BaltCap has signed an agreement to acquire Krekenavos Agrofirma

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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BaltCap announces new Chief Executive Officer to run portfolio company TREV-2 Group. As of April 1st, 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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

Estonia
 Skyon, Maakri 30, 24th floor / Tallinn 10145
Phone: +372 665 0280 / Fax: +372 665 0281

Latvia
Jaunmoku 34 / Riga LV-1046
Phone: +371 6721 4225

Lithuania
J.Jasinskio 16b / Vilnius LT-03163
Phone: +370 5 254 6713

Poland
WeWork, Krucza 50 / Warsaw 00-025