It has been some time since our last newsletter, and the world has not stood still. In fact, uncertainty in the global economy has climbed even higher — trading routes are under pressure, inflation persists, and capital is moving more selectively. In this environment, companies everywhere are focusing on operational discipline and closely managing risk.Despite the challenging economic backdrop our focus has remained on delivering value to our investors. We have made several successful exits across our funds, including Lemon Gym and Livin, both of which became household names during our holding period by promoting healthy lifestyles.The rest of the portfolio keeps investing for the future, from elderly care to expanding PLG's ticketing platform internationally, and strengthening Fitek's offer in the Baltics. Our M&A activity was recognised at the Baltic M&A and Private Equity Forum with two category awards.We've also kept strengthening our own organisation, so we operate with clarity, speed, and purpose. Our focus ahead remains the same: building strong, future-ready companies, and supporting the teams behind them.Šarūnas AleknaChairman of the Supervisory BoardPartner
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Leadership update at BaltCap — BaltCap CEO Ege Metsandi leaves the company
BaltCap has announced that Ege Metsandi is no longer serving as the company's CEO or member of the board.
Metsandi joined BaltCap in August 2024 to lead organisational and management changes at the company. Following her departure, BaltCap's managing partners will continue to oversee the company's operations and investment activities.
Long-time board member and founding partner Peeter Saks has assumed the role of CEO, ensuring leadership continuity.
https://www.baltcap.com/baltcap-leadership-update/
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BaltCap (Lithuania SME Fund) has sold its stake in Exercise Investment, the company controlling the Lemon Gym and Impuls fitness clubsBaltCap (Lithuania SME Fund) has sold its 88.1% stake in Exercise Investment, the company behind Lemon Gym and Impuls fitness clubs, to UAB Longevity Fund, managed by Aggressive Capital.As part of the deal, a new €20 million private equity fund will focus on investments in Baltic consumer services, wellness, and leisure.The existing management team of Lemon Gym and Impuls remains among the shareholders, ensuring continuity and supporting long-term growth under the new ownership.
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BGF exits LIVIN — new majority owner Ogmios GroupBGF has sold its controlling stake in LIVIN, the leading healthy lifestyle retailer in the Baltic States, to Ogmios Group. The transaction delivers a significant return to BGF's investors, including Swedbank and Luminor pension funds.Since 2019, LIVIN has grown to 21 stores, expanded its e-commerce and wholesale operations, and quadrupled its revenue to over €20 million. EBITDA has increased sixfold.
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Pure Chocolate has a new owner: staying in Latvian handsLatvian chocolate producer Pure Chocolate has a new owner. The controlling stake previously held by BaltCap Latvia Venture Capital Fund has been acquired by PCh Holding, a company newly established by the existing management and minority shareholders.The transaction ensures that Pure Chocolate remains a national brand and continues to grow in Latvia. BluOr Bank provided more than €3 million in financing, partially secured by an ALTUM guarantee.
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Cornerstone laid for new health centre at Ülemiste CityThe cornerstone for the third health centre in Tallinn's Ülemiste City has been laid, marking the start of the final construction phase. The new building, scheduled for completion in 2027, will make Ülemiste City the largest private healthcare complex in the Baltics.The main tenant, Pihlakodu, will establish a modern nursing home that promotes intergenerational cooperation by connecting seniors with children and students.
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Fitek Group has acquired the Unifiedpost Group business operations in the Baltic countriesFitek Group, a BaltCap portfolio company, is strengthening its position in the Baltic region through this acquisition, further expanding its capabilities in e-invoicing and financial process automation.Following the acquisition, Fitek now has around 190 employees, operates in seven countries, and expects annual revenue of approximately €20 million.
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Rahva Raamat wins Estonia's People's Favourite E-shop 2026Estonian consumers have chosen this year's best online stores in the "Estonian People's Favourite E-shop 2026" competition, with Rahva Raamat taking the overall win.A record 10,640 people took part in the vote. In addition to the overall winner, the competition also recognised the best e-shops in 13 different categories.
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Ridango: Baltic Exit Deal of the YearThe Baltic Exit Deal of the Year 2026 went to BaltCap's exit from Ridango, announced at the Baltic M&A and Private Equity Forum hosted by Sorainen.With Ridango's leadership, the business grew into an international mobility technology player serving cities across Europe and beyond.
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Baltic Outbound Deal of the YearPiletilevi Group received the Baltic Outbound Deal of the Year 2026 for its acquisition of Ticketportal, a step that opens a new chapter in the company's growth story.The award recognises the work of a team that has consistently delivered for audiences, organisers, and partners. With Ticketportal joining the group, Piletilevi is well-positioned to create a more connected ticketing experience across the region.
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IGLU Soft Play Wins the Red Dot Design AwardIGLU Soft Play has been recognised with the Red Dot Design Award in the Product Design category — a significant international acknowledgement of the company's commitment to high-quality, development-focused children's products.Designed and manufactured in Latvia, IGLU products use the company's proprietary Firm Step™ foam. All materials are recyclable and certified to meet safety standards across major global markets. Today, IGLU products are used in more than 30 countries.
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30 years
track record
90+
platform investments
15+
investment professionals
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~€400+m
assets under management
50+
exits
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