BaltCap February Newsletter
28 February 2023
Dear partners,
Welcome to BaltCap’s February Newsletter! You will find plenty of exciting news within, including private and public players working together to empower each other.
At the end of 2022, we announced a PPP agreement with the Lithuanian Police to build a police HQ in Šiauliai County. Today we are proud that three new schools have finished being constructed in the Kaunas municipality as a result of a similar PPP agreement.
PPP projects are a unique example of how the private sector and the public sector work together to create much-needed added value for society and quickly improve a community's living environment.
Creating new value usually requires a change in the status quo. In the coming weeks, we intend to make a voluntary share purchase offer with a solid premium to the shareholders of HansaMatrix, a Latvian electronics manufacturing company. Our goal is to streamline the shareholders’ base and thereby facilitate further development of the company.
Next to financial resources, knowledge is a crucial capital. To raise new generations of entrepreneurs in our region, we at BaltCap continue to pass on our experience and knowledge. In the coming months, a number of BaltCap team members will participate as lecturers in the PE and VC courses set up in Lithuania and Estonia. In addition, this year, we will continue to give ambitious young people the opportunity to intern with us and learn about the world of PE and VC.
Wishing you a thriving thirst for knowledge alongside new and fruitful collaborations,
Dagnis Dreimanis
Managing Partner

Deal and Portfolio News
BaltCap plans to make a voluntary share purchase offer to HansaMatrix shareholders
HansaMatrix is a high-tech electronic system product developer and manufacturer listed on the Nasdaq Riga. BaltCap’s goal is to acquire at least 75% of its voting shares, and if the offer is successful, propose the delisting of the company. The offer will be effective upon the authorisation of the Bank of Latvia. The Competition Council of Latvia approved the deal in November 2022. 
 Read more
BaltCap implements the first comprehensive educational infrastructure PPP in Lithuania
In only two years the BaltCap Infrastructure Fund and the Kaunas District Municipality PPP project succeeded in establishing three schools with accompanying sports facilities, adding 540 new study places to the Kaunas district. The speedy completion of the project allows the municipality to save on maintenance and energy costs. 
 Read more
BaltCap-backed Coffee Address lists bonds on Nasdaq Baltic FirstNorth market
The bonds issued by Coffee Address Holding were admitted to trading on the Nasdaq Baltic in February. The inclusion of the bonds followed a closed offer to Estonian, Latvian and Lithuanian investors. The EUR 5 million bond issue was oversubscribed and attracted 22 Baltic private and institutional investors.
Vet Ventures opens Lithuania’s largest veterinary complex
The new veterinary clinic in Vilnius is one of a kind—providing 24-hour veterinary care and inpatient treatment. In addition to cats and dogs, more exotic animals such as lemurs are also treated. The clinic offers a wide range of services from disease diagnostics to complex surgeries, rehabilitation and a pet hotel.
LIVIN keeps expanding: launches a new store in Vilnius
BaltCap-backed LIVIN opened another new shop, this time in Vilnius Akropolis, the largest shopping mall in the Baltics. This is the specialized health products retail brand’s 13th shop in Lithuania. 
 Read more (in Lithuanian)
Tradehouse customers increasingly choose carbon-neutral parcels 
In 2022, more than 43 thousand carbon-neutral packages were delivered to Tradehouse customers by DPD. E-commerce is a crucial part of Tradehouse’s beauty business, hence, increasing the share of low-emission deliveries is a relevant part of its ESG plan. 
 Read more
Vievis seniors’ home construction in Lithuania is well on track 
The modern, 160-bed seniors’ home established by BaltCap Growth Fund portfolio company Gemma is well on track. The new facility is expected to be opened in late autumn 2023. 
 Have a look at the video from the construction site
The President of Estonia at Ridango
President Alar Karis visited Ridango’s HQ in Tallinn to familiarise himself with the cutting-edge ticket validation technology developed by the company. During the visit, the president had the chance to hear how Ridango has grown to be a global player in the intelligent transport sector and how they help use public transport seamlessly.
Workland opens new co-working centres Verde and Fahle
Workland keeps expanding its flexible office network by opening two distinctive centres in Latvia and Estonia. Verde, the second Workland centre in Riga, resides in the greenest office building in the city. Fahle centre in Tallinn is located in a historic paper factory with its bold interior. BaltCap-backed Workland now has 13 co-working centres across the Baltics. 
 Read more
Team News
BaltCap launches 2023 internship program
BaltCap welcomes interns to gain hands-on working experience from the private equity industry and work side by side with its talented investment teams in BaltCap’s Tallinn, Riga, Vilnius, and Warsaw offices. The program aims to raise awareness of the private equity industry and promote related employment opportunities. Applications are being accepted until March 15, 2023. 
BaltCap team completes its first Tartu Ski Marathon team relay
Our team members Peteris Treimanis, Martin Kõdar, Dagnis Dreimanis and Riin Savi completed 63 kilometres of skiing in less than four hours. This is an excellent benchmark for next year when BaltCap plans to return with two teams. 
 Read more
BaltCap helps to launch the first PE & VC course in Lithuania 
Along with LT VCA and Vilnius University, BaltCap supports launching the first Private Equity & Venture Capital open course in Lithuania. From the BaltCap team, Simonas Gustainis and Marius Miškinis will share their knowledge and experiences. Also, BaltCap provides a special scholarship for students.
The second semester of the PE & VC course in Estonia’s top universities
In an initiative coordinated by EstVCA, universities team up for a special syllabus for the second year in a row. The lecturers of the new curriculum are experienced fund managers and experts in the field. BaltCap is proudly on board with Kristjan Kalda and Martin Kõdar as lecturers.
BaltCap in Numbers
25+ years
track record

investment strategies

platform investments

investment professionals

6 countries
with branch offices
capital raised to date


Contact us

BaltCap offices
Estonia Skyon, Maakri 30, 24th floor / Tallinn 10145 / Phone: +372 665 0280 
Finland Maria 01, Lapinlahdenkatu 16 / Helsinki 00101 / Phone: +358 504913001 
Latvia Jaunmoku 34 / Riga LV-1046 / Phone: +371 6721 4225 Lithuania J. Jasinskio 16b / Vilnius LT-03163 / Phone: +370 5 254 6713 Poland WeWork / Krucza 50 / Warsaw 00-025 
Sweden Epicenter Mäster Samuelsgatan 36 / Stockholm 11157 / Phone: +46 8 459 30 60

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