Buyout Archives | Page 2 of 3

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

Oct 2017/in Buyout /by ndhaldur

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

Oct 2017/in Buyout /by ndhaldur

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

Automüügiportaal auto24 ostis ajakirja Autoleht

Sep 2017/in Buyout /by ndhaldur

BaltCapi portfelliettevõte, Eesti suurim automüügi- ja autouudisteportaal auto24 sõlmis ostu-müügilepingu, mille kohaselt ostetakse kirjastuselt Presshouse kord nädalas ilmuv autoajakiri Autoleht. Autolehe näol on tegemist Eesti suurima autoajakirjaga, mis ilmunud alates 1999. aastast ja millel on värskeima Eesti Lugejauuringu andmeil üle 62 000 püsilugeja.

BaltCap omandas auto24 enamusosaluse käesoleva aasta aprillis. BaltCapi partner Oliver Kullman sõnas: „Mul on hea meel, et kaks edukat ja väärika ajalooga ettevõtet ühinevad. Usun, et viies kokku Autolehe vaieldamatult tugeva toimetuse ja kirjastamiskogemuse ning auto24 digitaalse väljundi, tekib sisukas koostöö, mis võimaldab luua veelgi parema kogemuse Autolehe lugejaile ning auto24 lehe külastajaile.”

“Hindame väga kõrgelt Autolehe toimetust ja kaasautoreid ning nende poolt toodetud ajakirjanduslikku sisu,” kommenteeris auto24 AS tegevjuht Margus Tomberg. “Kindlasti on Autolehe näol tegemist Eesti parima autoajakirjandusega. Aegade jooksul kogunenud artiklid, testisõidud, arvustused ning ülevaated on tulevikus kindlasti leitavad auto24 portaalis, kust lugejad saavad väärtuslikku infot enne ostuotsuste langetamist. Autolehe omandamine on ka järjekordne samm selles suunas, et pakkuda auto24 äriklientidele laiemaid võimalusi enda toodete tutvustamisel ja reklaamimisel. Usume, et koostöös hiljuti omandatud motors24 videoportaaliga tekib Autolehe ajakirjal ning online väljaandel suurepärane sünergia ja tuleviku potentsiaal meedia turul. Eesmärk on kajastada kõike automaailmas toimuvat kõrgeimal tasemel ja Eesti tarbijaile huvipakkuvalt.”

Kirjastuse Presshouse juhatuse liige Janis Kaal: “Küllap oli 1999. aasta kevadel vähe neid, kes uskusid esimest, nappidele ajalehepaberist külgedele trükitud Autolehte vaadates, et sel järjekordsel autoväljaandel pikka iga olema saab. Läks teisiti ja olen isiklikult tänulik kõigile, kes aegade jooksul Autolehte oma suurema või väiksema panuse on andnud. Mul on hea meel ja kindel tunne anda Autoleht juhtiva autoalase väljaandena üle auto24 toimekale meeskonnale. Olen veendunud, et koostöös Eesti edukaima automüügikuulutuste portaaliga tekkiv sünergia annab hoogu nii ajakirjale, portaalile endale kui täiesti uutele väljunditele, mille loomiseks seni pooltel vajalikke ressursse nappis. Kahe professionaalse meeskonna liitmisest tulenev autoalase meedia areng Eestis saab lähiaastail olema kindlasti iseäranis hoogne ja võidavad sellest nii tarbijad kui äriklientuur.“

Lisainfo:

Oliver Kullman

Tel: +3726650283

e-post: oliver.kullman@baltcap.com

Margus Tomberg
tel: +3726208884
e-post: margus.tomberg@auto24.ee

Janis Kaal
tel: +3725108469
e-post: janis.kaal@presshouse.ee

TREV-2 Grupp to build four-lane Kose-Ardu highway section in Estonia

Aug 2017/in Buyout /by ndhaldur

BaltCap portfolio company TREV-2 Grupp won the tender for the construction of a four-lane highway section between Kose and Ardu on Tallinn-Tartu road and signed a €50.7 million contract with the Estonian Road Administration yesterday.

“The construction of the Kose-Ardu section is one of the largest road construction projects in Estonia in the last 25 years. The whole four-lane section will be built on a new route which will result in the new 40-kilometer Kose-Mäo 2+2 road, shortening the Tallinn-Tartu-Võru-Luhamaa highway by 5.3 kilometers,” said Sven Pertens, the CEO of TREV-2 Grupp.

He added that the new section is also unique in that the construction period will have no substantial impact on the existing traffic.

“As the Kose-Ardu section is a completely new route, the existing traffic can continue until the completion of the new road in 2020 without restrictions caused by the large-scale construction,” Petrens said.

“For the Road Administration, signing this contract is one of the highlights of the past few years as it summarizes a substantial and thorough preparation stage. Now we will hand over the baton to the construction company for the realization of the project solution,” commented Kaupo Sirk, Deputy Director General in Construction and Development Area at the Road Administration.

“The construction of this section is a big challenge for the builder as we hope to delight road users with a long-anticipated and user-friendly 2+2 cross section in 2020,” he added.

The section between Kose and Ardu is a part of the four-lane Kose-Mäo highway section. The construction of the 12-kilometer Kose-Ardu section will begin in August 2017 and last for 40 months.

The whole section will feature a 2+2 road with a median strip, crossing facilities at Kose-Risti and Ardu, one tunnel and one wildlife crossing. The plan also includes the construction of culverts for amphibians and small game animals. Crossings with side roads and local roads will be separated.

The existing Kose-Ardu section on the Tallinn-Tartu route will fully service local traffic and if necessary, will function as an alternative to the highway for different special situations. The new section is projected for speeds of 120 kilometers per hour.

The construction tender for the Ardu-Võõbu section will be announced in the third quarter and the aim of the Road Administration is to complete both sections in 2020.

Contacts for enquiries:

Kristjan Kalda

BaltCap
Partner

Tel: +372 665 0280

kristjan.kalda@baltcap.com

Sven Pertens

TREV-2 Grupp
CEO

Tel: +372 677 6500

sven.pertens@trev2.ee
www.trev2.ee

TREV-2 appoints Sven Pertens as new CEO

Mar 2017/in Buyout /by ndhaldur

BaltCap announces new Chief Executive Officer to run portfolio company TREV-2 Group. As of April 1^st, Sven Pertens who formerly managed Lemminkäinen Eesti AS will be appointed as CEO.

“We want to combine the company’s young and ambitious team with Sven’s extensive experience in this sector in order to see TREV-2 Group reach the leadership position in infrastructure construction market,” said Kristjan Kalda, Partner of BaltCap and Chairman of Supervisory Board in TREV-2 Group.

“I also wish to thank the current Chairman of the Board Rein Rätsep for effective job in managing the company. He has done a great job in raising the company’s competitiveness in the Estonian market,” Kalda added.

“I am glad to welcome a new opportunity in infrastructure construction, using my experience and knowledge to contribute to the development of TREV-2 Group,” said Sven Pertens. “I am convinced that our co-operation with well-functioning team can show good results and together we strengthen the company’s market position.”

The main business areas of TREV- 2 Group are road and bridge construction, road maintenance, environmental engineering and mining. The company employs about 400 people.

In March 2017, BaltCap acquired additional 38% of TREV-2 Group shares from East Capital Explorer AB for €5.7 million. BaltCap’s total ownership after the acquisition reached 75%.

Contacts for enquiries:

Kristjan Kalda

BaltCap
Partner

Tel: +372 665 0280

kristjan.kalda@baltcap.com

Sven Pertens

Tel: +372 665 0280

sven.pertens@gmail.com

BaltCap acquires majority in TREV-2

Mar 2017/in Buyout /by ndhaldur

BaltCap increased its ownership in TREV-2, the leading Estonian infrastructure construction company by acquiring an additional 38% stake from East Capital Explorer AB for €5.7 million. BaltCap’s total ownership after the acquisition reached 75%.

TREV-2 has been in BaltCap’s portfolio since December 2010. Kristjan Kalda, partner of BaltCap, commented, “Infrastructure construction market in Estonia has been challenging in recent years. At the same time, TREV-2 has a young and ambitious team that BaltCap wants to continue supporting.”

TREV-2 generated revenues of EUR 51m in 2015 and EUR 54m in 2016, with EBITDA margins of approximately 4 and 5 percent, respectively.

Contacts for enquiries:

Kristjan Kalda

BaltCap
Partner

Tel: +372 50 87 967

kristjan.kalda@baltcap.com

About TREV-2 Group

AS TREV-2 Group is a leading infrastructure construction company in Estonia, with its history and experience dating back to the 1960s. The company’s main activities include road construction, repair and maintenance and environmental construction. In addition, TREV-2 operates several gravel, sand and limestone quarries, and produces asphalt and a range of road safety products. The company has 350 employees and is headquartered in Tallinn.

About East Capital Explorer

East Capital Explorer AB is a Swedish investment company, offering investment opportunities in Eastern Europe, where the Baltic countries represent the company’s largest investment region. The company primarily invests in unlisted assets within the private equity and real estate segments.

BaltCap invests in leading Estonian classified portals auto24 and Kuldne Börs

Mar 2017/in Buyout /by ndhaldur

Baltic private equity house BaltCap together with management acquires 100% of Sanoma Baltics AS, the operator of Estonian online classified sites auto24 and Kuldne Börs from Sanoma Media Finland OY.

BaltCap Private Equity Fund II and the management team signed an agreement to acquire Sanoma Baltics AS. The company operates the auto24 classified portal in Estonia with a strong position in 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 to name a few.

“The strong local classified sites auto24 and Kuldne Börs are very well managed and operate in a growing market. The sites provide a very useful service to Estonian consumers and businesses by providing an efficient online marketplace. We are excited to work together with the management team to further improve and grow the business of both auto24 and Kuldne Börs,” said Oliver Kullman, partner at BaltCap.

Margus Tomberg, CEO of Sanoma Baltics added, “The new owner BaltCap opens up solid investment and development opportunities to strengthen our existing business and also to expand beyond classified listings. We are looking forward to developing new and innovative solutions to address customer needs.”

“We wish the team and BaltCap a lot of success with the company. From now on, Sanoma Media Finland will focus on further developing our strong, multi-channel operations in Finland,” commented Pia Kalsta, the CEO of Sanoma Media Finland.

The financing is partly provided by LHV pension funds. The fund manager Andres Viisemann said, “Recent legislative changes make it possible for pension funds to make such local investments. Managing pension savings of €1 bn, we plan to increase investments in Estonia,” adding that local investments provide a higher expected return and also boost the local economy.

The transaction is expected to close in spring 2017, following approval from the Estonian Competition Authority.

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.

Sanoma Baltics AS

Sanoma Baltics AS is the operator of classified portals auto24.ee, veetehnika.ee, rasketehnika.ee, mototehnika.ee and kuldnebors.ee. The company has around 20 employees in Tallinn and Tartu offices, creating a turnover of €4.4 million.

LHV Varahaldus

The pension funds managed by LHV have over 170,000 clients. The volumes of the pension funds managed by LHV Varahaldus as at the end of February amounted to €991million.

Contacts for enquiries:

Oliver Kullman

BaltCap, Partner

Tel: +372 6650 280

oliver.kullman@baltcap.com

Margus Tomberg

Sanoma Baltics, CEO

Tel: +372 6208 884

margus.tomberg@sanoma.ee
www.sanoma.ee

BaltCap portfolio company Fitek buys Slovakia’s SmartPost

Mar 2017/in Buyout /by ndhaldur

Fitek, a financial technologies company operating in the Baltics, has purchased Slovakia’s financial technologies company SmartPost.

“In Slovakia, automated electronic account management solutions are only breaking new ground, we see an enormous growth potential on the market. We believe we can efficiently use our experience and solutions, which have helped us become the market leaders in the Baltics. The acquisition will also open doors to provision of services in the neighboring markets of the Czech Republic, Austria and Hungary,” the group’s board chairman Mait Sooaru said in a press release.

The value of the deal has not been disclosed. Last year, SmartPost turnover stood at over 1 million euros.

Until the beginning of 2016, Fitek group was known as OpusCapita. The group is owned by private equity company BaltCap.

Additional information:

Kristjan Kalda

Partner

Phone: +3726650284

kristjan.kalda@baltcap.com

BaltCap is to acquire Baltic operations of vending and coffee services company Selecta Group

Jan 2017/in Buyout /by ndhaldur

BaltCap Private Equity Fund II managed by BaltCap has signed an agreement to buy the business operations serving the local markets in the Baltic States from European vending and coffee services company Selecta Group. The Estonian, Latvian and Lithuanian businesses altogether employ about 75 people and generate net sales in excess of € 10 million.

“BaltCap considers Selecta’s Baltic businesses as very successfully managed entities with a fully committed and experienced staff delivering excellent client satisfaction and outstanding results,” says Sandijs Abolins-Abols, Partner of BaltCap. “Thus, we are excited to enter the business that will serve as a solid base for pursuing business opportunities that exist in the Baltic markets.”

“We have been impressed by Baltcap’s knowledge of the Baltic business specificities and ability to develop its portfolio companies. We believe our Estonian, Latvian and Lithuanian businesses will have the ideal new owner to support a continued solid, sustainable and profitable business development,” says David Flochel, CEO of the Selecta Group.

The transaction is subject to the approval of the Competition Authorities. The parties have agreed not to disclose the transaction price.

About BaltCap Private Equity Fund II
BaltCap Private Equity Fund II (BPEF II) was established by BaltCap 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. Investors also include European Bank for Reconstruction and Development (EBRD) and Baltic pension funds managed by Swedbank and SEB Wealth Management as well as LHV Asset Management and fund managers of Danske Capital. The fund invests in small and medium-sized enterprises and capital expansion in the Baltic countries. For further information, please visit BaltCap’s website at www.baltcap.com.

About Selecta Group
Selecta is a leading vending and coffee services company in Europe with a turnover of about € 736 million (for the twelve months ended 30 September 2016) and employing approximately 4,100 people. Founded in 1957 and headquartered in Switzerland, Selecta has grown its geographic market presence to 15 countries across Europe. Selecta serves 6 million consumers every day at its 137,000 point of sales addressing the growing need for out of home food and beverage services at the workplace and on the go. Selecta is putting a strong focus on improving the coffee experience at workplaces through an exclusive partnership with Starbucks as well as by offering a full range of high quality coffee blends such as Selecta’s own miofino brand. In addition, Selecta offers state of the art coffee machines, which are serviced by its own highly professional service organization. Selecta’s Swiss roots stand for service excellence, high quality product offering and innovative concepts for out of home food and beverage services. For further information, please visit Selecta’s website at www.selecta.com.

Additional information:

Sandijs Abolins-Abols

BaltCap
Partner

Phone: +37167356396

sandijs.abolins-abols @baltcap.com

Qvalitas and Unimed acquire Medicum Tartu

Nov 2016/in Buyout /by ndhaldur

Estonia’s leading occupational health care company Qvalitas and the largest private medical centre Unimed United Clinics acquire Tartu clinic from Medicum. The deal will be completed with the support of private equity firm BaltCap who is the majority shareholder of both Unimed and Qvalitas.

Merging Medicum Tartu with Qvalitas and Unimed creates an even stronger medical services provider in South Estonia by bringing together top quality orthodontists, dentists, medical specialists and occupational health care experts as well as family physicians. Medicum has also agreed to sell its occupational health care activities in Tallinn.

The transaction is planned to be completed in January 2017 and is subject to the approval of the Estonian Competition Authority. The parties do not disclose the transaction price.

Medicum is Estonia’s largest public service medical and nursing care provider mainly operating in Tallinn and Harju County. Medicum Tartu team consists of occupational health care specialists, dentists, dermatologists, psychiatrists, rheumatologist, gynecologist, neurologist, cardiologist, surgeon, radiologist, physical therapist as well as family doctors.

Erki Mölder, Chairman of the Board of Unimed commented that the services for Medicum Tartu patients will continue under the same conditions, neither will the ownership change bring along any rapid changes for employees. “BaltCap has a lot of expertise in healthcare investments. Together we can expand our operations in Tartu, strengthen collaboration between Qvalitas, Medicum and Unimed, and also contribute to the development of new business areas,“ he added.

CEO of Qvalitas, Tõnu Velt said the news is positive for their customers. He admitted that in addition to occupational health care services other specialist assistance will become available in Tartu after the approval is gained from the Estonian Competition Authority. “Medicum’s experience and knowledge in occupational health care enables us to jointly develop the area and improve quality,” explained Velt.

Jaanus Vool, Chairman of the Supervisory Board of Medicum added that he sees a strong synergy in uniting the specialist teams and managing practices of Unimed, Qvalitas and Medicum Tartu. “Given the family doctors and nurses also working in Medicum, this change establishes the best modern multi-disciplinary health center for patients in southern Estonia,” he said.

Unimed United Clinics is the largest private medical centre in Estonia, consisting of orthodontics centre, sleep centre, dentistry clinic, dentistry laboratory, specialist consultations and ambulatory surgery department. Unimed clinics operate in Tartu, Tallinn, Pärnu and nine other smaller locations all over Estonia.

Qvalitas was founded in 1996 and it offers occupational health care as well as general and specialized medical services in Estonia and also through mobile health care units. Many of the largest Estonian companies are clients of Qvalitas.

Additional information:

Oliver Kullman

BaltCap
Partner

Phone: +3726650283

oliver.kullman@baltcap.com

Erki Mölder

Unimed United Clinics
Chairman of the Board

Phone: +3725147243

erki.molder@unimed.ee
www.unimed.ee

Outbound Deal from the Baltics 2016 award goes to FCR Media Group

Nov 2016/in Buyout /by ndhaldur

The most groundbreaking transactions in the Baltic region during the last 12 months were announced at the Baltic M&A and Private Equity Forum 2016 gala event in Riga. The winners are Trilini Energy, Providence Equity Partners and BaltCap portfolio company FCR Media Group.

Outbound Deal from the Baltics 2016 award was given to FCR Media Group’s acquisition of Truvo of Belgium (Estonia).

FCR Media Group is Estonia-based provider of local search and operator services that acquired Truvo, a Belgium-based company engaged in publishing telephone directories in print, online and mobile formats, for an undisclosed sum. The acquisition, following a bankruptcy petition filed by Truvo, will save 310 jobs as Truvo will be integrated with FCR Media Belgium. This was one of the few deals by Estonian buyers with targets outside the Baltics.

In every case, the jury evaluated the strategic importance of the deal for the Baltic market, the deal value and turnover of the target, the complexity and/or innovative nature of the deal, the financing and payment structure, as well as involvement of Baltic stakeholders. The deals under observation were completed within the past 12 months (October 2015 – October 2016).

Additioal information:

Oliver Kullman

BaltCap
Investment Director

Tel: +372 56 463 642

oliver.kullman@baltcap.com

BaltCap exits gas infrastructure and trading company Energate

Oct 2016/in Buyout /by ndhaldur

BaltCap, the largest private equity and venture capital investor in the Baltics, exited gas infrastructure and trading company Energate. The company was acquired by a group of private investors.

Energate is a gas infrastructure and trading company operating pipelines in Estonia with the core network near Tallinn and Tartu.

BaltCap acquired the company in 2008. During the holding period Energate completed several acquisitions, annual sales volumes increased from 2 million m³ to 10 million m³ and the pipeline expanded from 37 km to 123 km.

It is the third successfully developed and exited infrastructure asset by BaltCap this year. In January, BaltCap exited 18MW Tuuleenergia wind farm in Estonia and 24MW Eurakras wind farm in Lithuania to Lietuvos Energija.

The deal was advised by Superia Corporate Finance and law firm RASK.

Contacts for enquiries:

Kristjan Kalda

BaltCap
Investment Director

Tel: +372 50 87 967

kristjan.kalda@baltcap.com

BaltCap-backed FCR Media Group expands to Belgium and ensures 9x revenue growth for the BaltCap investment

Jul 2016/in Buyout /by ndhaldur

BaltCap portfolio company FCR Media Belgium takes control in the largest digital media agency in Belgium with its 300 employees, including the activities of goudengids.be and pagesdor.be.

FCR Media Group (www.nobeldigital.com) is the leading European digital media agency with activities in 12 European countries, including Belgium, Ireland, Sweden, Czech Republic, Slovakia, the three Baltic countries of Estonia, Latvia and Lithuania, Croatia, Hungary and Romania. In most of its markets, FCR is a Google Premium partner.

Jon Martinsen, CEO of FCR Media Group said, “Our investment in Belgium is a game-changing event for FCR Media, significantly increasing the size of the group. I look forward to working in partnership with the local management team in Belgium. We believe that FCR Media has a crucial role in helping Belgian SMEs to manage their online presence as well creating business leads for them. This is the vision of FCR – to facilitate commerce and relationships.”

Simonas Gustainis, partner at BaltCap added, “Including Belgium, FCR Media companies have grown by 9 times since our initial investment in 2008, today having total revenues in excess of €130m. We are excited to be part of a growth story within digital advertising and see that the business model of FCR Media – focusing on partnerships with leading global technology companies to satisfy the SME digital presence needs – is a cornerstone of its success. We are very pleased with the addition of Belgian operations to FCR and look forward to working with the local team headed by Birgit Peeters.”

Contacts for enquiries:

Simonas Gustainis

BaltCap
Partner

Tel: +370 5 254 6713

simonas.gustainis@baltcap.com

Jon Martinsen

FCR Media Group
CEO

Tel: +372 53 01 5015

jon.martinsen@fcrmedia.com
www.fcrmedia.com

BaltCap portfolio company EKT acquires Jaakson Linnahooldus OÜ

Jun 2016/in Buyout /by ndhaldur

In January 2016, BaltCap invested in Eesti Keskkonnateenused AS (“EKT”) acquiring a 75% ownership. The Baltic private equity house continues to invest in the sector – on June 20, 2016, EKT signed an agreement to obtain 100% ownership in Jaakson Linnahooldus OÜ that is active in Tallinn street maintenance business.

“BaltCap is excited to support EKT Group’s further growth. Local expansion is one of our strategic goals so we are pleased to see that the current deal is a powerful step forward,” said Peeter Saks, Managing Partner at BaltCap and Chairman of the Supervisory Board at EKT.

The CEO of EKT Argo Luude added that the transaction was a logical step for them.

“Since our company has a lot of experience in street maintenance from other municipalities, the growth needs to continue in order to stay competitive in our sector. Jaakson Linnahooldus is a well-run company that has proven its worth in the field already for years,” Luude noted.

Jüri Jaakson, the former owner of Jaakson Linnahooldus OÜ admitted that he has built up the company from scratch and put a big part of his life in it over the years. “I decided that now is the time to slow down and leave the company in good hands,” he said.

In this transaction, Jaakson & Ko OÜ was advised by Raidla Ellex law firm and Eesti Keskkonnateenused AS by law firm Eversheds Ots & Co.

The transaction is planned to be completed in summer 2016 and is subject to the approval of the Estonian Competition Authority. The parties have agreed not to disclose the transaction price.

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.

About EKT

EKT and related companies are the leading waste management and municipal services company group in Estonia. EKT’s main activity is collection of municipal waste (MSW). In addition to that, EKT collects secondary raw materials, construction waste and other types of waste. In certain municipalities EKT also provides street maintenance service in winter. The Group services more than 100 thousand customers in Estonia and treats more than 250 thousand tons of waste annually. The Group has 500 employees and its turnover will exceed 27 million euros in 2015.

Jaakson Linnahooldus OÜ

Primarily active in street maintancence sector having a long-term experience. The company’s annual turnover is 3.8 million euros and it employs more than 80 people.

Additional information:

Peeter Saks

Managing Partner

Tel: +372 665 0280

peeter.saks@baltcap.com

Argo Luude

CEO

Tel: +372 640 0801

argo.luude@keskkonnateenused.ee
www.keskkonnateenused.ee

BaltCap invests in Estonian occupational health care company Qvalitas

May 2016/in Buyout /by ndhaldur

Baltic private equity house BaltCap acquired a majority stake in the leading Estonian occupational health care company Qvalitas Arstikeskus AS (“Qvalitas”).

BaltCap Private Equity Fund II (BPEF II) signed an agreement to acquire 72% of Qvalitas. The remaining 28% are held by the management team. In addition to BPEF II, Erki Mölder, the CEO of Unimed Group is an investor in the holding company carrying out the transaction.

Qvalitas was founded in 1996 and it offers occupational heath care as well as general and specialised medical services in Estonia. The company is mainly known as a high quality occupational health care service provider. Several of the largest Estonian companies are clients of Qvalitas, which provided more than 60,000 different health checks last year. The new investor will support the company’s strategy and invest in the development of new business areas.

Last November, BPEF II announced its investment in Unimed Group (previously Dental Invest Estonia), one of the most innovative private medical groups in Estonia. Unimed clinics provide services in the fields of orthdontics, dentistry, dental labs, specialised medical care and sleep disorder treatment. Following the current transaction, Qvalitas and Unimed Group become sister companies.

“Occupational health care is a continuously developing area of medicine. People are becoming more aware that occupational health care is an important part of preventive care. I am very glad that through our investment in Qvalitas we can participate in the development of this important field. Qvalitas is a very well managed company and a leader in its market,” commented Martin Kõdar, a Managing Partner of BaltCap.

Tõnu Velt, CEO of Qvalitas since 2002 added, “We know that BaltCap has made successful investments in health care in the past and therefore I am certain that we have found the right partner to continue developing our company. We also see positive opportunities to cooperate with Unimed Group companies.”

The transaction is expected to close during the summer of 2016, following approval from the Estonian Competition Authority. The parties do not disclose the transaction value.

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.

Qvalitas Arstikeskus AS

Qvalitas Arstikeskus AS and its subsidiaries form the leading occupational health care group in Estonia. Qvalitas’ services are available in eight locations and also through mobile health care units. The company was founded in 1996 and today has more than 100 employees.

Contacts for enquiries:

Martin Kõdar

BaltCap, Co-Managing Partner

Tel: +372 6650 280

martin.kodar@baltcap.com

Tõnu Velt

Qvalitas, CEO

Tel: +372 605 1550

tõnu.velt@qvalitas.ee

Magnetic MRO Acquired MAC Interiors

Feb 2016/in Buyout /by ndhaldur

BaltCap portfolio company Magnetic MRO completed acquisition of MAC Interiors (www.macinteriors.com), a UK based aircraft interiors production and engineering company.

Aircraft modifications, interior upgrades and retrofitting are expected to outgrow the general pace of development of the global MRO industry. Thus acquisition of MAC Interiors is a strategic step for Magnetic MRO in building its presence in this fast developing segment of premium MRO services. With more than 50 years of trading history, MAC Interiors operates under EASA Part 21J, Part 21G, Part 145 certificates, and owns STC rights to a number of completed aircraft interior projects.

“Magnetic MRO is determined to be the industry leader in offering efficient and customized Total Technical Care products and services to airlines and aviation asset owners,” says Jonas Butautis, CEO of Magnetic MRO. “We see major opportunities in premium know how MRO services, such as design, certification, interior parts production and engineering. Thus we are very excited with the acquisition of MAC Interiors, a company with professional experienced team, long and impressive history, and a pipeline of ongoing projects with Tier A customers, including OEMs. Our plan is to develop MAC Interiors into one stop independent interiors center for airlines, asset owners, and OEMs.”

Over the last 18 months Magnetic MRO expanded into full aircraft painting, engines on wing and off wing services, components solutions, and other areas of MRO activities. The newly acquired interiors business accelerates the overall goal of being a natural first choice for Total Technical Care solutions for airlines, asset owners, and OEMs. In addition to the strategic fit, it also expands Magnetic MRO presence in the UK market, which is strategically important for access to customers, aviation specialists, efficient warehousing, and logistics services.

Additional information:

Kristjan Kalda

Investment Director

Phone: +3726650284

kristjan.kalda@baltcap.com

BaltCap exits wind farms in Lithuania and Estonia to Lietuvos energija

Jan 2016/in Buyout, Growth, Infrastructure /by ndhaldur

BaltCap, the largest private equity and venture capital investor in the Baltics, exited 18MW Tuuleenergia wind farm in Estonia and 24MW Eurakras wind farm in Lithuania. These wind farms were acquired by Lietuvos energija, Lithuanian state-owned energy group.

“BaltCap has always believed in the future of green energy and the wind farm investments matched well our investment criteria,” said Peeter Saks, Managing Partner of BaltCap. “As a private equity investor, our task was to be engaged in these projects during the development phase which was successfully completed in 2015 when both wind farms were commissioned. Lietuvos energija as a strategic investor with a long-term view on energy market was a natural buyer for these assets.”

“Mäli and Tamba villages enjoy one of the best wind conditions in Estonia,” said BaltCap’s Investment Director Kristjan Kalda. “Combined with the right choice of techology, the wind farm had the best load factor in Estonia last year.”

“This transaction marks the first exit of BaltCap Lithuania SME Fund, part of JEREMIE initiative in Lithuania. Strong and experienced team of co-investors and management played a key role to a successful wind farm development in Jurbarkas. It is within our expectations that the experience gained in this project will translate into new pan-Baltic infrastructure investments,” said Šarūnas Stepukonis, Associate Director at BaltCap.

“One of the strategic directions of Lietuvos energija is the development of production and diversification. Naturally, in assessing the current environment and future prospects, we chose wind energy as one of the development directions. Analyzing the market, next to the development projects we have discussed opportunities to acquire already existing wind power parks. We are pleased that after a market survey and identification of opportunities we successfully managed to acquire two wind parks. It is the first wind power capacity of Lietuvos energija and also first investment outside Lithuania – in Estonia,” says Dr. Dalius Misiūnas, Chairman of the Board and CEO of Lietuvos energija.

Lithuanian company Eurakras operates 24 MW wind farm in Jurbarkas district. Wind turbines are produced by German company Nordex. Each power plant has 3 MW capacity and tower height of 120 meters. The wind farm is brand new – construction completion certificate and authorization to produce electricity were issued in December 2015. BaltCap was investor in Eurakras through Lithuania SME Fund.

Estonian company Tuuleenergia operates 18 MW wind farm in Mäli and Tamba in Varbla parish, western Estonia. All six wind turbines are manufactured by German company Enercon. Each power plant has 3MW capacity and tower height of 99 meters. The wind farm was launched in the beginning of 2015. BaltCap was investor in Tuuleenergia through BaltCap Private Equity Fund.

Total transaction price for Lietuvos Energija was €28 million for 100% share in Tuuleenergia and 75% share in Eurakras, including buy-out of BaltCap´s co-investors. In Tuuleenergia transaction BaltCap was advised by corporate finance firm Superia and law office RASK.

Lithuania SME Fund is a growth capital fund organized by BaltCap in 2010 as part of the JEREMIE initiative in Lithuania. JEREMIE Holding Fund in Lithuania managed by EIF is financed from the EU Structural Funds under 2007-2013 Economic Growth Operational Programme.

For further information:

Kristjan Kalda

Investment Director

Tel: +372 665 0280

kristjan.kalda@baltcap.com

Tel: +370 5 278 2042

Mob: +370 611 43 548

ernesta.dapkiene@le.lt

Ernesta Dapkienė

Director of the Corporate

Communication Service of Lietuvos energija

Sarunas Stepukonis

Associate Director

Tel: +370 5 254 6713

sarunas.stepukonis@baltcap.com

BaltCap furthers regional waste management consolidation

Dec 2015/in Buyout /by ndhaldur

BaltCap, the largest private equity and venture capital investor in the Baltics, will invest in the group of waste management companies that include AS Eesti Keskkonnateenused and Epler & Lorenz AS (EKT or Group). BaltCap Private Equity Fund II, advised by BaltCap, has agreed to invest in the Group acquiring a 75% ownership stake. The management team will own 25% of the shares.

“BaltCap is excited to support the Group’s further growth. Environmental services will have an increasingly important role in the industrial, construction and municipal sectors. EKT is a well-run company with highly dedicated employees and outstanding customer relationships and we see significant potential for the company to continue its growth in Estonia, both organically and through acquisitions. EKT is a very strong brand signaling reliability, security and quality among its customers. It will also fit very well with our recent acquisition of the largest waste manager in Lithuania – Ecoservice,” says Peeter Saks, Managing Partner at BaltCap.

“EKT management looks forward to having BaltCap on board as a new investor. There are lots of opportunities in the market and to execute all of them we need a strong financial partner. Together it is definitely possible to strengthen the company’s market position and invest into new technologies to improve environmental situation in different countries,” says Argo Luude, CEO of the Group.

The transaction is planned to be completed in January 2016 and is subject to the approval of the Estonian and Lithuanian competition authorities. The parties have agreed not to disclose the transaction price.

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.

About EKT

EKT and related companies are the leading waste management and municipal services company group in Estonia. EKT’s main activity is collection of municipal waste (MSW). In addition to that, EKT collects secondary raw materials, construction waste and other types of waste. In certain municipalities EKT also provides street maintenance service in winter. The Group services more than 100 thousand customers in Estonia and treats more than 250 thousand tons of waste annually. The Group has 500 employees and its turnover will exceed 27 million euros in 2015.

Additional information:

Peeter Saks

Managing Partner

Tel: +372 665 0280

peeter.saks@baltcap.com

www.baltcap.com

Argo Luude

CEO

Tel: +372 640 0801

argo.luude@keskkonnateenused.ee
www.keskkonnateenused.ee

BaltCap invests in leading dental care provider in Estonia

Nov 2015/in Buyout /by ndhaldur

BaltCap, the private equity and venture capital investor in the Baltic States, will invest in the leading Estonian dental care company Dental Invest Estonia (“DIE”).

BaltCap Private Equity Fund II, advised by BaltCap, has agreed to invest in DIE group through new equity issue acquiring a 56% ownership stake. The management team and the key doctors will own 44% of the shares.

DIE, along with its subsidiaries, is the leading dental healthcare provider in Estonia. Having over 17 years of experience the Group has been the innovation leader in Estonia by adopting modern technologies and introducing new services to the market. Orthodontics (prevention and correction of irregular teeth), restaurative dentistry and children’s dentistry have traditionally been the Group’s core services. Recently DIE has expanded activities now covering also regular dentistry, ENT (ear, nose, throat) disorder treatment, speech therapy, physiotherapy, sleep disorder treatment and oral and maxillofacial surgery. The Group has adopted myofunctional treatment as a teamwork approach that has been highly recognized by medical experts globally. The Group is additionally active in offering dental laboratory services and exporting dental care equipment.

“We believe that healthcare industry has excellent long term perspectives with dental care being one of the fastest growing segments. DIE group has a strong team of professionals and we are impressed with the state-of-the-art chain of clinics they have built. With our investment, BaltCap wants to help the group to develop into a true regional leader in dental and dental related healthcare,” comments Martin Kõdar, Managing Partner of BaltCap.

“We were looking for a long term investor for the group to enable us carry out our expansion plans. We selected BaltCap for their professional approach, dedication and understanding of our business needs. Having BaltCap as a long term partner gives us confidence to expand our service offering and clinics network,” noted Vallo Veering, Founder of DIE.

The transaction is planned to be completed in December 2015 and is subject to the approval of the Estonian Competition Authority. The parties have agreed not to disclose the transaction price.

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.

About Dental Invest Estonia

Dental Invest Estonia group of companies aim to offer patients a complete treatment approach including dental care, sleep medicine and myofunctional treatment. The group has 190 employees and 8 clinics across Estonia. Its main subsidiaries include Ortodontiakeskus OÜ, Dental Design OÜ and Dental Export OÜ. In March 2015, DIE opened a new state-of-the-art clinic in Lelle Street 24, Tallinn. In 2016, the group plans to launch a similar new clinic also in Tartu.

Additional information:

Martin Kõdar

Managing Partner

Tel: +372 6650 280

martin.kodar@baltcap.com

Vallo Veering

Founder, Dental Invest Estonia

Tel: +372 6776 800

vallo.veering@ortodontia.ee
www.ortodontia.ee

BaltCap is to acquire Baltic operations of financial automation company OpusCapita

Nov 2015/in Buyout /by ndhaldur

BaltCap, the largest private equity and venture capital investor in the region, is to acquire invoicing and financial automation business of OpusCapita in the Baltics.

BaltCap Private Equity Fund II managed by BaltCap has signed an agreement to buy the business operations serving the local markets in the Baltic States from Finnish financial process provider OpusCapita. The transaction consists of OpusCapita AS in Estonia and Latvia and UAB OpusCapita in Lithuania which provide financial automation services to the local market.

“For BaltCap, the Baltics is a core market and we are thrilled to enter a business with many new opportunities,” says Kristjan Kalda, Investment Director of BaltCap. “Through the investment, BaltCap will participate in developing paperless economy – a good fit to our strategy. Europe has a long way to go until financial processes are fully automated. The Baltic countries are moving in the right direction: e-invoicing standards have been implemented in Estonia and Latvia, and in Lithuania from next year. Estonian government will require e-invoices from all suppliers from 2016.”

“The divestment will enable OpusCapita to improve its business focus in strategic regions in Europe. For us the outlook for the Baltic market has become limited, and our focus is on strategic growth in Europe to become the leading international provider of automated solutions for core business processes. OpusCapita wanted an investor that would be a strong owner on the local market to develop the business in this region,” says Katarina Dahlbäck, Senior Vice President of OpusCapita Baltics.

The transaction is planned to be completed by December 2015 subject to the approval of the Competition Authorities and confirmatory due diligence. The parties have agreed not to disclose the transaction price. The Baltic companies employ 118 persons in total.

About BaltCap Private Equity Fund II

BaltCap Private Equity Fund II (BPEF II) was established by BaltCap 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. Investors also include European Bank for Reconstruction and Development (EBRD) and Baltic pension funds managed by Swedbank and SEB Wealth Management as well as LHV Asset Management and fund managers of Danske Capital. The fund invests in small and medium-sized enterprises and capital expansion in the Baltic countries.

About OpusCapita

OpusCapita focuses on Purchase-to-Pay and Order-to-Cash processes combining software, outsourcing and services. OpusCapita has operations in eight countries with end-users in more than 50 countries. OpusCapita is part of Posti Group Corporation and has its head office in Finland.

Additional information:

Kristjan Kalda

Investment Director

Tel: +372 6650284

kristjan.kalda@baltcap.com

„BaltCap Private Equity Fund II“ acquires one of the largest property managers in the Baltic States – BPT Real Estate

Aug 2015/in Buyout /by ndhaldur

BaltCap Private Equity Fund II managed by BaltCap, the leading private equity and venture capital investor in the Baltic States, acquired property manager BPT Real Estate AS which provides services in the Baltic States and Poland. BaltCap acquired the company from Northern Horizon Capital A/S.

BPT Real Estate is the leading property management company in the region. The team of 80 professionals manages more than 150 properties, whose total area amounts to 1 million square meters, and has more than 1000 tenants. The majority of the properties managed by BPT Real Estate are located in the Baltic States. In addition, BPT manages several properties in Poland.

“The real estate market in the Baltic States is becoming similar to those of the developed countries, where ever increasing role is played by the institutional investors. For this reason independent property management and real esate advisory services are in greater demand than ever before. BPT Real Estate is one of the best known brands in the region and, therefore, we chose to invest into a qualified team of professionals which provide top quality services. We expect that the investment and experience of the fund will help BPT Real Estate strengthen its reputation as reliable and independent partner for those who invest into real estate in Baltic States and Poland,” noted Šarūnas Alekna, BaltCap investment director.

”The sale of BPT Real Estate is the logical conclusion of the last couple of years’ gradual process of establishing and empowering BPT Real Estate as a property management company that is independent of Northern Horizon’s core investment management business. The divestment allows Northern Horizon to fully focus on growing its core investment management business. In that segment we see many interesting opportunities to offer to our investor clients new investment products not just in the Nordics and Germany, but also in the Baltics where BPT Real Estate’s activities are focused. Furthermore, Northern Horizon will post-transaction continue to maintain and expand its own significant on-the-ground presence in the Baltics through our in-house investment management, fund administration and corporate services teams there,” comments Michael Schönach, Northern Horizon Capital Group CEO.

“BPT Real Estate has been growing year on year basis in the market and has become the leading service provider in value adding real estate services. After full separation from Northern Horizon Capital group we will continue offering property management services to all Northern Horizon Capital funds in Baltics and Poland. Our ambition is to continue being the leading brand to guarantee the highest quality standards and to introduce new value adding services. With BaltCap as an investor we are confident that such goals will be reached even sooner and after separating from Northern Horizon Capital we can continue our growth fully independent,“comments Indrek Hääl, BPT Real Estate Group CEO.

The transaction is subject to approval by competition authorities and is expected to close in September 2015. Sorainen were acting as BaltCap’s legal advisor.

Northern Horizon Capital is a real asset investment management firm with activities in the Nordic countries, Germany, the Baltics and Poland, and St.Petersburg, Russia. Northern Horizon focuses on offering its institutional investor base specialised strategies in emerging real asset subsectors such as carehomes, farmland, as well as selected commercial real estate strategies.

Additional information:

Šarūnas Alekna

BaltCap investment director

sarunas.alekna@baltcap.com

Tel.: +370 686 89242

FCR Media goes global: Leading European Digital Media Agency expands its footprint to Uruguay

Aug 2015/in Buyout /by ndhaldur

FCR Media, the leading Digital Media Agency controlled by the Baltic private equity fund BaltCap, expands its operations to Uruguay. Through the acquisition of controlling stake of Volt Directories S.A. Ltd. in Uruguay, FCR Media Group enters its 1^st market in Latin America and adds the 12^th market to its diversified geographic portfolio. This is the first investment in Latin America by FCR Media, which offers integrated digital media solutions for SMEs.

Established in 1983, Volt Directories currently operates in publishing, digital marketing and mobile app businesses. The company specializes in the production and commercialization of advertising and printing of Uruguay Telephone Directories. The acquisition of Volt Directories by FCR Media makes perfect business sense given FCR Media’s expertise in helping businesses be present and highly visible across all digital media channels.

“The acquisition of Volt Directories in Uruguay by FCR Media means only one thing – FCR Media became a global Digital Media Agency. FCR Media is now even more diversified not only in its products but also in its geographical presence. Furthermore, there are substantial synergies to be extracted from the acquisition in the fields of digital marketing and advertising. This will help FCR Media enter the Uruguayan market as a strong player, offering high visibility to clients in all media channels as well as targeting growth opportunities across Latin America,” said the CEO of FCR Media, Jon Martinsen.

After closing the deal, FCR Media will operate in 12 markets: Ireland, Sweden, the Czech Republic, Slovakia, Lithuania, Estonia, Latvia, Romania, Russia, Hungary, Croatia and Uruguay. In 2014, the Group generated revenue of EUR 64.4 million and EBITDA of EUR 2.4 million. FCR Media is fully controlled by BaltCap.

Additional information:

Simonas Gustainis

BaltCap

Partner

+37052546713

simonas.gustainis@baltcap.com

BaltCap exits moulded fiber packaging manufacturer VLT Ltd.

Jul 2015/in Buyout /by ndhaldur

BaltCap sold its 48% shareholding in the Latvian moulded fiber manufacturing company VLT Ltd.

BaltCap invested in the company back in 2004 to finance two rounds of expansion of production capacity. While post crisis economic environment proved challenging to sustain growth of the company, the moulded fiber packaging producer maintained solid profitability, acquired new export markets and solidified its market position in Eastern Europe. The shareholding was sold to one of the founders of the business. Parties agreed not to disclose details of transaction.

About VLT

VLT (www.eggbox.lv) is the leading moulded fiber packaging producer in the Baltics. Moulded fiber packaging products – egg trays and egg boxes – are sold to largest egg producers in the CEE and Nordic area of Europe with more than 90% of products being exported. The company commenced moulded fiber packaging production in 1999 and currently employs 60 people. Sales of the company reached EUR 3.2 million in 2014.

Additional information:

Sandijs Abolins-Abols

BaltCap

Partner

+37167356396

sandijs.abolins-abols@baltcap.com

BaltCap’s portfolio company Runway closes acquisition of Infonordic Market Intelligence & Research

May 2015/in Buyout /by ndhaldur

Runway SIA, a leading BPO service provider with more than 600 employees on 9 branch offices in 6 European countries, announced that it has closed the acquisition of Infonordic Market Intelligence & Research SLU.

The CEO of Runway BPO Uldis Prieditis stated, “The acquisition of Infonordic Market Intelligence & Research will accelerate our growth in Outbound Contact center and Market research services and bring new services from more European locations to existing Runway and Infonordic clients.”

The CEO of Infonordic Christian Cortez Campos added, “The deal is a great opportunity for employees to work in different destinations around Europe and we will be able to adapt better to requirements from our clients that want safe outsourcing services of high quality and at a low cost.”

About Runway SIA

BaltCap acquired shareholding in Runway in 2011.

Runway is a multi-lingual and multi-tower provider of business process services to the Nordic and Western European customers. Having fully operational centers across the Baltics, Spain and Ukraine, Runway’s mission is to assist its clients in achieving their sales, revenue and customer satisfaction goals.

The main services Runway is currently providing:

Inbound Call Centre Services (Customer support using any kinds of media, Inbound Sales)
Outbound Call Centre Services (Customer support, Telesales)
Accounting & Finance services (bookkeeping, payrolls, ledgers & reports, revenue protection)
Back Office Services (Data Collection and Processing, Digital Data Capture)
Marketing Services (Market Analysis and Pricing, CRM)
IT services (Developing of IT solutions and products – web portals and applications, IT support)

Runway offices are located in Latvia – (Riga), Estonia – (Tallinn & Tartu), Lithuania – (Vilnius & Kaunas), Spain (Malaga & Alicante), Ukraine (Kiev) and Norway (Moss)

Learn more about Runway on runwaybpo.com

About Infonordic

Infonordic is a company specialized in outsourcing of Market Research and Intelligence (MRI), Customer Relationship Management (CRM), Computer Assisted Telephone Interviewing (CATI) and Computer Assisted Web Interviewing (CAWI)

The Company is situated in Málaga and serves clients in the following sectors: Insurance, Credit information, IT, Rescue services, Market Research and Publishing etc.

Learn more about Infonordic on Infonordic.com

Further information:

Sandijs Abolins-Abols

Partner

Phone +371 6735 6396

E-mail: sandijs.abolins-abols@baltcap.com

BaltCap invests additional EUR 1 million in STENDERS

Mar 2015/in Buyout /by ndhaldur

The leading Baltic private equity and venture capital investment management company BaltCap has agreed on an additional EUR 1.0 million investment with its portfolio company, one of the most succesful Latvian cosmetics producers and franchise developers STENDERS.

STENDERS is a cosmetics producer with 200 franchise stores in 22 countries worldwide. With 110 stores in the main cities of China, STENDERS has one of the strongest cosmetics retail chains in China. In 2014, the company’s global retail revenues reached EUR 27 million. The success story of the brand has been based on high quality products and special packaging, store experience and succesful franchise concept.

At the beginning of 2015, world class cosmetics industry manager Julien Laporte became the CEO of STENDERS. Laporte has previously held the positions of Board Member of the world famous French brand L’Occitane, generating over EUR 1 billion in sales; General Manager of UK cosmetics brand Crabtree & Evelyn; and CEO of L’Oreal Turkey. By the strengthening of the management team with international cosmetics management expertise and attraction of additional investment, STENDERS has ambitious plans for 2015, including own store openings in the vibrant cities of Singapore and London, as well as significant expansion of product portfolio.

“We have already stressed our determination for rapid development in the international market and willingness to attract new investments. Successful cooperation with BaltCap has proven that STENDERS is a stable enterprise with high global potential. Until now the company operated as a rather small ship we steered on our own; however, along with larger investments we are approaching deeper international waters at a fast pace. This creates the necessity for a manager with extensive global experience and we are happy to have found such a person,” says Janis Berzins, STENDERS Chairman of the Council.

“The investment in STENDERS is bound to making sure that the brand will flow in the same seas as the top competitors like L’Occitane, Kiehl’s, Crabtree & Evelyn, since the brand deserves it fully. I have personally worked within the main competitive brands and I must say STENDERS doesn’t have to envy its competitors. I would even say that STENDERS has a little something more! The international development will be anchored on the already very successful development in China and STENDERS will leverage this success in the rest of Asia from 2015, starting with Singapore, Korea and many others to follow. We are working very strongly with STENDERS team to adapt the product portfolio to reinforce Asian progress with specific product developments for this region that will be launched in the next months. Crossing these new borders is truly exciting. And as the ambition is to become a global brand, STENDERS is planning to open two stores in London, the number one touristic city in the world. 2015 will be a great turnaround year for the company’s international development – but this is only the beginning,” says the new CEO Julien Laporte.

“We are extremely happy to provide financing for further expansion of STENDERS which is one of the best examples of Latvian companies’ capabilities to create brands and products that are truly competitive on a global scale. We are satisfied that we can provide further funding from our state and EU supported fund for the product portfolio expansion and working capital needs of a Latvian brand with global presence,” said Astra Neimane, Investment Director at BaltCap.

Further information:

Astra Neimane

BaltCap

Investment Director

+37129116680

astra.neimane@baltcap.com

Baiba Čipa – Ziemele

Stenders
Head of Marketing and Communications

+371 26321221

baiba.cipa.ziemele@stenders.lv

BaltCap Private Equity Fund II acquires the remaining 25% shareholding in Ecoservice

Feb 2015/in Buyout /by ndhaldur

BaltCap, the leading dedicated private equity and venture capital investor in the Baltic States has acquired a 25% stake in Ecoservice UAB. BaltCap Private Equity Fund II (“BPEF II”), advised by BaltCap, will now control 100% of shares of Ecoservice, the leading waste management company in Lithuania. The value of transaction is €3.5 million.

“By acquiring the remaining 25% of shares in Ecoservice we will bring our ownership to 100%. We are happy with the company’s performance to date and having full ownership will allow us to speed up implementation of Ecoservice expansion strategy in Baltic recycling services market,” said Šarūnas Alekna, BaltCap Investment Director.

Since the investment by BaltCap, Ecoservice has grown its revenue base by 25% by continuing to expand its service offering. “This year we have approved an investment program of more than €2 million into upgrade of the truck fleet, as well as waste collection and sorting equipment in order to offer modern waste management services to our customers,” said Saulius Budrevičius, Chairman of the Board of Ecoservice.

BaltCap made initial investment in Ecoservice at the start of 2014 by acquiring a 75% stake in a transaction valued at €15 million. Ecoservice was the first investment for BPEF II which was launched last year and reached the second close of €85 million later in 2014. BPEF II makes equity investments in innovative companies based in the Baltic region, focusing on buy-and-build opportunities that offer the potential for BaltCap to capitalise upon the unique Baltic market opportunity.

About Ecoservice

Ecoservice, together with subsidiaries, is engaged in collection, transportation and processing of secondary raw materials and household waste. The company has been actively expanding throughout regions of Lithuania since 2007. Consolidated revenues of the group amounted to EUR 20 million in 2014.

Established in 1995, the company has been operating this business for over ten years and to date employs about 260 people.

Additional information:

Šarūnas Alekna

Investment Director

sarunas.alekna@baltcap.com

Phone: +370 686 89242

BaltCap Private Equity Fund II holds second close

Jul 2014/in Buyout /by ndhaldur

BaltCap has successfully reached the second close on its latest fund, BaltCap Private Equity Fund II (BPEF II) which has now €81.5m of available capital (with subscribed commitments reaching already €85m). The target size of BPEF II remains €100m.

The new investors joining the fund at second close include Estonian, Latvian and Lithuanian pension funds of SEB Wealth Management, a private equity fund-of-fund managed by eQ Private Equity and J-Investicijos Family Office. SEB pension funds committed in total €16.36m (€5.7m from Estonia, €5.06m from Latvia and €5.6m from Lithuania).

BPEF II makes equity investments in innovative companies based in the Baltic region focusing on buy-and-build opportunities. BPEF II will seek to acquire controlling ownership stakes, typically investing between €5 and €10 million per portfolio company. BaltCap will act as an active medium term investor partnering with management teams in order to build market leading companies in their respective sectors. BPEF II has already completed its first investment by acquiring 75% ownership in Ecoservice, the leading waste management company in Lithuania.

BPEF II held the first close in the beginning of 2014 and has now received commitments from all larger Baltic pension funds. The fund’s investors after second close include the Baltic Innovation Fund, the European Bank for Reconstruction & Development, Baltic pension funds managed by Swedbank Investment Funds, LHV Asset Management, Danske Capital and SEB Wealth Management, a private equity fund-of-fund managed by eQ Private Equity and J-Investicijos Family Office.

Mr Peeter Saks, Managing Partner of BaltCap said, “BPEF II has been well received in the market, both among institutional investors and potential investment targets. We are very pleased to welcome on-board BPEF II five additional distinguished institutional investors who all play an important role in our region. We believe the Baltic markets continue to have a positive outlook and offer excellent opportunities for private equity to develop fast growing and internationally competitive companies.”

Mr Sven Kunsing, Head of Eastern European Investment Management at SEB Wealth Management added, “SEB Wealth Management is happy to cooperate with such a professional and experienced private equity player as BaltCap to get a high quality Baltic equity exposure for SEB’s Baltic pension funds. As the opportunities in Baltic listed equity markets remain very limited, we expect that pension funds’ participation in private markets will be offering better risk/return characteristics to our investors while also creating new opportunities for the listed markets in the future and will foster economic growth in all three economies.”

Mr Hubert Cottogni, EIF Deputy Director and Head of Mandate Management said, “We are very pleased with the interest and the level of participation of private investors in BPEF II. With the cornerstone investment from the Baltic Innovation Fund, BaltCap has now raised a significantly sized fund, which will benefit the whole region.”

Additional information:

Martin Kõdar

Managing Partner

Martin.Kodar@baltcap.com

Phone: +372 665 0280

Air Maintenance Estonia appoints a new CEO

Jul 2014/in Buyout /by ndhaldur

BaltCap’s portfolio company Air Maintenance Estonia (AME), a Tallinn-based MRO organization appointed Jonas Butautis as its new Chief Executive Officer.

Jonas Butautis ‎brings a successful track record of developing Total Technical Care MRO businesses, as well as an extensive experience in strategy implementation projects across a number of countries and industries. Before joining AME, Jonas led strategy execution projects for global organizations in Europe, Asia, and Australia. He also serves on the Board of Lithuanian Post, the largest postal, logistics, and financial services company in Lithuania.

“We are delighted to appoint Jonas Butautis as a new CEO of Air Maintenance Estonia. This appointment comes during the exciting times of rapid changes at AME. Jonas is tasked to build on existing AME reputation as a quality MRO provider, and to lead the process of organizational change into a Total Technical Care MRO company. ‎We have full belief that, with the backing of BaltCap as a majority owner of AME, as well as Jonas’ experience in the industry, AME is poised for exciting few years of rapid business development,” said Kristjan Kalda, Chairman of the Supervisory Board of AME and Investment Director of BaltCap.

‎“I am excited to join Air Maintenance Estonia, a company which has always intrigued me with its great reputation for quality, and its potential for global growth. We will realise this potential by developing AME into a truly international Total ‎Technical Care MRO organization, an agile challenger to incumbent MRO players. I look forward to the action-packed few years ahead, and am sure that we will achieve our objectives, placing AME strongly on the global aviation map,” added Jonas Butautis.

About Air Maintenance Estonia:
Air Maintenance Estonia AS (AME) is Aircraft Maintenance and Repair Organization, located in Tallinn. With 250 employees, AME is a flexible and reasonably priced MRO in Scandinavian and European market. Since 2010, AME is fully owned by BaltCap.

AME offers aircraft maintenance services ranging from Line to Base maintenance activities on Airbus 320 and Boeing 737 (both Classic and NG), component maintenance, engine management, engineering, and asset management services.

Additional information:

Kristjan Kalda
Investment Director

Kristjan.kalda@baltcap.com

Phone: +3726650284

FCR Media Group has taken over MTI Telefonski imenik / Zute stranice d.o.o.

Jun 2014/in Buyout /by ndhaldur

BaltCap’s portfolio company FCR Media Group has taken over MTI Telefonski imenik / Zute stranice d.o.o., the Croatian operation of Müller Verlag. This continues FCR Media’s expansion across Europe and now one of the largest local search footprints in Europe with operations in 12 countries.

FCR Media Group announced today that it has taken over the local search operations of MTI Telefonski imenik / Zute stranice d.o.o. from Müller Verlag, Nuremberg Germany bringing the total number of countries FCR Media is operating in to 12. Terms of the deal have not been disclosed.

Adding Croatia to the FCR Media portfolio, which includes Czech Republic, Hungary, Slovakia and Romania, Ireland, Sweden, Finland, Russia and the Baltics (Latvia, Lithuania and Estonia), positions FCR Media as one of the strongest local search companies for Small and Medium Businesses (SMBs) across Europe.

MTI Telefonski imenik / Zute stranice has been a leading provider of advertising solutions to small and medium-sized businesses in Croatia since 1998. It offers a complete range of online, mobile and print solutions to meet its customers’ needs.

“We see this as a great opportunity to build a big player in the online and mobile market in Croatia. It is a natural fit with our other operations in Hungary, Czech Republic, Slovakia and Romania,” said Jon Martinsen, CEO of FCR Media Group. “We believe we can build on the strong foundation and history of the MTI company by using our proven business and advertising models from our other operations to allow us to drive more product innovation which will benefit our customers in this rapidly changing business environment.”

About FCR Media Group

FCR Media Group is the leading local search provider in 12 countries around Europe. With expertise in online and off-line advertising we bring valuable and affordable solutions to Small and Medium Businesses and help them make sense of the fast changing world of advertising. The group now has a turnover of over 75 million euros and more than 1,000 employees

Contact:

Jon Martinsen, CEO

FCR Media Group OU

Tel: +372 53 015 015

Email: jon.martinsen@fcrmedia.com

Kelprojektas Group to acquire Kelvista

Jun 2014/in Buyout /by ndhaldur

BaltCap’s portfolio company Kelprojektas which is the largest transport infrastructure engineering company in Lithuania, strengthened the group by acquiring 100% of shares in UAB Kelvista on 28^th of May. After the transaction, the turnover of Kelprojektas Group in 2014 is expected to increase by 11% and in total over 13 million euros.

“Kelvista is the second company that we have acquired over the last year. Incorporation of this company will help to strengthen Kelprojektas Group and expand a circle of highly skilled specialists and experts. By uniting the competences of the specialists we will be able to ensure premium quality engineering services for our customers,” said Algimantas Medžiaušis, CEO of Kelprojektas UAB.

He added that Kelvista is the biggest and most well-known company providing technical supervision services in Lithuania. Therefore, after acquisition Kelprojektas will strengthen its positions in the field of technical supervision.

The main activities of Kelvista are engineering and management of construction projects of various infrastructure including roads, railroads, transport engineering structures and buildings. It also provides engineering supervision, consultation services, supervision of works and project administration in accordance with FIDIC and the European Union requirements.

“Over the last 15 years, we have managed to build up extensive experience and create a strong team of specialists. I believe that after this merger we will not only be able to exchange mutually beneficial experience but will also strengthen the positions of Kelprojektas Group in the market,” said Valdas Kezys, Managing Director of Kelvista.

UAB Kelvista is located in Vilnius and currently employs 44 highly skilled engineers, experts-consultants and other specialists. The company’s employees are involved in the implementation of the projects of construction reconstruction of Lithuanian streets, roads, railroads and other transport structures.

About Kelprojektas

Kelprojektas, controlled by BaltCap, is the biggest group of transport infrastructure engineering companies in Lithuania engaged in the engineering and design of transport communications, public buildings, engineering networks, and territorial planning works.

In 2013, Kelprojektas acquired a controlling interest of UAB Urbanistika engaged in territorial planning works. Extensive experience, new technologies, and modern management methods enable Kelprojektas Group to successfully participate in transport infrastructure modernization and territorial planning processes in Lithuania and other countries (Latvia, Estonia). Over more than five decades of operation Kelprojektas Group implemented over 6 thousand projects of various scope and complexity.

Since 1956 the headquarters of Kelprojektas are located in Kaunas, the company’s subdivisions are open in Vilnius, Klaipėda, Šiauliai, and Tallinn (Estonia). There are over 320 employees working for the group of companies.

Further information:

Šarunas Alekna

Investment Director

BaltCap
Tel.: +370 5 254 6713

e-mail: sarunas.alekna@baltcap.com