BaltCap exits Estonian ambulance service provider Karell Kiirabi
BaltCap Growth Fund (BGF) exits Estonian ambulance service provider Karell Kiirabi as BGF portfolio company Pihlakodu sells 100% of the subsidiary to the owners of local elderly care chain Südamekodud. During the BaltCap holding period, Karell Kiirabi fully upgraded its fleet and ambulance stations and witnessed solid business growth.
BaltCap invested in Pihlakodu and its subsidiary, Karell Kiirabi, in 2019. Karell Kiirabi is the first private ambulance service provider in Estonia, also providing emergency medical services. The company serves North and North-East Estonia with a fleet of 18 units and more than 300 employees.
Sten Sonts, Investment Director at BaltCap, says he is content with the growth of Karell Kiirabi in the last 5 years. “During the holding period, the revenue of the company increased around 50%. The company established a strong management team under Co-CEOs Õnne Bartoševitš and Ivetta Sakkart and succeeded in upgrading its fleet and stations. In addition, the company has invested in modern telemedicine solutions that will soon be launched across Estonia,” Sonts explained.
“Modern high-tech fleet is the cornerstone of high-quality ambulance service. While expanding the business, Karell Kiirabi is also contributing to the development of the Estonian emergency medical service system. For example, during the Covid-19 period, Karell Kiirabi was among the first to introduce a smart fleet with automated disinfection services,” Sonts added.
According to Sonts, the divestment will enable Pihlakodu to sharpen its focus on providing elderly care services and further expand its service offering.
Martin Kukk, one of the new owners and Supervisory Board member of Karell Kiirabi, says their aim is to further contribute to the development of the Estonian medical system. „Karell Kiirabi has been a private company since inception; we plan to keep it this way and base the business on Estonian capital. We foresee no big changes, and our aim is to back the high-quality service provision in Karell Kiirabi by investing in human resources and infrastructure. Ambulance service in Estonia is integrating important changes these days—eAmbulance, telemedicine solutions, and remote consultations. We intend to be part of making these changes happen,“ Kukk added.