BaltCap backs leading Lithuanian health club chain Impuls

Lithuania SME Fund managed by BaltCap, the largest private equity and venture capital investor in the Baltic countries, has invested in Impuls LTU, operator of the leading Lithuanian health and fitness club chain.  

 

With 8 gyms in Lithuania’s main towns, Impuls LTU will be the largest health club chain in the country. Impuls LTU operates only large format clubs the size of which ranges from 2000 sq. meters to 6600 sq. meters. Impuls clubs offer their clients main workout and cardio areas, group exercise classes and pools as well as additional products and services. The investment should support an aggressive expansion of the chain, both organic and through add-on acquisitions.

 

“We are very excited about our investment in Impuls LTU” said Kornelijus Celutka, Investment Director at BaltCap. “Health club market in the region is poised to grow strongly in medium term, fuelled by recovering purchasing power and increasing people’s awareness of their health, fitness and regular exercise. Fitness club industry penetration in Lithuania is still several times lower than EU average of 8%. As a clear market leader in Lithuania, Impuls has built a solid platform for expanding the chain locally and looking for growth opportunities abroad.”

 

Graham Cope, Head of Region in European Investment Fund, stated: “Investment into Impuls LTU is the second transaction by BaltCap’s Lithuania SME Fund established with our cornerstone investment from EIF. This investment illustrates again that government support of the JEREMIE Holding Fund activities is delivering the right impact to vibrant companies with strong prospects for the future.”

 

Lithuania SME Fund is a growth capital fund organized by BaltCap in 2010 as part of the JEREMIE initiative in Lithuania. JEREMIE Holding Fund in Lithuania managed by EIF is financed from the EU Structural Funds under 2007-2013 Economic Growth Operational Programme. Total size of Lithuania SME Fund is EUR 20 million, EUR 14 million of which is provided by JEREMIE Holding Fund and EUR 6 million by leading Baltic financial institutions, including SEB Venture Capital, asset management companies of LHV, Swedbank and DnB. The Fund provides growth equity financing for small- and medium-sized enterprises based in Lithuania up to EUR 3 million per company.

 

This is the second investment by Lithuania SME Fund in the country in 2011. Earlier this year, the fund has invested into Ygle, building engineering system solution and service provider.

 

For more information:

Kornelijus Čelutka

Investment Director

BaltCap
Tel.: +370 5 254 6713

E-mail: kornelijus.celutka@baltcap.com

BaltCap Latvia Venture Capital Fund invests in AGroup

BaltCap, the leading private equity and venture capital investor in the Baltic States, invests EUR 1.5 m in Riga-headquartered IT company AGroup to obtain a significant minority stake. This investment is done by BaltCap Latvia Venture Capital Fund which is part of the EU Structural Fund’s co-financed JEREMIE Holding Fund managed by the European Investment Fund in Latvia.

 

AGroup, established in 2008, is a developer of human resource management solution HRB with more than 500 installations in 24 countries. HRB is a flexible and easy localizable product that integrates smoothly with all leading ERPs as Oracle, SAP, Sun Systems, Microsoft Dynamics NAV, etc. Currently, HRB offers core HR functionality (payroll calculation, work time recording, etc) while the new version of software will add new strategic functions such as talent management, recruiting management and personnel evaluation.

 

“We are proud and very excited about being able to support the skilled team of AGroup in their ambitious growth plans. AGroup is one of the leading HRM solution providers in CIS and Eastern European countries, and this is a unique opportunity for our fund to back a software company with truly international reach and strong foothold in a fast growing market,” says Mārtiņš Jaunarājs from BaltCap.

 

“Co-operation with the leading Baltic venture capital investor is a big leap forward as it boosts our growth rates significantly. The investment helps us to finish the development of fifth version of our HRB product and enables delivery using Software as a Service model (Saas). Also, we will strengthen our sales team, expand the partner network and ramp up the marketing efforts. We appreciate Baltcap’s faith in us and believe that together we will reach our goals”, adds Alexander Snurnitsyn, CEO of AGroup.

 

Further information:

 

Mārtiņš Jaunarājs

Investment Director

BaltCap

Phone +371 2924 3056

E-mail: martins.jaunarajs@baltcap.com

 

Alexander Snurnitsyn

CEO

AGroup

Phone +371 2696 0857

E-mail: alexander.snurnitsyn@agroup.com

BaltCap invests in liquid crystal display production company EUROLCDS

BaltCap, the leading private equity and venture capital investor in the Baltic States, has provided financing for start-up liquid crystal display production company EUROLCDS. The aim of EUROLCDS is to create the specialised liquid crystal display production company with global customer base. This investment has been completed within the EU Structural Fund’s co-financed JEREMIE initiative managed by the European Investment Fund in Latvia.

 

The new enterprise based its success on experienced entrepreneurs team as well as on co-owner’s – LC-TEC AB (Sweden) – long term experience and contacts in production and R&D of liquid crystal displays. The potential customers are industrial and medicine equipment producers and sellers of EU countries, USA and Japan that use liquid crystal displays elements as parts for their products. As most demanded liquid crystal display application today, stereoscopic and volumetric 3D video projection equipment can be mentioned.

 

“We are delighted for the opportunity to finance the development of a new enterprise, competitive advantage of which is based on world class technology, patented products and new product development opportunity. We are also happy to provide new vacancies in global sales based company and to create additional motivation for young students to study engineering sciences,” said Peteris Treimanis, Investment Director at BaltCap.

 

As an answer to the question about choosing Latvia as the target country and BaltCap as co-operation partner, Ǻke Hornell, CEO of the company stated: “My main reason for choosing Latvia for this establishment was the good experience from starting the electronics manufacturing business, Hansa Electronics. In this venture we have had a good co-operation with Baltcap and it was natural to seek contact with Baltcap also for the new LCD venture.”

 

“Decision to establish the company in Latvia is a significant step for developing know-how based economy since it creates an opportunity for engineers’ intelligence to participate in one of the world’s hi-tech development streams. It is also very important for our potential customers that we are part of European Union and able to provide security on both -intellectual property and patented technology solutions,” added Ilmars Osmanis, Board Member of EUROLCDS.

 

Further information:

Peteris Treimanis

Investment Director

BaltCap

Phone +371 29122716

E-mail: peteris.treimanis@baltcap.com

www.baltcap.com

 

Ilmars Osmanis

Member of the Board

EUROLCDS

Phone +371 29203083

BaltCap invests in corporate media production company Oobelisk

BaltCap, the leading private equity and venture capital investor in the Baltic States, has provided financing for start-up of the corporate media production company Oobelisk, gaining a majority stake in the company. The aim of Oobelisk is to become the leading player in Eastern and Northern Europe in this sector. This investment has been completed within the EU Structural Fund’s co-financed JEREMIE initiative managed by the European Investment Fund in Latvia.

 

Oobelisk management team are long-term professionals in the media and TV production business. Capitalizing on previous experience in the sector, the company is planning to offer unique range of corporate media products, ranging from audio visual annual reports and yearbooks to interactive presentations. The potential clients of Oobelisk are Baltic, Northern and Eastern European leading companies, for which the corporate image, as well as communication with shareholders, employees and society is of upmost importance.

 

“We are delighted for the opportunity to finance development of the innovative products developed by Oobelisk’s professional management team. We believe there is large market demand for such products by corporate clients and the company has good chances to become a leading player in the corporate media production business in the Baltic States and the neighbouring markets,” said Astra Neimane, Investment Director at BaltCap.

 

“On behalf of Oobelisk we are very honoured to see BaltCap, the leading private equity and venture capital investor in the Baltic states, as our partner. The key idea behind Oobelisk is changing the old business model of media production companies and working with clients in cooperation forms new to the market. Along with development of the media space and technologies, we would be offering our clients new products which suit their communication needs the bestWeluros tiek sniegts atblasts utsourcinga l”, said Kristaps Pētersons, Chairman of the Board and Business Development Director of Oobelisk, describing the uniqueness of Oobelisk.

 

Graham Cope, Head of Region, European Investment Fund, stated “We are very pleased to see Baltcap’s continued investments in high growth potential companies based in Latvia with a wider regional reach. This investment in Oobelisk illustrates again that government support of the JEREMIE Holding Fund activities is delivering the right impact to vibrant companies with strong prospects for the future.”

 

Further information:

Astra Neimane

Investment Director

BaltCap

Phone +371 2911 6680

E-mail: astra.neimane@baltcap.com

 

Kristaps Pētersons

Chairman of the Board

Oobelisk

Phone +371 2633 9299