General Archives | Page 3 of 3

BaltCap Acquires Leading Medical Diagnostics Company in Estonia

Sep 2008/in General /by Riin Savi

BaltCap, the leading private equity investor in the Baltic States, acquires a 75% stake in the largest private medical diagnostics company in Estonia, Quattromed HTI Laborid OÜ. The transaction takes place via the holding company MediCap Holding OÜ. The sellers are Estonian private individuals and Finnish biotechnology company FIT Biotech OY. The parties did not disclose the transaction size.

„As the market leader in Estonia, Quattromed HTI Laborid is a great choice for BaltCap’s first investment in medical diagnostics. We believe the healthcare market has a lot of potential and hope that together with the experienced management of Quattromed HTI we will manage to strengthen the company’s position in Estonia further and to expand in foreign markets,“ said the Managing Partner of BaltCap Peeter Saks.

„We have more than 15 years of experience in the field of laboratory services and it is our strategy to apply this knowledge outside Estonia,“ said the CEO of Quattromed HTI Laborid, Erki Mölder. „As there is a consolidation trend in the Baltic and Scandinavian regions, it is a good time for executing a growth strategy. BaltCap, as the strongest financial partner in the Baltic region, will help us a lot in achieving these goals.“

„FIT Biotech OY became a shareholder of Quattromed HTI Laborid in 2002 and the growth of the company has been very impressive since then. The implementation of upcoming expansion strategies of Quattromed HTI Laborid OÜ will need additional investments, and as FIT Biotech OY is a biotechnology company, a timely divesture is the logical step for us,” the President and CEO of FIT Biotech OY, Dr Kalevi Reijonen said. “FIT Biotech shall now focus even more on the development of an HIV vaccine and GTU technology in the R&D department in Tartu under the management of professor Mart Ustav.”

Quattromed HTI Laborid OÜ operates in the medical services sector serving a large number of Estonia’s general practitioners, private clinics as well as regional and local hospitals. The company’s turnover in 2007 was approximately 50 million EEK and it has 60 employees. Quattromed HTI complies with the ISO 15189:2003 standard for “Medical laboratories: Particular requirements for quality and competence”.

For further information please contact:

Peeter Saks

Managing partner

BaltCap

Tel. +372 665 0280

Email: peeter.saks@baltcap.com

www.baltcap.com

Erki Mölder

CEO

Quattromed HTI Laborid OÜ

Tel. +372 737 7070

Email: erki.molder@quattromed.ee

www.laborid.ee

BALTCAP EXITED THE LEADING BALTIC IT TRAINING FIRM

Aug 2008/in General /by Riin Savi

BaltCap, the leading private equity investor in the Baltic States, has sold its majority position in the largest Baltic IT training firm IT Koolituskeskuse OÜ (“IT Protraining Group”) to AS MicroLink Eesti, an Estonian full service IT firm.

In this transaction MicroLink acquired in total 83% ownership stake in IT Protraining Group (including subsidiaries IT Protraining Latvia, Protraining Academy UAB (Lithuania) and BiTA Service Management OÜ) from Baltic SME Fund advised by BaltCap and from the management of IT Protraining Group. The current management will continue as minority shareholders and active managers.

”It has been a truly challenging and interesting experience for us. We have enjoyed working with the professional and experienced management in building up the number one IT training firm in the Baltic countries Estonia, Latvia and Lithuania and making it a success,” said Mr. Martin Kõdar, Partner of BaltCap.

”BaltCap has provided us the tools, knowledge and financing to build up the strong pan-Baltic operation we have today,” said Mr. Raul Niin, the Chairman of the Management Board of IT Protraining Group. ”We look forward to a fruitful cooperation with MicroLink to continue the fast growth in the Baltic region through further developing the business and expanding the range of services we are offering. Microlink is one of the leading IT companies in the Baltic region and we are happy to have a strong strategic investor on board,” said Niin.

“The role of IT education and training plays an important part when we talk about profit to be gained by introducing information technology in enterprises and in society as well,“ said Mr. Enn Saar, the Chairman of the Management Board of AS MicroLink Eesti: “Acquiring IT Protraining Group gives us the opportunity to offer better services to our clients and partners as well as to grow in all three Baltic countries.“

IT Protraining Group is the largest and fastest growing information and communication technologies training and consultancy services provider in the Baltic States. Today IT Protraining Group companies include IT Koolituskeskuse OÜ in Estonia, ProTraining Academy UAB in Lithuania, IT Protraining Latvia SIA in Latvia and BiTA Service Management OÜ a leading IT Service Management (ITIL) training and consultancy provider in Estonia.

MicroLink is the largest Estonian IT company whose business interests include: system integration and infrastructure solutions, software development, ERP and business solutions, IT consulting and training, datacentre solutions and end-user PC services and support. AS MicroLink Eesti is a 100% owned direct subsidiary of AS Eesti Telekom.

For additional information please contact:

Mr. Martin Kõdar

Partner

BaltCap

Tel. +372 665 0280

www.baltcap.com

Mr. Raul Niin

CEO

IT Koolituskeskuse OÜ

Tel. +372 677 4772

www.koolitus.ee

Mr. Enn Saar

CEO

MicroLink

Tel. +372 650 1700

BaltCap Completed 100% Buyout of Interinfo

Feb 2008/in General /by Riin Savi

BaltCap, the leading private equity investor in the Baltic States, has acquired 100% of the Interinfo group of companies in Estonia, Latvia and Lithuania (“Interinfo”) from Interinfo Holding SCA.

Interinfo is the leading operator of “yellow pages” directories in the Baltics and provide print, internet and directory assistance products. Interinfo has operating companies in Estonia, Latvia and Lithuania with an annual turnover of EUR 15.5 million in 2007.

Simonas Gustainis, Partner of BaltCap, who has led the transaction from BaltCap side said, ”the Interinfo group of companies have a strong position on the Baltic advertising markets, especially for local services. We look forward to working together with the strong management team to continuously improve the products and services of the Group. Interinfo with its highly trained sales team, comprehensive databases and strong brands will be in an excellent position to continue as the leading information provider in the Baltics.”

“We are pleased to close the first investment from BaltCap Private Equity Fund L.P. launched in December 2007,” said Peeter Saks, Managing Partner of BaltCap. “We believe the advertising and information directories sector has great growth potential in the Baltics and look forward to being part of this via our investment in Interinfo.”

“BaltCap is acquiring three market-leading companies, following the acquisition of Eniro’s companies in Estonia and Lithuania in 2005. The strong people, brands and databases under the management of experienced management teams, put Interinfo in an excellent position to benefit from the continued growth of the directional media sector in the Baltics”, said Magnus Sonnorp, Interinfo Group CEO. “We congratulate BaltCap on acquiring these three great companies, and wish them all the best for the future.”

Interinfo Holding SCA is owned by Texas Pacific Group, a leading global private investment firm.

EVLI Securities, formerly known as Suprema Securities, acted as an advisor to the selling shareholders in the transaction.

For additional information please contact:

Buyer contacts

Simonas Gustainis

Partner

BaltCap

Tel. +370 6 87 59 333

Email: simonas.gustainis@baltcap.com

www.baltcap.com

Seller contacts

Magnus Sonnorp,

President and CEO

Interinfo Holding SCA

Tel. +46 734 388388

Email:

magnus.sonnorp@interinfo.biz

www.interinfo.biz

Advisor contacts

Julijus Grigaliūnas

Head of Corporate Finance

EVLI Securities

Tel. +370 687 20108

Email:

julijus.grigaliunas@evli.com

www.evli.com

Hanzas Elektronika acquires Swedish 5th largest EMS industry player

Dec 2007/in General /by Riin Savi

Hanzas Elektronika (“HE”) acquired Sweden’s 5^th largest electronic manufacturing services company Elektromekan i Årjäng AB from Westergyllen AB. This transaction is first of its kind and scale in Latvian electronics industry. Takeover took place on November 30, 2007. HE is a portfolio company of Baltic SME Fund, managed by BaltCap Management, since 2002.

SIA Hanzas Elektronika (HE) is the largest electronic manufacturing services (EMS) company in Latvia, headquartered in Ogre and operating a subsidiary in Ventspils, named Ventspils Elektronikas Fabrika. HE launched its operations in year 2001. During six years of operations two factories were built, sales reached EUR 7,3 million in 2006 and employees increased from 7 to 160. As a result of this transaction the consolidated sales will be EUR 33 million in 2007.

Elektromekan is one of the biggest EMS companies in Sweden and has been historically large supplier to Ericsson and SonyEricsson. After telecommunication crisis company has been restructured and now has more business in industrial sector that is rapidly growing.

Elektromekan’s customers include Kapsch TrafficCom, Husquarna, Atlas Copco, Flir, GE and other.

The purchase of Elektromekan is a step that will accelerate further growth of Hansa Electronics. “The combination of Hanzas Elektronika and Elektromekan creates a competitive group, with a stable financial base and a broad service offering that will benefit the companies’ customers and employees in the future”, says Mr. Dagnis Dreimanis, partner of BaltCap.

“We are highly pleased to have the opportunity to build a strong Nordic/Baltic group in the EMS industry. The two companies complement each other well and share the common values of efficiency and customer value”, says Mr. Ilmars Osmanis, Managing Director of Hanzas Elektronika. “The joint expertise combined with production in Sweden and Latvia creates favourable conditions for strong growth going forward. Elektromekan holds a strong position on the Swedish market, with skilled engineers, management and a solid organisation.”

Transaction was financed with the help of Nordea Bank Latvia and Hansa Investment Funds.

Besides BaltCap, other owners are Swedish entrepreneur Åke Hörnell, through his company Hörnell Teknikinvest AB and Proditor Sweden AB and company’s founder and managing director, Ilmars Osmanis.

For additional information please contact:

Ilmars Osmanis Chairman of the Board Hansa Electronics

Tel: +371 29 203 083

Email: ilmars.osmanis@he.lv www.hansa-electronics.lv

Dagnis Dreimanis Partner

BaltCap

Tel. +371 7 214 226

Email: dagnis.dreim anis@baltcap.com www.baltcap.com

BaltCap Private Equity Fund holds first close at EUR 58 million

Dec 2007/in General /by Riin Savi

BaltCap, the leading private equity firm in the Baltic States announced today the first close of BaltCap Private Equity Fund at EUR 58 million. The Fund will invest in mid-sized private companies across the Baltic States Estonia, Latvia and Lithuania focusing on both expansion financing and buyouts. The targeted Fund size at final closing is EUR 100 million.

The Fund’s investors include European Bank for Reconstruction and Development, European Investment Fund (under the European Union “Competitiveness and Innovation Framework Programme” mandate), Icebank, SEB Ühispank Pension Funds, Erste Bank and other local and Nordic banks, pension funds and insurance companies.

“We are pleased to announce the first closing of the Fund and are grateful for the confidence that a number of respected institutional investors have placed in us,” said Managing Partner of BaltCap Mr. Peeter Saks. “The launch of the Fund is a superb start for the independent development of BaltCap after the management buyout completed last month.”

BaltCap Private Equity Fund will continue the investment strategy that has proven successful in previous BaltCap funds. The Fund will typically invest between EUR 5 and 10 EUR million in medium sized companies with strong growth potential by acquiring either majority or significant minority equity positions. The industry focus will be on consumer related businesses, B2B service providers, specialised manufacturing, construction and ICT companies.

The Fund will concentrate its activities on Estonia, Latvia and Lithuania, but will also be able to invest in other Central and Eastern European countries in order to facilitate the international expansion of the Baltic companies.

“We believe that now is an attractive time to invest and that our experience and regional network provides a very strong platform from which to invest and help our companies grow,” Mr. Saks added. “We provide the right tools and skills to accelerate the companies’ development – from implementing the best management practices and financial systems to attracting top talent and facilitating potential alliances, we act as a committed, long-term partner to our portfolio companies.”

For additional information please contact:

Mr. Peeter Saks

Managing Partner

Tel. +372 665 0280

peeter.saks@baltcap.com

www.baltcap.com

The Management Team of BaltCap Completes Buy-out of the Private Equity Firm

Nov 2007/in General /by Riin Savi

Estonian, Latvian, Lithuanian and Finnish members of management have completed the 100% buy-out of the leading Baltic private equity fund manager BaltCap from Evli Group and CapMan. BaltCap will continue to manage Baltic Investment Fund III and Baltic SME Fund together with CapMan and Evli Group, and manage any future funds independently.

“The transaction adds flexibility and motivation to the local teams across the Baltics,” said Managing Partner of BaltCap Mr. Peeter Saks. “It’s a logical step in the private equity and venture capital industry where the majority of the funds are managed by independent and specialised managers.”

“The sale of our ownership in BaltCap is in line with CapMan’s strategy. We are happy to continue the management of Baltic Investment Fund III and Baltic SME Fund with BaltCap’s excellent management,” says Development Director of CapMan, Mr. Petri Saavalainen.

“The decision is part of our new strategy to focus more on our fast-growing core businesses, i.e. corporate finance, asset management and capital markets,” said CEO of Evli Bank Mr. Maunu Lehtimäki. “Naturally, we will continue to co-operate with the region’s best private equity and venture capital fund managers to deliver the best returns to our customers.”

CapMan is one of the leading alternative asset managers in the Nordic countries and manages Nordic funds with approximately €3.0 billion in total capital. CapMan’s operations are divided into two business units, CapMan Private Equity and CapMan Real Estate. The CapMan team comprises approximately 100 people in Helsinki, Stockholm, Copenhagen and Oslo. The B shares of CapMan Plc are listed on Helsinki Stock Exchange since 2001.

Evli Bank Plc is an independent investment bank whose clients are entrepreneurs, corporate executives and investment professionals. Evli was established in 1985, and has ever since been a pioneer and trailblazer in the rapidly developing capital markets. Evli owes its leading position to its strong expertise and experience, and its ability to find new solutions for clients in fluctuating markets.

For additional information please contact:

Mr. Peeter Saks

Managing Partner

BaltCap

Tel. +372 640 5702

www.baltcap.com

Mr. Petri Saavalainen, Senior Partner, Development Director, CapMan Plc,

tel. +358 9 6155 8314

www.capman.com

Mr. Maunu Lehtimäki

CEO

Evli Bank Plc.

Tel +358 9 4766 9304