hangxin is listed on Shenzhen Stock Exchange and has market capitalisation over €700 million. Management controls 46% of the shareholder votes and, along with employees, 61%.

 

Additional information:

Kristjan Kalda
Partner, BaltCap

Chairman of The Supervisory Board, Magnetic MRO

kristjan.kalda@baltcap.com

Tel.: +372 665 0280

 

Risto Mäeots

CEO, Magnetic MRO

risto.maeots@magneticmro.com

Tel.: +372 552 7735

www.magneticmro.com

BaltCap portfolio company Baltic Coffee Holding acquires Estonian coffee service provider Vending Automaadid

Baltic Coffee Holding (BCH), a leading vending and coffee service company in the Baltics (currently operating under Selecta brand), has acquired Estonia’s coffee service company Vending Automaadid.

“Estonia has a rapidly developing coffee market, and while we see an exciting growth potential for Selecta Estonia, working together with the team of Vending Automaadid will allow us diversify our client portfolio, expand our product offering, increase service efficiency and become a clear market leader in Estonia,” Viktorija Meiksane, the board chairwoman of Baltic Coffee Holding said in a press release.

“We are committed to continue investments in innovations to further improve client experience. Mr. Mart Vips, CEO of Vending Automaadid will join the top management team of Baltic Coffee Holding,” Meiksane added.

The value of the deal has not been disclosed.
Baltic Coffee Holding is owned by private equity company BaltCap.

 

Contacts for enquiries:

Peeter Saks                                                    

BaltCap
Partner

Tel: +372 665 0285

peeter.saks@baltcap.com

 

Viktorija Meiksane

Baltic Coffee Holding
Member of the Board

Tel: +37129117768

info@ee.selecta.com
www.selecta.com

Magnetic MRO awarded the Company of the Year title

On Thursday, October 5, Enterprise Estonia (EAS) held an award ceremony to recognize the most prominent and successful companies in Estonia. BaltCap portfolio company Magnetic MRO won an award in two different categories  – The Company of the Year as well as The Exporter of the Year 2017.

 

The Company of the Year was selected from the Entrepreneurship Award 2017 winners and the best companies from the Estonian Chamber of Commerce and Industry’s Competitiveness Ranking. Incap Electronics Estonia OÜ, Magnetic MRO AS, Rimi Eesti Food AS, Testlio OÜ, Toftan AS, Tallink Grupp AS and Hekotek AS competed for the title this year.

 

According to the Chairman of the Board of Enterprise Estonia Alo Ivask, successful companies play an important role in the economy of a country and the prosperity of a society. “Therefore, we consider it very important to recognize them with the entrepreneurship award, which is also an expression of respect for all entrepreneurs,” emphasised Ivask. “The Company of the Year, Magnetic MRO is an important exporter who has reached 37 countries,” he added.

 

“We recognize the best companies with the awards and on the other hand, we express our respect for all entrepreneurs and entrepreneurial people, regardless of their field or extent of their business,” the head of Estonian Chamber of Commerce and Industry, Toomas Luman said. “By recognizing the companies we want to highlight their contribution to the society, so that that entrepreneurship would be more noted and valued. We will continue to do so in the future,” Luman confirmed.

 

“The Estonian economic development, which is driven by entrepreneurs, faces many challenges, for example, the declining population and the stifling of business with regulations. The more important are the recognition of entrepreneurs who, despite difficult circumstances, continue to contribute to the improvement of the welfare of Estonia and pay taxes. The Estonian Employers’ Confederation is thankful for all the companies that have participated in the entrepreneurship award competition and, of course, congratulates the winners,” said the Chairman of the Estonian Employers’ Confederation Council Tiit Kuuli.

 

The Company of the Year was chosen by the representative jury, which included Urve Palo, Minister of Entrepreneurship and Information Technology, Alo Ivask, Chairman of the Management Board of EAS, Siiri Lahe, Member of the Management Board of Estonian Cell AS, Ardo Hansson, President of Eesti Pank, Volli Kalm, Rector of the University of Tartu, Oliver Väärtnõu, Chairman of the Management Board of Kalm Cybernetica AS and Ruth Oltjer, CEO of Chemi-Pharm, the Company of the Year 2012.

 

The Best Estonian Enterprises 2017 award ceremony is organized by Enterprise Estonia, the Estonian Chamber of Commerce and Industry and the Estonian Employers’ Confederation.

 

About Magnetic MRO

Magnetic MRO (formerly Air Maintenance Estonia) is an aircraft maintenance, repair and overhaul (MRO) provider for a narrow-body fleet situated at Lennart Meri Tallinn Airport. Magnetic MRO provides line maintenance services for the customers in Tallinn and heavy maintenance services for customers primarily based in Northern Europe. The company offers heavy maintenance services to Boeing 737 and Airbus 320 family aircraft and in addition line maintenance to Embraer, CRJ, Fokker and Saab. BaltCap has been the owner of Magnetic MRO since 2010.

 

Contacts for enquiries:

Kristjan Kalda                                              

BaltCap
Partner

Tel: +372 665 0280

kristjan.kalda@baltcap.com
www.baltcap.com

Risto Mäeots

Magnetic MRO
CEO

Tel: +372 640 1119

risto.maeots@magneticmro.com
www.magneticmro.com