BaltCap exited Tallinna Pesumaja

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


Phone: +372 665 0285


MediCap Holding Acquires Lithuanian Medical Laboratory UAB SORPO

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
Phone: +372 665 0283


Erki Mölder
MediCap Holding
Phone: +372  737 7075

BaltCap sold SIA Adam Auto in Latvia

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


Mart Mägi
Managing Director
Amserv Group
Phone: +372 5030199

BaltCap acquires shareholding in Runway

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


Phone +371 6735 6396



Nils Sundling

Managing Director

SIA Runway

Phone +371 6722 4437


BaltCap Exits eKool (eSchool)

On February 1st 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. 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


Tel. +372 665 0280


Üllar Jaaksoo

Kriit OÜ / eKool

Tel. +372 55 05 245


BaltCap acquires controlling interest in Kelprojektas

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


Phone +370 5 254 6713

Mobile +370 686 89242



Algimantas Medžiaušis


Kelprojektas UAB

Phone: +370 37 222 428


BaltCap aims to take TREV-2 public

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


Phone: +372 665 0280



Tõnis Pleksepp


TREV-2 Group

Phone: +372 5049947