BaltCap completed wind farm investment in Estonia

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

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

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

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

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

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

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

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

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)

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. 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

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

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