Buyout Archives | Page 3 of 3

BaltCap exits moulded fiber packaging manufacturer VLT Ltd.

Jul 2015/in Buyout /by Riin Savi

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 Riin Savi

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 Riin Savi

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 Riin Savi

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 Riin Savi

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 Riin Savi

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 Riin Savi

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 Riin Savi

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

BaltCap Private Equity Fund II acquires 75% shareholding in Ecoservice

Apr 2014/in Buyout /by Riin Savi

BaltCap, the leading dedicated private equity and venture capital investor in the Baltic States, has acquired a controlling interest in Ecoservice UAB, a leading waste management company in Lithuania. BaltCap Private Equity Fund II (“BPEF II”), advised by BaltCap, will control 75 percent of shares of Ecoservice. The remaining 25 percent of shares will remain with previous owner City Service, AB. The value of transaction is EUR 14.9 million (100% equity value).

“BaltCap’s strategy is to invest in attractive, leading companies with growth potential in the Baltic States. As one of the leaders in the growing recycling services market, Ecoservice meets these criteria. The company has an experienced and ambitious management, as well as clear opportunities for expansion,” said Šarūnas Alekna, BaltCap Investment Director.

The business is seeking to capitalise on the growing importance of environmental concerns, promoting the uptake of recycling. Combined with this, Lithuania is lagging behind Western countries on numerous parameters. Lithuanian waste generation per capita is lower than the EU average (400 kilograms and 500 kilograms respectively) – a figure that is expected to grow in tandem with country’s economic recovery. About 75 percent of waste in Lithuania is currently put into landfill, many times higher than that seen in countries such as Sweden and Germany, where the vast majority is recycled or incinerated. Lithuania aims to reduce the amount of landfilled waste to 35 percent of total by 2020.

There are more than 100 municipal waste management companies currently operating in Lithuania, which provides opportunities for market consolidation in Lithuania and in other Baltic States.

“Considering the European Union directives and Lithuania’s strategic plans, amounts of waste dumped in landfills will have to be decreased drastically. This will require significant investments in all segments of municipal waste management – from recycling containers and waste collection systems to sorting and recycling capacities,” said Š. Alekna.

CEO of City Service Jonas Janukėnas added: “To adhere to unbundling requirements, we have sold a controlling stake in Ecoservice to BaltCap’s BPEF II. I’m certain that BaltCap’s experience in managing Baltic mid-sized companies will be instrumental in successfully developing Ecoservice’s waste management business across the region going forward.”

City Service, UAB, is obliged to sell Ecoservice due to regulatory requirements to unbundle businesses. City Service is to withdraw from business of collecting, transporting and processing of secondary raw materials and municipal waste by 1st June, 2014. City Service took the opportunity to maintain a part of company’s shareholding without any exclusive acquisition or corporate governance rights.

The investment in Ecoservice is the first from BPEF II, which was launched last year and reached a first close on €51m earlier this year. The fund will pursue a similar strategy to its predecessor fund, aiming to acquire controlling stakes in leading Baltic growth businesses with the ability to scale across the region and wider Europe.

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 16 million.

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

Additional information:

Šarūnas Alekna

BaltCap investment director

sarunas.alekna@baltcap.com

Tel.: +370 686 89242

BaltCap Private Equity Fund II with target size of €100m holds first close

Feb 2014/in Buyout /by Riin Savi

BaltCap has successfully reached the first close on its latest fund, BaltCap Private Equity Fund II (BPEF II), at €50.6m and has subscribed commitments of €63m from investors already.

BPEF II, which has a target of €100m, has achieved support from limited partners including the European Investment Fund (EIF) investing through Baltic Innovation Fund (a Fund-of-Fund initiative between EIF and the governments of Estonia, Latvia and Lithuania acting through their respective national agencies KredEx, LGA and INVEGA), the European Bank for Reconstruction & Development (EBRD) and Baltic pension funds managed by Swedbank Investment Funds, LHV Asset Management and Danske Capital.

BPEF II will continue the successful strategy employed by BaltCap Private Equity Fund I that has completed 8 investments which during the last four years have on aggregated basis more than doubled their revenues, reaching €230m in 2013, and quadrupled EBITDAs. Several companies have carried out significant international expansion and the number of employees across the portfolio has grown by half to 2700 during BaltCap’s tenure.

BPEF II will make 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. 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.

Mr Peeter Saks, Managing Partner of BaltCap said, “We are extremely happy about the strong support from our cornerstone investors EIF, EBRD and the local pension funds, in launching BPEF II. The favourable economic environment in the Baltic countries coupled with fragmented markets featuring a large number of SMEs across different sectors, provide excellent opportunity to build regional leaders through cross-border growth and acquisitions.”

Mr Richard Pelly, Chief Executive of the European Investment Fund stated, “Our new commitment to BaltCap further strengthens the relationship we have been building together since 2001. BaltCap’s record and proven capabilities of investing in this region are unmatched and this new fund will extend their reach further. The European Investment Fund is both the architect and key investor in the Baltic Innovation Fund alongside our partners from the region. BPEF II is the first fund launched under Baltic Innovation Fund and represents a significant milestone in the implementation of this unique pan-Baltic Fund of Funds activity.”

EBRD President Sir Suma Chakrabarti commented, “This is a milestone because it demonstrates the importance of providing private equity and venture capital to companies on a long-term basis. We are prepared to do so in order to support the development and growth of innovative local companies with far-reaching potential.”

Mr Andrus Treier, CEO of KredEx stated, “Baltic Innovation Fund was launched with the aim to widen the financing possibilities for Baltic companies as well as to develop region’s private equity and venture capital market further, attracting new investments into the asset class. KredEx is very pleased to see this joint initiative materializing.”

Mr Kristjan Tamla, CEO of Swedbank Investment Funds added, ”Swedbank Estonian, Latvian and Lithuanian pension funds have enjoyed positive co-operation with the most distinguished private equity fund manager in the region during both the times of growth and crisis. Therefore, the pension funds of Swedbank have invested in three BaltCap’s earlier funds and are this time committing in total €12 million. BaltCap’s new fund fits very well into the strategy of Swedbank pension funds allowing our clients to benefit from the long-term growth of the Baltic economies.”

Additional information:

Martin Kõdar

Managing Partner

Martin.Kodar@baltcap.com

Phone: +372 665 0280

FCR Media acquires MTT Magyar Telefonkönyvkiadó Társaság

Dec 2013/in Buyout /by Riin Savi

FCR Media Holding has taken over MTT Magyar Telefonkönyvkiadó Társaság, Hungary. This continues FCR Media’s expansion across Europe and now boasts one of the largest local search footprints in Europe with operations in 11 countries. The new company will be named MTT Media KFT.

FCR Media Holding announced today that it has taken over the local search operations of MTT Media, bringing the total number of countries FCR Media is operating in to 11. Terms of the deal have not been disclosed.

Adding Hungary to the FCR Media portfolio, which includes Czech Republic, 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.

MTT Media has been a leading provider of advertising solutions to small and medium sized businesses in Hungary since 1991. It offers a complete range of online, mobile and print solutions to meet its customers’ needs.

As well as offering an extensive range of proprietary products and services, including the market leading online directories www.telefonkönyv.hu and www.aranyodalak.hu, MTT Media also offers a wide range of Search Engine Marketing products such as Google AdWords™.

“We see this as a great opportunity to build a big player in the online and mobile market in Hungary. It is a natural fit with our other operations in Czech Republic, Slovkia and Romania,” said Jon Martinsen, CEO of FCR Media Holding. “We believe we can build on the strong foundation and history of MTT Media 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 the company:
FCR Media Group is the leading local search provider in 11 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.

FCR Media operates in 11 countries: Sweden, Ireland, Czech Republic, Slovakia, Romania, Finland, Russia, Latvia, Lithuania, Estonia and Hungary.

Additional information:

FCR Media

Jon Martinsen

CEO
+372 53 015 015

Jon.Martinsen@fcrmedia.com

BaltCap exits Quattromed laboratories to synlab

Jul 2013/in Buyout /by Riin Savi

BaltCap, the Baltic-focused private equity firm, has delivered its latest successful exit, selling Medicap Holding AS to synlab, the leading European provider of laboratory services.

synlab has acquired 100% of Medicap Holding, which owns Estonian, Finnish and Lithuanian laboratories operating under the Quattromed and Sorpo brand names, from BaltCap and individual shareholders.

By acquiring operations in three new markets, synlab further expands its footprint in Europe and becomes the first international laboratory chain to enter the Baltic markets. Dr. Bartl Wimmer, CEO of synlab, commented: “We are very pleased to add Quattromed and Sorpo labs to the synlab group. The acquisition will strengthen our position as the leading laboratory network in Europe. We have followed the development of these companies for several years and have been impressed by the achievements of the company and its management team.”

BaltCap’s managing partner Peeter Saks commented: “We carried out our original investment hypothesis and executed a regional buy and build strategy, growing the company’s revenues by more than four times since 2008. We are pleased that Medicap has now been acquired by an international lab chain with a vision to continue developing and growing the business.”

Rainar Aamisepp, CEO of Medicap, was pleased with the development: “The transaction is a compliment to what Medicap companies have achieved so far. I am convinced that together with synlab we will be able to develop our customer-focused services and market penetration further in both Finland and the Baltic States.”

Medicap Holding, consisting of Quattromed HTI in Estonia, Sorpo in Lithuania and Quattromed Finland, has a strong position among private medical laboratories in these markets. The group has more than 200 employees and provides more than 5 million laboratory tests per year to general practitioners, medical institutions and private individuals.

The buyer’s advisers were law firms CMS Hasche Sigle and Borenius, and audit firm Ernst & Young. The sellers were advised by law firm Red, Attorney at Law.

About Synlab

With headquarters in Augsburg, Germany, the synlab group is the leading provider of medical laboratory services in Europe. The company offers a full range of laboratory analysis for human and veterinary medicine as well as the environment. In addition to Germany, it has now, after the latest acquisitions, branches in 21 European countries as well as Turkey, Saudi Arabia and Dubai. The synlab group has around 7,000 employees across Europe including 4,500 in Germany. The synlab network comprises a total of some 175 laboratories and introduces about 60 news tests every year. In 2012, the group generated revenues of EUR 625 million.

www.synlab.com

For further information, synlab:

Andreas Borchert

Head of Marketing & Communications

synlab group

tel.: +49 (0)821 52157-564

mobile: +49 (0)151 62915870
e-email: andreas.borchert@synlab.com

Ralf Geissler

Director

Perfect Game Communications GmbH

tel.: +49 (0)89 3090529520

mobile: +49 (0)170 9043050

e-mail: rg@perfect-game.de

For further information, BaltCap:

Peeter Saks

Managing Partner

tel.: +372 665 02 85

e-mail: peeter.saks@baltcap.com

Oliver Kullman

Investment Director

tel.:+372 665 02 83

e-mail: oliver.kullman@baltcap.com

For further information, Quattromed/Medicap:

Rainar Aamisepp

Chief Executive Officer

tel.: +372 640 82 10

e-mail: rainar.aamisepp@quattromed.ee
www.quattromed.ee

FCR Media takes over Romanian Yellow Pages

Apr 2013/in Buyout /by Riin Savi

BaltCap’s portfolio company FCR Media launches in Romania by taking over Romanian Yellow Pages’ online properties from bankrupt Pagini Aurii S.A

FCR Media has saved the well-known Romanian Yellow Pages concept by acquiring 100% of the online properties from bankrupt Pagini Aurii S.A.

FCR Media On line is the first venture into Romania for the international Local Search group FCR Media. The Romanian Yellow Pages has information on over 600,000 companies in Romania and the Balkans. It is an important free resource for businesses and the public to find the products and services they need quickly and easily.

FCR Media will begin by transforming the search engine www.paginiaurii.ro into the most effective tool for promoting any business by significantly improving the information presently available online and by bringing its technological and business expertise to launch new products and new methods for advertising using Pay For Performance Advertising (PFP).

“We are very happy with this acquisition and the results of the first two weeks – we have already added 200 new customers. This shows that we have a very bright future ahead in Romania,” said Jon Martinsen, CEO of FCR Media.

Note: FCR Media only acquired the rights for the online properties from Pagini Aurii S.A. which is in bankruptcy and has no link to its previous actions or debts.

About the company:
FCR Media is a leading company in the Baltic States, Ireland, Sweden, Czech Republic, Slovakia and Russia for local search and advertising. Via a highly trained workforce of 1400 employees, comprehensive database and well-established brands, the company seeks to be the best provider of leads for small and medium size businesses in its markets.

Additional information:

FCR Media

Jon Martinsen

CEO
+372 53 015 015

Jon.Martinsen@fcrmedia.com

Romania

Cristea Mihai

General Manager

+40 (0) 720 770 525

mihai.cristea@paginiaurii.ro

FCR Media Holding purchases Lokaldelen i Sverige AB

Jan 2013/in Buyout /by Riin Savi

FCR Media Holding purchases Lokaldelen i Sverige AB in Sweden from European Directories, extending FCR Media’s largest local search footprint in Europe.

FCR Media Holding announced today that it has purchased Lokaldelen i Sverige AB from European Directories for an undisclosed amount.

Lokaldelen i Sverige AB is one of the leading local directory providers in Sweden. It publishes 245 books and has a search portal – lokaldelen.se – and mobile search solutions. In addition, it has a strong presence in the B2B market.

As well as offering an extensive range of proprietary products and services, Lokaldelen also offers website development, Search Engine Marketing products such as Google AdWords™ and search Engine Optimisation.

This acquisition extends FCR Media’s portfolio into Scandinavia for the first time. FCR Media operates the leading Local Search and Operator Services companies in Ireland, Czech Republic & Slovakia and the Baltics (Estonia, Latvia and Lithuania). FCR Media now has one of the largest footprints for local search in Europe.

“This was an opportunity we felt was a good strategic fit with our other operations and allows us to enter the Scandinavian market for the first time,” said Jon Martinsen, CEO of FCR Media Holding. “Using our knowledge and successful business model we will be able to continue Lokaldelen’s development as a strong Digital Media Agency.”

Stuart Ross, for European Directories SA expressed his satisfaction with the sale of Lokaldelen. “This sale is good for ED and FCR Media as we can focus on and develop our key markets in Finland, The Netherlands, Austria and Poland and FCR Media can bring its focus to Lokaldelen.”

“We believe that Lokaldelen is on the right track with its strategy of using its strong relationships with SMEs to develop into a leading Digital Media Agency,” said Martinsen. “We think the current management team has made positive steps to achieve this and we want to support them as they vigorously execute the strategy.”

Lokaldelen i Sverige AB enable users to make smart local buying decisions regardless of situation, media, time and place. Lokaldelen i Sverige AB has been an efficient marketing provider for Swedish SME’s since 1943. Lokaldelen also has a strong external advertisement services business, Annonsbokningen, including different media such as leading lifestyle websites and magazines.

Lokaldelen i Sverige AB is a part of FCR Media, is headquartered in Halmstad, has approximately 50 000 customers and employs 350 people.

Additional information:

Jon Martinsen

CEO

FCR Media

Tel: +372 53 015 015

E-mail: jon.martinsen@fcrmedia.ee

Simonas Gustainis

Partner

BaltCap

Tel: +37052546713

E-mail: simonas.gustainis@baltcap.com

BaltCap’s portfolio company took 100% control of FCR Media Baltics SIA

Dec 2012/in Buyout /by Riin Savi

FCR Media Holding has purchased FR&R Invest’s 40% shareholding in FCR Media Baltics SIA, formerly Contact Holding SIA, and now has 100% ownership of the leading local search company in Estonia, Latvia and Lithuania.

FCR Media Holding announced today that it has taken 100% control of FCR Media Baltics SIA after purchasing 40% of the company from FR&R Invest for an undisclosed amount. FCR Media Baltics SIA becomes a wholly-owned subsidiary of FCR Media Holding.

“We are excited to now have all our companies 100% owned and operating under one brand across Europe,” said Jon Martinsen, Group CEO of FCR Media.
“We believe our group of companies have positioned themselves for growth and that the time is right to take total ownership.”

“We can now execute our strategy of becoming a leading Digital Media Agency in the Baltics with support from our other operations around Europe,” said Martinsen.

About FCR Media

FCR Media is the leading local search group in the Baltics and has extended its expertise into Ireland, Czech Republic and Slovakia. The group now has a turnover of nearly €50 million and 1,000 employees and has one of the largest local search footprints in Europe.

Additional information:

Jon Martinsen

CEO

FCR Media

Tel: +372 53 015 015

E-mail: jon.martinsen@fcrmedia.ee

Oliver Kullman

Investment Director

BaltCap

Tel: +3726650283

E-mail: oliver.kullman@baltcap.com

Web portal Motors24 changes owners

Dec 2012/in Buyout /by Riin Savi

BaltCap’s portfolio company FCR Media Holding OÜ acquired the web portal Motors24 that publishes classified ads for motor vehicles.

Jon Martinsen, CEO of FCR Media group, that provides information and advertising services in Estonia and elsewhere in Europe, says that Motors24 has proven its viability throughout the years and that the transaction was a valuable supplement to the group’s portfolio of web products.

„Our priority is to develop further the contents and services of the web portal,” said Martinsen, adding that the transaction was part of the company’s long-term marketing strategy.

„The objective of FCR Media is to become the best advertising partner on the market for small and medium-sized enterprises.”

Motors24 has about 50,000 users every week and publishes more than 10,000 classified ads for motor vehicles. “One competitive advantage is clearly also the own production of Motors24 that includes production of motors- and technology-related shows and video clips,” added Martinsen.

FCR Media is one of the leading local search companies in Europe that includes providers of information and advertising services in Estonia, Latvia, Lithuania, Ireland, Russia, Czech Republic and Slovakia.

Additional information:

Jon Martinsen

CEO

FCR Media AS

Tel: +3726300205

E-mail: jon.martinsen@fcrmedia.ee

Oliver Kullman

Investment Director

BaltCap

Tel: +3726650283

E-mail: oliver.kullman@baltcap.com

Air Maintenance Estonia launches a unique aircraft maintenance facility

Sep 2012/in Buyout /by Riin Savi

This week, BaltCap portfolio company Air Maintenance Estonia (AME) opens a new three-bay aircraft maintenance hangar at Tallinn Airport, which triples AME’s service capability opening new major expansion opportunities in the Nordic region as well as in Europe. The cost of the new facility is 10,5 million euros.

According to the CEO of AME, David Williams, the state of art of the facility combined with the highly qualified experienced staff enable AME to develop into a leading aircraft maintenance services provider in the region.

”We consider the geographical location within two and half-hours flight time from Tallinn Airport as our potential market including the Baltic and Nordic markets, the Northern Europe, the U.K as well as a great part of Central Europe and Western Russia. Now with the total of 3 service bays we are attractive to a large number of airlines as well as leasing companies,” added Williams.

The maximum capacity of the new facility is to provide base maintenance services to a maximum of 72 aircrafts per year instead of the current 24. With the new hangar, AME added the Airbus 320 family to the base maintenance capability list in addition to Boeing 737 Classic and 737 NG. AME is also certified for the line maintenance of the Airbus 320 family, Boeing 737 Classic & NG, Embraer ERJ-170/190, CRJ-900NG, and SAAB 340.

The clients of AME include SAS, Austrian Airlines, Easyjet, Norwegian, Ryanair, Lufthansa, Estonian Air and other airlines.

The owner of the hangar is Tallinn Airport who signed a 30-year lease with AME. According to Rein Loik, the Chairman of the Board of Tallinn Airport, the completion of AME’s facility confirms an encouraging fact that there are venture capitalists that are courageous enough to invest in real tangible projects instead of another phone app or world-conquering web service. “Hi-tech, value added and highly competitive projects with a great growth potential are the ones that Estonian economy currently needs. Therefore, we are especially proud to be long-term partners with AME.”

The completion of the facility was financed by Kredex investment loan. “AME is a great role model of a well-operating, internationally competitive company that sets a good example for other businesses in the market,” said Andrus Treier, the head of Kredex. “Kredex’s objective is to provide financing for companies with a great potential and we are glad to support AME in its expansion.”

The facility was designed by Innopolis Insenerid OÜ, and the main contractor was Merko Ehitus AS. The new facility’s aircraft service area, that simultaneously accommodates 3 narrow-bodied aircraft, is almost 5,000 m2 that is comparable with the size of 12 basket-ball courts.

Currently AME employs 200 people, 40 of them were hired over the last year to facilitate the needs of the newly completed hangar. Over the next years, the company plans to increase the number of staff by about 20%.

Air Maintenance Estonia is owned by Baltcap who purchased the company from SAS in 2010.

Additional information:

David Williams, CEO

Air Maintenance Estonia

Tel 53 00 45 15

david@ame.ee

BaltCap completed wind farm investment in Estonia

Aug 2012/in Buyout /by Riin Savi

BaltCap invested in the construction of 18MW Mäli & Tamba wind farm on the west coast of Estonia. The farm uses modern 3MW turbines produced by Enercon.

Senior loan facility was provided by the consortium of SEB & Nordea banks, the project is partly financed by investment grant from Environmental Investment Centre.

The wind farm will be operational from September 2013.

“In Mäli & Tamba wind farm we are combining one of the best wind locations on the coast of Estonia with one of the most efficient turbine technologies on the market,” said BaltCap’s managing partner Peeter Saks.

“BaltCap is also proud to invest into green energy as we have been one of the front-runners of socially responsible investing in the Baltic countries.”

Mäli & Tamba wind farm is BaltCap’s second energy-related investment after Energate, a natural gas distribution network in Estonia.

For further information please contact:

Kristjan Kalda

Investment Manager

BaltCap

Phone +372 665 0280

E-mail: kristjan.kalda@baltcap.com

www.baltcap.com

BPEF portfolio company FCR Media announces acquisition of Mediatel

Jul 2012/in Buyout /by Riin Savi

FCR Media Holding purchases Mediatel operations in the Czech Republic and Slovakia from European Directories. FCR Media now has one of the largest local search footprints in Europe.

FCR Media Holding announced today that it has purchased Mediatel SA in the Czech Republic and Slovakia from European Directories for an undisclosed amount.

Mediatel has been a leading provider of advertising solutions to small and medium sized businesses in both countries for over 20 years. It offers a complete range of online, mobile and print solutions to meet its customers’ needs.

As well as offering an extensive range of proprietary products and services, Mediatel also offers a wide range of Search Engine Marketing products such as Google AdWords™ and Facebook.

This acquisition extends FCR Media’s portfolio into Central Europe for the first time. FCR Media operates the leading Local Search and Operator Services companies in Ireland and the Baltics (Estonia, Latvia and Lithuania). FCR Media now has one of the largest footprints for local search in Europe.

“This is an opportunity we feel is a good strategic fit with our other operations in terms of size and market development,” said Jon Martinsen, CEO of FCR Media Holding. “Combining Mediatel with our other operations will allow us to drive more product innovation which will benefit our customers in this rapidly changing business environment.”

Stuart Ross, Chief Financial Officer for European Directories said: “The sale of Mediatel fulfills another step in European Directories’ strategy of focusing on its core markets of Finland, Austria, The Netherlands and Poland. We are pleased to be able to complete the sale to FCR and we wish them and the Mediatel teams success in the future.”

About FCR Media

FCR Media is the leading local search group in the Baltics and has extended its expertise into Ireland and now Czech Republic and Slovakia. The group now has a turnover of nearly 50 million euros and 1,000 employees and has one of the largest local search footprints in Europe.

Additional information:

Jon Martinsen

CEO

FCR Media

Tel: +372 53 015 015

Email: jon.martinsen@fcrmedia.com

BaltCap exits the leading Latvian DIY chain DEPO

May 2012/in Buyout /by Riin Savi

On May 9, DMT Pluss SIA, the SPV owned by the management team of the largest and the most sucessful DIY chain in Latvia – DEPO, backed by a local financial investor ABLV Private Equity Fund, signed the contract to acquire 72% of DEPO DIY SIA’s shares from Baltic Investment Fund III managed by leading Baltic private equity firm BaltCap and the Icelandic financial investor Byko Lettlandi ehf.

DEPO DIY SIA operates nine retail stores throughout Latvia and employs more than 1000 people. The company was founded in late 2004 and within seven years has grown from greenfield to operations with sales of more than EUR 125 million.

According to Andris Kozlovskis, the CEO of DEPO DIY, the management buyout supported by a new financial investor will allow the company to develop further and maintain the previously achieved growth rates. “With the help and backing of its founding financial parters, DEPO has achieved remarkable growth and unmatched profitability that was not significantly affected even during the worst economic crisis in Latvia,“ Kozlovskis said.

Sandijs Abolins-Abols, Investment Director at BaltCap stated: „Since the investment in 2004, BaltCap has developed and supported DEPO in path of becoming a market leader in Latvia – the goal that was set at the founding of the company. Now that DEPO has achieved its target and is ready to take the next development step, we believe that this is the rigth moment to transfer the ownership of DEPO to management team and its new financial partner ABLV Private Equity Fund to pursue new challanges and development opportunities.“

DEPO DIY is the largest DIY retail chain in Latvia. The company operates 9 retail stores in Riga, Liepaja, Jekabpils, Daugavpils, Rezekne and Valmiera. In 2011, DEPO sales reached EUR 125.7 million.

Additional Information:

Sandijs Abolins-Abols

Investment Director

BaltCap Management

Phone: +371 26513183

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

Air Maintenance Estonia Strengthens the Management and is Expanding

Apr 2012/in Buyout /by Riin Savi

On April 2, 2012, Air Maintenance Estonia AS (AME) appointed David Williams as Managing Director / CEO succeeding Lars-Olof Bolinder who will continue in AME as a Supervisory Board member.

David Williams has more than 38 years of experience in the Aviation Maintenance industry, holding managerial positions in SAS Technical Services, Emirates (airline) and Abu Dhabi Aircraft Technologies.

“I am looking forward to being part of Air Maintenance Estonia, with all the exciting developments that are happening in the company and Tallinn Airport. With the building of the new hangar we have a great chance to develop AME into being a leading aircraft maintenance services provider in Northern Europe,” noted the new CEO.

Based at Lennart Meri Tallinn Airport, AME is now in the process of a major expansion of its capabilities.

“From August 2012, AME will have a new three-bay hangar for Base Maintenance works of narrow-body aircraft,” says AME’s newly appointed CEO David Williams. “In total we will have three main Base Maintenance lines, and two additional lines for lighter checks and modification works.”

“We have added the Airbus 320 family to our Base Maintenance capability list in addition to Boeing 737 Classic and 737 NG. As for Line Maintenance, AME is certified for the A320 family as well as B737 Classic & NG, Embraer ERJ-170/190, CRJ-900NG, Fokker 50 and SAAB 340.”

“At AME we define our potential geographical market as being within some two hours ferry flight time from our location at Tallinn Airport. This means that in addition to the Baltic and Nordic markets, we also cover Northern Europe, U.K, as well as a great part of Central Europe and Western Russia,” said Williams.

AME’s market-driven expansion goes hand-in-hand with Estonia’s equally solid development on the international markets.

Being an EU member since 2004 and part of the Eurozone since 2011, Estonia’s GDP growth is among the highest and its foreign debt among the lowest in the EU. Simultaneously with the downgrading of the US credit rating last summer, the rating agency Standard & Poor’s upgraded Estonia to an AA- level, placing the country in the second best so called high grade global rating.

In May this year, AME will celebrate its 10-year anniversary.

Additional information:

Kristjan Kalda

Investment Manager

BaltCap

Tel: +3726650284

E-Mail: kristjan.kalda@baltcap.com

Contact Holding broadens its ownership base and strengthens financial position

Mar 2012/in Buyout /by Riin Savi

BaltCap, Swedbank and FR&R Invest have signed a joint investment and restructuring agreement with Contact Holding SIA, the leading local search company in the Baltic region. According to the agreement BaltCap will inject further equity capital and FR&R Invest, a company within the Swedbank group, will acquire and convert part of Swedbank’s outstanding loans into equity. Post-restructuring the equity capital of Contact Holding will be in excess of EUR 8m.

“Our business was badly affected by the downturn in the Baltics, but we have passed the lowest point and recovery is now happening. The investments that we announce today will enable the group to improve efficiency and further utilize synergies across the markets. We intend to continue our efforts in online product development as a key priority to service our clients, primarily small and medium-sized Baltic companies,” said Jon Martinsen, CEO of Contact Holding group.

“We are convinced that Contact Holding group continues to play an important role on the Baltic media market, and in order to improve its competitiveness and make possible investments, BaltCap will provide in excess of EUR 1 m in new equity capital” Simonas Gustainis, Partner of BaltCap said.

„We now look forward to getting involved in the business. The company has a developed platform that we can continue to build from and we see many opportunities going forward,” CEO of FR&R Invest, Jan Åberg said.

The completion of the above described agreement is subject to approval by the Competition Councils in the three Baltic countries.

Contact Holding SIA and its subsidiaries operate in the Baltic local search market, online and printed directory products and directory assistance services. Via a highly trained workforce of 400 employees, comprehensive database and well established brands the company seeks to be the best provider of leads for small and medium size business in its markets.

Shortly about FR&R Invest:

FR&R Invest is an operating unit within Swedbank Group with special competence and the aim to participate in complicated restructurings and manage equity holdings. FR&R Invest has the objective to stabilize the borrower and recover highest possible value from distressed credits of Swedbank.

Additional information:

Jon Martinsen, CEO of Contact Holding.

Phone: +372 53 015 015

E-mail: jon.martinsen@interinfo.eu

Jan Åberg, Chief Executive Officer of FR&R Invest AB

Phone: +46 70 221 7423

E-mail: jan.aberg@swedbank.com

Simonas Gustainis, Partner of BaltCap

Phone: +370 687 59333

E-mail: simonas.gustainis@baltcap.com

BaltCap exited Tallinna Pesumaja

Dec 2011/in Buyout /by Riin Savi

BaltCap, the leading private equity investor in the Baltic States, sold its significant minority ownership stake in Tallinna Pesumaja, one of the leading textile rental and laundry service providers in Estonia. The company was purchased by local private investors and transaction amount is not disclosed.

Baltic SME Fund (“SME Fund”), an investment fund advised by BaltCap, provided expansion capital to Tallinna Pesumaja in 2006. The investment was used for relocating the production to a new modern laundry facility in Kohila, a small town near the capital of Estonia, and for developing textile rental business. During the period of BaltCap’s involvement the company grew significantly in size by signing up several imporant customers in Estonia and Finland.

Tallinna Pesumaja is an industrial laundry house offering laundry and textile rental services to the hotels, hospitals and restaurants. The company started its operations in year 2000 and it is offering a complete door-to-door service to its customers.

Quality assurance and environmental sustainability are very important for Tallinna Pesumaja.

The company is committed to professional and consistent business operations and was issued of ISO 9001:2008 and ISO 14001:2004 certificates in April 2011.

Further information:

Peeter Saks

Managing Partner

BaltCap

Phone: +372 665 0285

Email: peeter.saks@baltcap.com

www.baltcap.com

MediCap Holding Acquires Lithuanian Medical Laboratory UAB SORPO

Jul 2011/in Buyout /by Riin Savi

Estonian-based healthcare service provider MediCap Holding signed a definitive agreement to acquire UAB SORPO, a privately held medical laboratory operating in Lithuania, from Thermo Fisher Scientific, the world leader in serving science.

“SORPO is a well-established company with a distinctive marketing strategy and strong product portfolio, and it was, therefore, a logical selection for us in fulfilling our pan-Baltic expansion strategy,” said Mr. Erki Molder, CEO of MediCap Holding.

“We have been looking for a Lithuanian laboratory with suitable business practices and attractive business model for quite some time, and I am extremely glad to close this transaction.”

Sorpo was formerly owned by Fermentas, a company that Thermo Fisher acquired in 2010.

The CEO of SORPO, Mr. Valdemaras Gervinskas believes this is a very positives change for SORPO: “Quattromed, the portfolio company of Medicap, is undoubtedly the leading medical laboratory in the Baltic region. We believe that the strong management of MediCap with financial support from BaltCap helps SORPO in fulfilling its growth strategy.”

Additional Information:

Oliver Kullman
Investment Director
BaltCap
Phone: +372 665 0283
E-mail: oliver.kullman@baltcap.com

Erki Mölder
CEO
MediCap Holding
Phone: +372 737 7075
E-mail: erki.molder@quattromed.ee

BaltCap sold SIA Adam Auto in Latvia

May 2011/in Buyout /by Riin Savi

Amserv Group subsidiary Hansa Auto SIA signed a contract to acquire 100% of Adam Auto SIA’s shares from Baltic Investment Fund III managed by leading Baltic private equity firm BaltCap and the minority shareholders. Adam Auto SIA operates three Opel and Chevrolet dealerships in Riga, Ventspils and Liepaja.

Adam Auto SIA was founded in 1997. In 2010, the company sold 140 Opel cars (personal and commercial vehicles), 18 Chevrolet cars and 166 used cars. The company employs 76 people.

According to Aivis Silgals, the CEO of Hansa Auto, the acquisition will not lead to significant changes in Adam Auto and its dealerships’ daily work. “During the 14 years of operation, the dealerships of Adam Auto have shown to be highly stable and successful car saloons with a good team and excellent customer service,“ Silgals said.

“We believe that the Latvian economy is increasing rapidly. 2011 is the right time to make new investments in Latvia, taking into account the potential of the car market and the increase in sales figures for 2012-2013.” commented Raivo Kütt, CEO of Amserv Group.

Astra Neimane, Investment Director at BaltCap added: „Since the investment in 2004, BaltCap has developed and supported Adam Auto both during the times of very fast growth and during market decline. Now that the market recovery is taking place, we believe that this is the rigth moment to transfer the ownership of Adam Auto to strategic owner Amserv Group. Becoming a part of one of the leading car dealer groups in the Baltic States would provide additional development opportunities for Adam Auto.“

Amserv Group is the largest car retail and service company in Estonia and Latvia. The company operates 11 dealerships in Tallinn, Pärnu, Tartu, Paide, Viljandi and Riga representing the brands of Toyota, Opel, Chevrolet, Hyundai, Peugeot, Lexus and Saab.

Additional Information:

Astra Neimane
Investment Director
BaltCap Management
Phone: +371 29116680
E-mail: astra.neimane@baltcap.com

Mart Mägi
Managing Director
Amserv Group
Phone: +372 5030199
E-mail: mart.magi@amserv.ee

BaltCap acquires shareholding in Runway

Mar 2011/in Buyout /by Riin Savi

BaltCap, the leading private equity and venture capital investor in the Baltics, has acquired a shareholding in SIA Runway, one of the leading business process outsourcing service providers in the Baltic States.

BaltCap Private Equity Fund advised by BaltCap has acquired 40.82% of Runway’s shares from the company’s largest shareholder, Norwegian firm Dasha AS.

“Runway is one of the leading and the fastest growing players in the sector with solid operational experience in the Nordic market, highly qualified staff and good prospects in the market,” says Sandijs Abolins-Abols, Investment Director at BaltCap.

According to Mr. Abolins-Abols, Runway has sizable potential for further expansion in the Scandinavian and Western European markets. The company’s customers are currently serviced from four locations in the Baltic States; however, expansion to former CIS countries is being contemplated.

“We believe that with BaltCap’s financial backing Runway will be able to capitalize on existing experience and achieve the best results,” says Nils Sundling, the Managing Director of Runway.

Runway is one of the leading business process outsourcing service providers in the Baltic States with offices in Riga, Tallinn, Vilnius and Kaunas providing CRM, IT support, accounting and other back-office services to businesses in the Nordic market. Unaudited revenues of the company increased by 49% last year to reach EUR 8.01 million compared to EUR 5.39 million in 2009.

Further information:

Sandijs Abolins-Abols

Investment Director

BaltCap

Phone +371 6735 6396

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

Nils Sundling

Managing Director

SIA Runway

Phone +371 6722 4437

E-mail: nils.sundling@runway.ee

BaltCap Exits eKool (eSchool)

Feb 2011/in Buyout /by Riin Savi

On February 1^st Baltic SME Fund, advised by BaltCap, sold Koolitööde AS, the company managing the eKool platform. The purchaser was Kriit OÜ, a special purpose vehicle combining Estonian private investors. The transaction amount is not disclosed.

eKool (Estonian for eSchool) connects teachers, students and parents via an online student information system delivered as an ASP solution. Generating revenue since 2003, eKool has reached 85%+ student penetration in Estonia and has become a popular and well-known service. eKool.eu has between 350 and 400 thousand unique monthly visitors, ranking among top 10 websites in Estonia.

“During our holding period eKool has made a major leap – today the platform is used by a large majority of Estonian teachers, students and parents”, said Peeter Saks, the Managing Partner of BaltCap. “It has been a great success and we are satisfied with the Company’s development. We would like to thank the small hard working team of eKool for the opportunity to cooperate during the past five years.”

The Managing Director of Kriit OÜ, Üllar Jaaksoo, commented that eKool has a number of new development opportunities especially in the e-learning and e-schoolbooks field. “For us it is a business opportunity with a sense of mission. As a parent of three sons I am an active user eKool site myself.” The investors of Kriit OÜ include professionals from sectors like IT, web development, investment banking, education, etc.

eKool was established in 2002 by Vaata Maailma (Look at World) Foundation as a tool for improving communication between school and home. In 2005 the management team together with BaltCap completed a buy-out of the eKool project from Vaata Maailma Foundation.

Peeter Saks

BaltCap

Tel. +372 665 0280

Email:peeter.saks@baltcap.com

www.baltcap.com

Üllar Jaaksoo

Kriit OÜ / eKool

Tel. +372 55 05 245

Email: yllar@ekool.eu

www.ekool.eu

BaltCap acquires controlling interest in Kelprojektas

Jan 2011/in Buyout /by Riin Savi

BaltCap, the leading private equity and venture capital investor in the Baltic

States, has acquired a controlling interest in Kelprojektas, the leading transport infrastructure engineering company in Lithuania.

BaltCap Private Equity Fund advised by BaltCap has acquired more than 90% of Kelprojektas’ shares from the company’s former shareholders including two road construction companies and a financial investor. Lithuanian Competition Council has granted permission to acquire up to 100% of shares.

“Kelprojektas is the leading player in the sector with unparalleled experience, highly qualified engineering team and good prospects in the market,” says Šarūnas Alekna, Associate Director at BaltCap.

According to Mr.Alekna, Kelprojektas has potential for further expansion in Lithuania and neighbouring countries. The company has already made first steps in Poland and is evaluating possibilities to enter the market in Latvia and Belarus.

“We believe that with BaltCap’s financial backing Kelprojektas will be able to capitalize on existing experience and achieve best results,” says Algimantas Medžiaušis, the Managing Director of Kelprojektas.

Kelprojektas is the largest transport infrastructure engineering company in Lithuania designing roads, railroads, bridges, transport communications, public buildings and infrastructural networks. Unaudited company’s sales revenues increased by 23% last year to reach EUR 8.02 million compared to EUR 6.55 million in 2009.

Further information:

Šarūnas Alekna

Associate Director

BaltCap

Phone +370 5 254 6713

Mobile +370 686 89242

E-mail: Sarunas.Alekna@baltcap.com

www.baltcap.com

Algimantas Medžiaušis

Director

Kelprojektas UAB

Phone: +370 37 222 428

Email: algimantas.medziausis@kelprojektas.lt

www.kelprojektas.lt

BaltCap aims to take TREV-2 public

Dec 2010/in Buyout /by Riin Savi

BaltCap acquired a significant minority stake in Estonia’s leading road and infrastructure construction company TREV-2 Group. The company is expected to be listed on NASDAQ OMX Tallinn Stock Exchange in the mid-term future.

„Both TREV-2 Group and BaltCap are the leading players in their field in Estonia and BaltCap being a responsible investor has a business philosophy matching well with that of TREV-2. BaltCap’s reputation and experience will help to consolidate TREV-2 strong position on Estonian market,” said Peeter Vilipuu, Chairman of the Supervisory Board of TREV-2 Group.

“BaltCap is proud to become a shareholder of Estonia’s leading infrastructure construction company TREV-2 Group. We value highly the professionalism of the team and the prior achievements of the group. In a few years, TREV-2 is definitely a suitable candidate to be listed on NASDAQ OMX Tallinn Stock Exchange,” said Kristjan Kalda from BaltCap.

The Founding Partners of TREV-2 Peeter Vilipuu, Lembit Makstin and Svetlana Aleksejeva will continue in the Supervisory Board of the company and they will be joined by two BaltCap representatives Kristjan Kalda and Martin Kõdar.

TREV-2 is active in road construction, repair and maintenance, railroad construction and environmental construction. In 2010, the group has been involved in building and reconstruction of several large road construction projects in Estonia. The group companies have secured long term road maintenance contracts in three Estonian regions. The group has ISO 9001 and 14001 certificates.

In 2009, the Estonian Road Administration, the main customer of TREV-2 Group, awarded the group subsidiary as the best road construction company of the year and the best road maintenance company of the year.

In 2011, TREV-2 Group and its main subsidiary Teede REV-2 will celebrate their 50th anniversary.

Further information:

Kristjan Kalda

Investment Director

BaltCap

Phone: +372 665 0280

Email: kristjan.kalda@baltcap.com

www.baltcap.com

Tõnis Pleksepp

CEO

TREV-2 Group

Phone: +372 5049947

Email: tonis@trev2.ee

www.trev2.ee