Despite the volatility in the public markets, 2025 has started well for us. Private equity continues to show its resilience, driven by the creation of long-term value as opposed to merely short-term fluctuations. Our portfolio is a clear example of this.
Periods like these often present attractive opportunities for companies looking to grow either organically or through M&A, and our portfolio companies are actively taking advantage of this situation.
We’re especially pleased to have signed two significant exits recently. The sale of Ridango and Lightspace to international buyers marks an important milestone, validating our investment strategy, and further highlighting the attractiveness of doing business in the Baltics. Ridango is the first full exit for our latest buyout fund, capping off a solid start to the year.
Martin Kõdar
Partner
Member of the Management Board
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BaltCap Sells Majority Stake in Ridango to Bregal Milestone
Ridango is a technology company, and one of the leading providers of public transport software in more than 25 countries. Founded in 2009, Ridango specialises in the development of fare collection and operations management platforms. The transaction is still subject to regulatory clearance, but BaltCap emphasises that the partnership with Bregal Milestone, a European growth equity fund, will boost the company's growth, and international operations.
Bregal Milestone is a private equity firm with approximately €1.3 billion under management, specialising in the technology sector.
– Read more
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A New Step in Defence and Healthcare Technology Development
Lightspace, a portfolio company and part of the BaltCap Latvia Venture Capital Fund and BaltCap Private Equity Fund III, has agreed to a share swap with Finnish defence technology company Summa Defence Ltd. As a result of this transaction, Summa Defence will acquire all shares of Lightspace Group, Inc., ensuring the company’s further development in the defence and healthcare sectors. Lightspace specialises in XR technologies, and this merger will provide an opportunity to accelerate the development of leading close-up display solutions, and expand its international footprint.
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BaltCap is excited to announce that TICKETSTREAM has joined forces with PLG | Moments that Matter and GoOut
We are pleased to announce a strategic expansion in Central Europe, with the acquisition of Ticketstream, the leading ticketing platform on the Czech market, in cooperation with local partner GoOut. This transaction increases PLG’s market share in the Czech Republic to approximately 34%, strengthening the company’s position among the leaders in the region. Sven Nuutmann, Chairman of the Board, believes that this merger will enable the creation of an international network that improves service quality and user experience. This development will drive innovation in digital ticketing, and support the long-term growth of the company.
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BaltCap Supports the Opening of a New Tradehouse Store in Riga
The second branch in Latvia was recently opened in the AKROPOLE Alfa shopping centre. The store offers more than one hundred thousand products from over eight hundred brands, making it one of the largest beauty and fashion retail outlets in the Baltics, providing a wide selection for every taste.
– Read more (in Estonian)
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A new health facility with a modern nursing home—Ülemiste City becomes the largest health city in the Baltics
Significant health projects are also expected—Ülemiste City plans to open the largest private health centre in the Baltics in early 2027. The new building, which will serve the health needs of the community, will feature modern care facilities and create a multi-generational, friendly environment. The total construction cost of the project is around 18 million euros, and it will be built on an area of 7700 m².
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Hansab to Acquire a Majority Stake in Finland's C2 SmartLight
Hansab Group, a leading provider of technology solutions in the Baltics, has acquired a majority stake in Finnish technology company C2 SmartLight, marking a significant step in Hansab's strategic expansion into the Nordic market.
– Read more
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Another interesting initiative is the launch of the "Tree of Life" public art project in Narva supported by Viru Elektrivõrgud
Exotic flowers bloomed on the walls of one of the Narva substations this week, and fairytale characters appeared. Created by Ukrainian artist Victoria Berezina, it is a colourful mosaic depicting a large tree of life with a portrait of the young climate activist Elizabeth Vatuti. The aim of this work of art is to raise public awareness about the environment and ecology, thus strengthening the local community's connection with nature.
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30 years
track record
100+
platform investments
25
investment professionals
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€900m
capital raised to date
60+
exits
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