BaltCap held the first close of BaltCap Private Equity Fund III (BPEF III) at €126 million, being above the initially targeted size subscribed by the existing investor base. The new fund will continue the proven and successful buy-and-build strategy of its predecessor funds, BPEF I and BPEF II, by making equity investments in mature innovative enterprises to build them into business champions.

The new fund will aim to make 8 to 10 platform investments in the Baltic and Nordic countries with enterprise values of these companies typically being between €10 to €50 million and the fund’s equity investment between €10 to €20 million.

Martin Kõdar, Managing Partner of BaltCap, emphasised that the new fund broadens the scope of BaltCap target markets. “In addition to the Baltics, which have been the core region for BaltCap, the fund will also focus on Finnish and Swedish companies with a Baltic nexus. The Nordic and Baltic economies are increasingly forming a larger, integrated market, the New Nordics, with enhanced business opportunities. BPEF III expects to be one of the facilitators of further business integration in the New Nordics,” Kõdar explained.

The investors committing to the fund include the European Investment Fund (EIF) investing partially through Baltic Innovation Fund 2 (an initiative created by cooperation between the Republic of Estonia, the Republic of Latvia, the Republic of Lithuania and EIF), the European Bank for Reconstruction & Development (EBRD), the Nordic Environment Finance Corporation (NEFCO), LHV pension funds, SEB pension funds from Estonia, Latvia and Lithuania, eQ Asset Management and also family offices. “We highly appreciate our long-term cornerstone investors’ continued trust in our team and strategy. It is a remarkable achievement for us and our region to exceed the targeted fund size at first close,” added Kõdar.

Pier Luigi Gilibert, Chief Executive of EIF commented: “The investment into BaltCap Private Equity Fund III marks our continuous successful cooperation. Moreover, it is the first investment from the Baltic Innovation Fund 2 – the joint Pan-Baltic initiative created to continue development of the Baltic private equity and venture capital market.”

Charlotte Ruhe, EBRD’s Managing Director for Central and South Eastern Europe said investing in BaltCap’s new fund is a good strategic fit with the EBRD’s priorities in the Baltics. “We are supporting the emergence of a stronger, more sustainable private equity sector through the provision of equity and quasi-equity financing at all stages of company development. We are pleased with the role BaltCap already has and will continue to have, through this fund, in providing scarce equity finance to companies across the Baltic states,” she said.

SEB Investment Management fund manager Endriko Võrklaev stressed that SEB’s Estonian, Latvian and Lithuanian pension funds are among the fund’s largest investors. „Today more and more growth stories can be found outside listed markets. We consider the local private companies a good match to the local pension funds with a long investment horizon. Our growing exposure to local economies also helps us to remain competitive against local inflation,” Võrklaev added.

Thor Thorsteinsson, Senior Financial Manager at the Nordic Environment Finance Corporation (NEFCO) highlighted the green investments that will be made through the fund. “We are very pleased to continue our good cooperation with BaltCap and to invest in one of their funds targeting the Pan-Baltic region for the second time. NEFCO’s involvement in the fund will result in substantially increased investments directed into companies contributing to a positive environmental impact, related for example to recycling, energy efficiency and green transport,” said Thorsteinsson.

New Nordics as a concept includes the traditional Nordic countries – Norway, Sweden, Finland, Denmark and Iceland – and the three Baltic countries Estonia, Latvia and Lithuania. Together these countries form a dynamically growing, technology-driven and diverse, yet synergy-providing business environment that opens up innovative business possibilities.

About BaltCap
BaltCap strives to build portfolio companies into internationally recognized business champions. We partner with top management teams and entrepreneurs, helping them to achieve their ambitions and deliver transformational growth, both regionally and internationally. Our approach has enabled BaltCap to become the most experienced and largest private equity investor dedicated to the Baltic region, covering buyout, growth capital, infrastructure and venture capital. Since our foundation in 1995, BaltCap has raised multiple generations of private equity funds with aggregate capital of over €600 million backed by institutional investors. We have invested in about 100 companies across a wide range of industry sectors and stages of development. Our team of 30 investment professionals covers the region through 6 offices in Tallinn, Riga, Vilnius, Warsaw, Helsinki and Stockholm.

About EBRD
The EBRD is a multilateral bank that promotes the development of the private sector and entrepreneurial initiative in 38 economies across three continents. The Bank is owned by 69 countries as well as the EU and the EIB. EBRD investments are aimed at making the economies in its regions competitive, inclusive, well-governed, green, resilient and integrated. Follow us on the web, Facebook, LinkedIn, Instagram, Twitter and YouTube.

About NEFCO
NEFCO is an international financial institution (IFI) established in 1990 by the five Nordic countries, Denmark, Finland, Iceland, Norway and Sweden, with the aim of having a positive impact on the climate and environment in a cost-efficient way. By focusing on small and medium-sized projects with tangible results, NEFCO provides high additionality to governments, co-financiers and customers. Over the years, NEFCO has financed more than 1000 private and public sector projects across different sectors in 80 countries, with strong focus on Eastern Europe, the Baltic Sea, and the Arctic and Barents Regions. NEFCO’s headquarters is located in Helsinki, Finland. Read more at www.nefco.org

Additional information:

Martin Kõdar
Managing Partner
Martin.Kodar@baltcap.com
Phone: +372 665 0280

BaltCap sells its 95% stake in Fitek Holding to UnifiedPost Group, one of Europe’s leading FinTech firms headquartered in Belgium.

Fitek is the market leader in financial automation processes: the company operates in Estonia, Latvia, Lithuania, the UK, Slovakia, the Czech Republic, Serbia and Bosnia & Herzegovina.

BaltCap’s investment fund BaltCap Private Equity Fund II acquired OpusCapita (part of Finnish Posti Group) Baltic businesses in 2015 and oversaw the transformation of three local players into a truly international group with a strong portfolio of digital platforms and services. In three years, the number of employees has increased from 107 to over 270.

The current transaction is the first exit for BaltCap Private Equity Fund II (“BPEF II”) as well as for the Baltic Innovation Fund (“BIF”), a fund-of-funds initiative supported by the Republic of Lithuania, the Republic of Latvia, the Republic of Estonia and the EIF. The BIF, advised by the EIF, is a significant investor in BPEF II.

“Combining efforts means not only the creation of a major FinTech player across Europe, but it is a great deal for our customers as well,” says Mait Sooaru, CEO of Fitek. “More specifically, a widened product portfolio to serve our customers’ e-invoicing and payment serviced needs.”

“Our investment in Fitek Group has been a resounding success,” said Kristjan Kalda, BaltCap’s partner. “We planned to remain a shareholder for a longer period. Though this happens sooner than expected, it is a perfect opportunity not only for shareholders, but also for customers and employees of Fitek and UnifiedPost Group. I would like to thank the fantastic team in Fitek, this strategic move is definitely a huge leap for the company.”

Hans Leybaert, CEO of UnifiedPost Group: “Our ambition is to grow internationally and to further strengthen our position as a leading player in the FinTech landscape. With both companies coming together, we not only expand our European footprint, but are also getting extra people with solid knowledge of the sector onboard. The growth strategy of UnifiedPost Group is reconfirmed with this acquisition.”

Mait Sooaru and Kaur Lohk will continue as shareholders and executive managers of Fitek. The seller was advised by law firm COBALT.

About UnifiedPost and Fitek Group

We are a leading FinTech group that helps businesses to digitize and optimize their financial value chain, in B2B(2C): from contract – over invoice – to payment, including alternative financial services.

We develop and manage platforms for electronic payment collection, invoice financing and more, starting from “transactional document processing”.

About BaltCap Private Equity Fund II

BaltCap Private Equity Fund II (BPEF II) established in 2014 makes equity investments in innovative companies based in the Baltic region focusing on buy-and-build opportunities. BPEF II was established in cooperation with the European Investment Fund (EIF) involved in the project through the Baltic Innovation Fund (BIF). The BIF is an initiative created by cooperation between the Republic of Estonia, the Republic of Latvia, the Republic of Lithuania and EIF. 

For more information, please contact:

Kristjan Kalda                                                     Mait Sooaru
Partner, BaltCap                                                  CEO, Fitek Group
Phone: +372 665 0280                                        Phone: +372 501 9533
E-mail: kristjan.kalda@baltcap.com                  E-mail: mait.sooaru@fitek.com
www.baltcap.com                                                www.fitek.com

BaltCap has sold the largest transport infrastructure consultancy in Lithuania, Kelprojektas group to Swedish consultancy Tyréns.

Kelprojektas is Lithuania’s largest engineering consultancy primarily involved with project engineering and design relating to bridges, railways and roads, but also offers services within water, the environment, traffic planning and landscape architecture.

“BaltCap and the management team at Kelprojektas have developed a leading Lithuanian engineering consultancy into an international group which advises on projects in the Baltics and Sweden. We’re sure it will continue to expand its service offering and international footprint under the ownership of Tyréns. We’re glad to have contributed to another success story for Baltic business,” said Šarūnas Alekna, Investment Director at BaltCap.

“The acquisition of Kelprojektas represents an important step in our efforts to grow in key markets and a way of developing an even stronger international offering. We already know each other well from previous collaborative projects and have much in common as regards to how we work with technical development, how we approach our customers’ challenges and the values that guide us,” said Johan Dozzi, CEO at Tyréns.

Kelprojektas is the fourth successful exit for BaltCap in 2018 – Trev-2, Magnetic MRO and Runway BPO have also been sold to strategic investors.

Kelprojektas is the largest group of transport infrastructure engineering companies in Lithuania that designs transport communications, public use buildings, engineering systems, and performs territorial planning works. The group consists of parent company Kelprojektas and includes subsidiaries Urbanistika and Kelvista in Lithuania as well as ICCON in Sweden. Kelprojektas group employs around 250 people. See more by visiting www.kelprojektas.lt/en

Tyréns is one of Sweden’s leading community development consultancies. Together with customers and partners, Tyréns creates sustainable solutions in the fields of urban development and infrastructure. Owned by a private foundation, Tyréns is committed to research and development and driven by thirst for knowledge and a desire to create better communities. It has over 2400 staff members across offices in Sweden, Denmark, Estonia and the UK. See more by visiting www.tyrens.se

Additional information:

Šarūnas Alekna
Investment Director, BaltCap

Tel: +370 686 89242

sarunas.alekna@baltcap.com

Johan Dozzi

CEO Tyréns

Tel: +46 10 452 20 22

johan.dozzi@tyrens.se

BaltCap together with majority shareholder Dasha Group AS sold majority of the shares in Runway BPO to global BPO and customer experience company Webhelp. Runway BPO is multilingual nearshore BPO firm servicing Scandinavian and international customers. Closing of transaction took place in Riga on May 18, 2018.

“During BaltCap’s ownership Runway has grown from being nearshoring BPO service provider in the Baltics to pan-European player having a number of call centers in the Baltics, Ukraine and Spain,” said Sandijs Abolins-Abols, member of the Supervisory Board of Runway and Partner of BaltCap. “During the 7-year period the company has tripled in size and continues to grow at double digit speed per annum. I would like to thank the hard working and energetic team in Runway and our Norwegian partners who made this development possible. Joining Webhelp group will open new development opportunities for the company and the management who will continue to lead Runway BPO.”

Frédéric Jousset, co-founder of Webhelp, said, “Runway is an excellent business with a strong track record of delivering first-class customer experience on behalf of Scandinavian and international clients. We are very excited about joining forces with the company, their management team and employees to expand Webhelp’s global footprint and support the company in Scandinavian market with the resources available from our group organization and investors.”

The sellers were advised by Avendus Capital (U.K.) Pvt Ltd. and law firm COBALT.

About Webhelp
Webhelp is a global business process outsourcer (BPO), specializing in customer experience and payment management in addition to sales and marketing services across voice, social and digital channels. From more than 110 sites in 33 countries with an approximately 40,000-strong team, our focus is on engineering performance improvements and delivering a real and lasting transformation in our clients’ operating models to generate financial advantage. We partner with some of the world’s most progressive brands including Sky, Shop Direct, Bouygues, Direct Energie, KPN, Vodafone, La Redoute, Michael Kors and Valentino. Webhelp is owned by management and KKR, a leading global investment firm, as of March 2016. More information can be found at www.webhelp.com

About Runway
Founded in 2003 by Nils Sundling, Runway has become the ideal nearshoring partner for Scandinavian and other European businesses looking for outsourcing services. Runway BPO is an all-included BPO service company, capable of providing various outsourcing services that are individually designed for each client’s specific needs and requirements. Currently Runway serves their client with over 1000 people from 9 locations in 5 countries – Latvia, Lithuania, Estonia, Ukraine, and Spain. More information can be found at www.runwaybpo.com

Additional information:

Sandijs Abolins-Abols
Partner, BaltCap

sandijs.abolins-abols@baltcap.com

Phone: +371 26 513 183

Uldis Priedītis

CEO, Runway BPO

uldis.prieditis@runwaybpo.com

Phone: +371 67 224 437

www.runwaybpo.com

BaltCap’s portfolio company Fitek has purchased 50% of the Serbian business New Image which offers e-invoicing and digital printing solutions in Serbia and Bosnia and Herzegovina. The business will operate in new markets under the name Fitek.

The partnership allows Fitek customers in the Baltic states access to New Image products, and Fitek’s products will gain entry to Serbia and Bosnia and Herzegovina, plus the export markets of Montenegro, Macedonia, and Croatia.

“We acquired shares in Serbia’s New Image in order to widen Fitek’s presence in Europe. We’re taking part in a modern business which offers invoice-sending services in the Balkans. New Image’s smart bill solution is customizable for a client’s needs – it collects all billing information and forwards e-invoices in both digital and analog channels,” said Kaur Lohk, management member of Fitek Group.

Vladimir Ilić, New Image’s General Manager says his clients will benefit from Fitek’s history in the public sector, telecom, utilities, and banking.

“We’ll also be offering the FitekIn platform,” says Ilić, “a full-service purchase invoice solution which significantly reduces the manual labor of bookkeepers. When you accelerate financial transactions, you lower the cost of doing business, and you also free up your financial team to concentrate on bigger-picture issues.”

Fitek and New Image are both well positioned to exploit European Union Directive 2014/55/EL mandating that all EU businesses engaged in state tenders must be ready for e-invoicing by November 2018. As Serbia progresses on its path to EU membership, Fitek and New Image products will help their clients meet EU standards for transaction speed and transparency.

“The Government of Estonia already uses Fitek’s purchase invoice solution to handle its invoices,” notes Lohk. “We look to offer the same services to the governments of these new markets.”

The partnership means Fitek Group now operates in Estonia, Latvia, Lithuania, Slovakia, Serbia, and Bosnia and Herzegovina, and exports its services to 11 countries. The group employs 240 people with an annual turnover exceeding 20 million euros.

Until the beginning of 2016, the financial service automator and fintech company Fitek Group was known as OpusCapita.

Additional information:

Kristjan Kalda
Partner, BaltCap

kristjan.kalda@baltcap.com

Tel.: +372 665 0280

Baltic Coffee Holding (BCH), a leading vending and coffee service company in the Baltics (currently operating under Selecta brand), has acquired Estonia’s coffee service company Vending Automaadid.

“Estonia has a rapidly developing coffee market, and while we see an exciting growth potential for Selecta Estonia, working together with the team of Vending Automaadid will allow us diversify our client portfolio, expand our product offering, increase service efficiency and become a clear market leader in Estonia,” Viktorija Meiksane, the board chairwoman of Baltic Coffee Holding said in a press release.

“We are committed to continue investments in innovations to further improve client experience. Mr. Mart Vips, CEO of Vending Automaadid will join the top management team of Baltic Coffee Holding,” Meiksane added.

The value of the deal has not been disclosed.
Baltic Coffee Holding is owned by private equity company BaltCap.

Contacts for enquiries:

Peeter Saks                                                    

BaltCap
Partner

Tel: +372 665 0285

peeter.saks@baltcap.com

Viktorija Meiksane

Baltic Coffee Holding
Member of the Board

Tel: +37129117768

info@ee.selecta.com
www.selecta.com

BaltCapi portfelliettevõte, Eesti suurim automüügi- ja autouudisteportaal auto24 sõlmis ostu-müügilepingu, mille kohaselt ostetakse kirjastuselt Presshouse kord nädalas ilmuv autoajakiri Autoleht. Autolehe näol on tegemist Eesti suurima autoajakirjaga, mis ilmunud alates 1999. aastast ja millel on värskeima Eesti Lugejauuringu andmeil üle 62 000 püsilugeja.

BaltCap omandas auto24 enamusosaluse käesoleva aasta aprillis. BaltCapi partner Oliver Kullman sõnas: „Mul on hea meel, et kaks edukat ja väärika ajalooga ettevõtet ühinevad. Usun, et viies kokku Autolehe vaieldamatult tugeva toimetuse ja kirjastamiskogemuse ning auto24 digitaalse väljundi, tekib sisukas koostöö, mis võimaldab luua veelgi parema kogemuse Autolehe lugejaile ning auto24 lehe külastajaile.”

“Hindame väga kõrgelt Autolehe toimetust ja kaasautoreid ning nende poolt toodetud ajakirjanduslikku sisu,” kommenteeris auto24 AS tegevjuht Margus Tomberg. “Kindlasti on Autolehe näol tegemist Eesti parima autoajakirjandusega. Aegade jooksul kogunenud artiklid, testisõidud, arvustused ning ülevaated on tulevikus kindlasti leitavad auto24 portaalis, kust lugejad saavad väärtuslikku infot enne ostuotsuste langetamist. Autolehe omandamine on ka järjekordne samm selles suunas, et pakkuda auto24 äriklientidele laiemaid võimalusi enda toodete tutvustamisel ja reklaamimisel. Usume, et koostöös hiljuti omandatud motors24 videoportaaliga tekib Autolehe ajakirjal ning online väljaandel suurepärane sünergia ja tuleviku potentsiaal meedia turul. Eesmärk on kajastada kõike automaailmas toimuvat kõrgeimal tasemel ja Eesti tarbijaile huvipakkuvalt.”

Kirjastuse Presshouse juhatuse liige Janis Kaal: “Küllap oli 1999. aasta kevadel vähe neid, kes uskusid esimest, nappidele ajalehepaberist külgedele trükitud Autolehte vaadates, et sel järjekordsel autoväljaandel pikka iga olema saab. Läks teisiti ja  olen isiklikult tänulik kõigile, kes aegade jooksul Autolehte oma suurema või väiksema panuse on andnud. Mul on hea meel ja kindel tunne anda Autoleht juhtiva autoalase väljaandena üle auto24 toimekale meeskonnale. Olen veendunud, et koostöös Eesti edukaima automüügikuulutuste portaaliga tekkiv sünergia annab hoogu nii ajakirjale, portaalile endale kui täiesti uutele väljunditele, mille loomiseks seni pooltel vajalikke ressursse nappis. Kahe professionaalse meeskonna liitmisest tulenev autoalase meedia areng Eestis saab lähiaastail olema kindlasti iseäranis hoogne ja võidavad sellest nii tarbijad kui äriklientuur.“

Lisainfo:

Oliver Kullman

Tel: +3726650283

e-post: oliver.kullman@baltcap.com

Margus Tomberg
tel: +3726208884
e-post: margus.tomberg@auto24.ee

Janis Kaal
tel: +3725108469
e-post: janis.kaal@presshouse.ee

BaltCap announces new Chief Executive Officer to run portfolio company TREV-2 Group. As of April 1^st, Sven Pertens who formerly managed Lemminkäinen Eesti AS will be appointed as CEO.

“We want to combine the company’s young and ambitious team with Sven’s extensive experience in this sector in order to see TREV-2 Group reach the leadership position in infrastructure construction market,” said Kristjan Kalda, Partner of BaltCap and Chairman of Supervisory Board in TREV-2 Group.

“I also wish to thank the current Chairman of the Board Rein Rätsep for effective job in managing the company. He has done a great job in raising the company’s competitiveness in the Estonian market,” Kalda added.

“I am glad to welcome a new opportunity in infrastructure construction, using my experience and knowledge to contribute to the development of TREV-2 Group,” said Sven Pertens. “I am convinced that our co-operation with well-functioning team can show good results and together we strengthen the company’s market position.”

The main business areas of TREV- 2 Group are road and bridge construction, road maintenance, environmental engineering and mining. The company employs about 400 people.

In March 2017, BaltCap acquired additional 38% of TREV-2 Group shares from East Capital Explorer AB for €5.7 million. BaltCap’s total ownership after the acquisition reached 75%.

Contacts for enquiries:

Kristjan Kalda                                              

BaltCap
Partner

Tel: +372 665 0280

kristjan.kalda@baltcap.com

Sven Pertens

Tel: +372 665 0280

sven.pertens@gmail.com

Baltic private equity house BaltCap together with management acquires 100% of Sanoma Baltics AS, the operator of Estonian online classified sites auto24 and Kuldne Börs from Sanoma Media Finland OY.

BaltCap Private Equity Fund II and the management team signed an agreement to acquire Sanoma Baltics AS. The company operates the auto24 classified portal in Estonia with a strong position in car, motorbike, boat and heavy equipment advertising. It also operates the Kuldne Börs generalist classifieds site in a variety of categories, such as construction materials, agricultural equipment, pets and household goods to name a few.

“The strong local classified sites auto24 and Kuldne Börs are very well managed and operate in a growing market. The sites provide a very useful service to Estonian consumers and businesses by providing an efficient online marketplace. We are excited to work together with the management team to further improve and grow the business of both auto24 and Kuldne Börs,” said Oliver Kullman, partner at BaltCap.

Margus Tomberg, CEO of Sanoma Baltics added, “The new owner BaltCap opens up solid investment and development opportunities to strengthen our existing business and also to expand beyond classified listings. We are looking forward to developing new and innovative solutions to address customer needs.”

“We wish the team and BaltCap a lot of success with the company. From now on, Sanoma Media Finland will focus on further developing our strong, multi-channel operations in Finland,” commented Pia Kalsta, the CEO of Sanoma Media Finland.

The financing is partly provided by LHV pension funds. The fund manager Andres Viisemann said, “Recent legislative changes make it possible for pension funds to make such local investments. Managing pension savings of €1 bn, we plan to increase investments in Estonia,” adding that local investments provide a higher expected return and also boost the local economy.

The transaction is expected to close in spring 2017, following approval from the Estonian Competition Authority.

About BaltCap Private Equity Fund II

BaltCap Private Equity Fund II (BPEF II) makes equity investments in innovative companies based in the Baltic region focusing on buy-and-build opportunities. BPEF II was established in cooperation with the European Investment Fund (EIF) involved in the project through the Baltic Innovation Fund (BIF). The BIF is an initiative created by cooperation between the Republic of Estonia, the Republic of Latvia, the Republic of Lithuania and EIF.

Sanoma Baltics AS

Sanoma Baltics AS is the operator of classified portals auto24.ee, veetehnika.ee, rasketehnika.ee, mototehnika.ee and kuldnebors.ee. The company has around 20 employees in Tallinn and Tartu offices, creating a turnover of €4.4 million.

LHV Varahaldus

The pension funds managed by LHV have over 170,000 clients. The volumes of the pension funds managed by LHV Varahaldus as at the end of February amounted to €991million.

Contacts for enquiries:

Oliver Kullman                                    

BaltCap, Partner

Tel: +372 6650 280

oliver.kullman@baltcap.com

Margus Tomberg

Sanoma Baltics, CEO

Tel: +372 6208 884

margus.tomberg@sanoma.ee
www.sanoma.ee

BaltCap Private Equity Fund II managed by BaltCap has signed an agreement to buy the business operations serving the local markets in the Baltic States from European vending and coffee services company Selecta Group. The Estonian, Latvian and Lithuanian businesses altogether employ about 75 people and generate net sales in excess of € 10 million.

“BaltCap considers Selecta’s Baltic businesses as very successfully managed entities with a fully committed and experienced staff delivering excellent client satisfaction and outstanding results,” says Sandijs Abolins-Abols, Partner of BaltCap. “Thus, we are excited to enter the business that will serve as a solid base for pursuing business opportunities that exist in the Baltic markets.”

“We have been impressed by Baltcap’s knowledge of the Baltic business specificities and ability to develop its portfolio companies. We believe our Estonian, Latvian and Lithuanian businesses will have the ideal new owner to support a continued solid, sustainable and profitable business development,” says David Flochel, CEO of the Selecta Group.

The transaction is subject to the approval of the Competition Authorities. The parties have agreed not to disclose the transaction price.

About BaltCap Private Equity Fund II
BaltCap Private Equity Fund II (BPEF II) was established by BaltCap in cooperation with the European Investment Fund (EIF) involved in the project through the Baltic Innovation Fund (BIF). The BIF is an initiative created by cooperation between the Republic of Estonia, the Republic of Latvia, the Republic of Lithuania and EIF. Investors also include European Bank for Reconstruction and Development (EBRD) and Baltic pension funds managed by Swedbank and SEB Wealth Management as well as LHV Asset Management and fund managers of Danske Capital. The fund invests in small and medium-sized enterprises and capital expansion in the Baltic countries. For further information, please visit BaltCap’s website at www.baltcap.com.

About Selecta Group
Selecta is a leading vending and coffee services company in Europe with a turnover of about € 736 million (for the twelve months ended 30 September 2016) and employing approximately 4,100 people. Founded in 1957 and headquartered in Switzerland, Selecta has grown its geographic market presence to 15 countries across Europe. Selecta serves 6 million consumers every day at its 137,000 point of sales addressing the growing need for out of home food and beverage services at the workplace and on the go. Selecta is putting a strong focus on improving the coffee experience at workplaces through an exclusive partnership with Starbucks as well as by offering a full range of high quality coffee blends such as Selecta’s own miofino brand. In addition, Selecta offers state of the art coffee machines, which are serviced by its own highly professional service organization. Selecta’s Swiss roots stand for service excellence, high quality product offering and innovative concepts for out of home food and beverage services. For further information, please visit Selecta’s website at www.selecta.com.

Additional information:

Sandijs Abolins-Abols

BaltCap
Partner

Phone: +37167356396

sandijs.abolins-abols @baltcap.com

The most groundbreaking transactions in the Baltic region during the last 12 months were announced at the Baltic M&A and Private Equity Forum 2016 gala event in Riga. The winners are Trilini Energy, Providence Equity Partners and BaltCap portfolio company FCR Media Group.

Outbound Deal from the Baltics 2016 award was given to FCR Media Group’s acquisition of Truvo of Belgium (Estonia).

FCR Media Group is Estonia-based provider of local search and operator services that acquired Truvo, a Belgium-based company engaged in publishing telephone directories in print, online and mobile formats, for an undisclosed sum. The acquisition, following a bankruptcy petition filed by Truvo, will save 310 jobs as Truvo will be integrated with FCR Media Belgium.  This was one of the few deals by Estonian buyers with targets outside the Baltics.

In every case, the jury evaluated the strategic importance of the deal for the Baltic market, the deal value and turnover of the target, the complexity and/or innovative nature of the deal, the financing and payment structure, as well as involvement of Baltic stakeholders. The deals under observation were completed within the past 12 months (October 2015 – October 2016).

Additioal information:

Oliver Kullman

BaltCap
Investment Director

Tel: +372 56 463 642

oliver.kullman@baltcap.com

BaltCap portfolio company FCR Media Belgium takes control in the largest digital media agency in Belgium with its 300 employees, including the activities of goudengids.be and pagesdor.be.

FCR Media Group (www.nobeldigital.com) is the leading European digital media agency with activities in 12 European countries, including Belgium, Ireland, Sweden, Czech Republic, Slovakia, the three Baltic countries of Estonia, Latvia and Lithuania, Croatia, Hungary and Romania. In most of its markets, FCR is a Google Premium partner.

Jon Martinsen, CEO of FCR Media Group said, “Our investment in Belgium is a game-changing event for FCR Media, significantly increasing the size of the group.  I look forward to working in partnership with the local management team in Belgium. We believe that FCR Media has a crucial role in helping Belgian SMEs to manage their online presence as well creating business leads for them. This is the vision of FCR – to facilitate commerce and relationships.”

Simonas Gustainis, partner at BaltCap added, “Including Belgium, FCR Media companies have grown by 9 times since our initial investment in 2008, today having total revenues in excess of €130m. We are excited to be part of a growth story within digital advertising and see that the business model of FCR Media – focusing on partnerships with leading global technology companies to satisfy the SME digital presence needs – is a cornerstone of its success. We are very pleased with the addition of Belgian operations to FCR and look forward to working with the local team headed by Birgit Peeters.”

Contacts for enquiries:

Simonas Gustainis                               

BaltCap
Partner

Tel: +370 5 254 6713

simonas.gustainis@baltcap.com

Jon Martinsen

FCR Media Group
CEO

Tel: +372 53 01 5015

jon.martinsen@fcrmedia.com
www.fcrmedia.com

Baltic private equity house BaltCap acquired a majority stake in the leading Estonian occupational health care company Qvalitas Arstikeskus AS (“Qvalitas”).

BaltCap Private Equity Fund II (BPEF II) signed an agreement to acquire 72% of Qvalitas. The remaining 28% are held by the management team. In addition to BPEF II, Erki Mölder, the CEO of Unimed Group is an investor in the holding company carrying out the transaction.

Qvalitas was founded in 1996 and it offers occupational heath care as well as general and specialised medical services in Estonia. The company is mainly known as a high quality occupational health care service provider. Several of the largest Estonian companies are clients of Qvalitas, which provided more than 60,000 different health checks last year. The new investor will support the company’s strategy and invest in the development of new business areas.

Last November, BPEF II announced its investment in Unimed Group (previously Dental Invest Estonia), one of the most innovative private medical groups in Estonia. Unimed clinics provide services in the fields of orthdontics, dentistry, dental labs, specialised medical care and  sleep disorder treatment. Following the current transaction, Qvalitas and Unimed Group become sister companies.

“Occupational health care is a continuously developing area of medicine. People are becoming more aware that occupational health care is an important part of preventive care. I am very glad that through our investment in Qvalitas we can participate in the development of this important field. Qvalitas is a very well managed company and a leader in its market,” commented Martin Kõdar, a Managing  Partner of BaltCap.

Tõnu Velt, CEO of Qvalitas since 2002 added, “We know that BaltCap has made successful investments in health care in the past and therefore I am certain that we have found the right partner to continue developing our company. We also see positive opportunities to cooperate with Unimed Group companies.”

The transaction is expected to close during the summer of 2016, following approval from the Estonian Competition Authority. The parties do not disclose the transaction value.

About BaltCap Private Equity Fund II

BaltCap Private Equity Fund II (BPEF II) makes equity investments in innovative companies based in the Baltic region focusing on buy-and-build opportunities. BPEF II was established in cooperation with the European Investment Fund (EIF) involved in the project through the Baltic Innovation Fund (BIF). The BIF is an initiative created by cooperation between the Republic of Estonia, the Republic of Latvia, the Republic of Lithuania and EIF.

Qvalitas Arstikeskus AS

Qvalitas Arstikeskus AS and its subsidiaries form the leading occupational health care group in Estonia. Qvalitas’ services are available in eight locations and also through mobile health care units. The company was founded in 1996 and today has more than 100 employees.

Contacts for enquiries:

Martin Kõdar                                       

BaltCap, Co-Managing Partner

Tel: +372 6650 280

martin.kodar@baltcap.com

Tõnu Velt

Qvalitas, CEO

Tel: +372 605 1550

tõnu.velt@qvalitas.ee

BaltCap, the private equity and venture capital investor in the Baltic States, will invest in the leading Estonian dental care company Dental Invest Estonia (“DIE”).

BaltCap Private Equity Fund II, advised by BaltCap, has agreed to invest in DIE group through new equity issue acquiring a 56% ownership stake. The management team and the key doctors will own 44% of the shares.

DIE, along with its subsidiaries, is the leading dental healthcare provider in Estonia. Having over 17 years of experience the Group has been the innovation leader in Estonia by adopting modern technologies and introducing new services to the market. Orthodontics (prevention and correction of irregular teeth), restaurative dentistry and children’s dentistry have traditionally been the Group’s core services. Recently DIE has expanded activities now covering also regular dentistry, ENT (ear, nose, throat) disorder treatment, speech therapy, physiotherapy, sleep disorder treatment and oral and maxillofacial surgery. The Group has adopted myofunctional treatment as a teamwork approach that has been highly recognized by medical experts globally. The Group is additionally active in offering dental laboratory services and exporting dental care equipment.

“We believe that healthcare industry has excellent long term perspectives with dental care being one of the fastest growing segments. DIE group has a strong team of professionals and we are impressed with the state-of-the-art chain of clinics they have built. With our investment, BaltCap wants to help the group to develop into a true regional leader in dental and dental related healthcare,” comments Martin Kõdar, Managing Partner of BaltCap.

“We were looking for a long term investor for the group to enable us carry out our expansion plans. We selected BaltCap for their professional approach, dedication and understanding of our business needs. Having BaltCap as a long term partner gives us confidence to expand our service offering and clinics network,” noted Vallo Veering, Founder of DIE.

The transaction is planned to be completed in December 2015 and is subject to the approval of the Estonian Competition Authority. The parties have agreed not to disclose the transaction price.

About BaltCap Private Equity Fund II

BaltCap Private Equity Fund II (BPEF II) makes equity investments in innovative companies based in the Baltic region focusing on buy-and-build opportunities. BPEF II was established in cooperation with the European Investment Fund (EIF) involved in the project through the Baltic Innovation Fund (BIF). The BIF is an initiative created by cooperation between the Republic of Estonia, the Republic of Latvia, the Republic of Lithuania and EIF.

About Dental Invest Estonia

Dental Invest Estonia group of companies aim to offer patients a complete treatment approach including dental care, sleep medicine and myofunctional treatment. The group has 190 employees and 8 clinics across Estonia. Its main subsidiaries include Ortodontiakeskus OÜ, Dental Design OÜ and Dental Export OÜ. In March 2015, DIE opened a new state-of-the-art clinic in Lelle Street 24, Tallinn. In 2016, the group plans to launch a similar new clinic also in Tartu.

Additional information:

Martin Kõdar                                 

Managing Partner

Tel: +372 6650 280

martin.kodar@baltcap.com

Vallo Veering

Founder, Dental Invest Estonia

Tel: +372 6776 800

vallo.veering@ortodontia.ee
www.ortodontia.ee