Welcome to BaltCap’s December newsletter, which covers our latest news and summarizes the year!
2022 has been a year to remember, one that will redefine Europe, democratic systems, and the world as we know it. It has also been a year that has taught us about resilience, self-reliance, and the power of networks. We need to continue to patiently support Ukraine until it wins. This is the ultimate sustainability project.
For BaltCap, 2022 marks the maturation of our many funds. Altogether, we made 9 new investments and 9 add-ons while continuing our work to build sustainable business champions. We also exited six companies to a wide variety of solid international investors – further integrating our region with what is happening in the rest of the developed world.
The success of our portfolio companies is the best way for us to contribute to the increased resilience and cohesiveness of our society. In this context, renewable energy, cyber security, knowledge, and education, among others, were the focus of our investments in 2022. Our portfolio companies have the potential to not only grow but also contribute to society, thereby improving our understanding of each other as well as our well-being.
I wish everyone a peaceful holiday season and a meaningful new year ahead.
Simonas Gustainis
Managing Partner
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New investments: 2
Add-ons: 2
Exits: 3
BPEF III added two platform investments in 2022. One new platform was the acquisition of the leading book retail and publishing businesses Alma Littera in Lithuania and Rahva Raamat in Estonia. The second new platform involves developing a modern elderly care services chain in Latvia, starting with the acquisition of Dzives Abece. The mature buyout funds continued divestments by exiting Uprent, BPT Real Estate and Intrac.
– Read more
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New investments: 2
Add-ons: 2
Exits: 2
In 2022, BGF made two new investments: Nord Security, global leader in internet privacy and security solutions, and Vet Ventures, a Pan-Baltic veterinarian platform. Portfolio companies were actively pursuing organic and M&A opportunities. Gemma has started construction of new elderly care house in Vievis. Weekend entered Latvian market with two shops opened in 2022. BaltCap’s Latvian VC fund exited BlueBridge and Vendon.
– Read more
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New investments: 2
Add-ons: 1
Exits: 1
In 2022, BInF made two last platform investments – PV Power to develop solar energy generation in Latvia and Police Headquarters PPP project in Lithuania. BlnF also made its first exit by selling Energia Verde, a CHP plant in Riga, to a Partners Group company. In addition, the landmark PPP project with Kaunas district municipality to upgrade and modernise education infrastructure has reached a key milestone with three schools opening in September 1.
– Read more
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New investments: 3
Follow-ons: 4
Unicorns on board: 4
In 2022, NordicNinja invested in three new companies: Starship Technologies, Rens, and Pactum. In addition, four follow-on investments were made – Einride, Ready Player Me, Varjo, and Logmore. As of December 2022, NordicNinja Fund 1 has now a portfolio of 20 companies, of which four have become unicorns.
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November and December: Deal and Portfolio News
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BaltCap enters the Latvian social and healthcare sector
Acquiring the assets of Dzives Abece, a social care center in Riga, is the first step in establishing a social and healthcare chain to provide high-quality care services across Latvia. With the investment, BaltCap aims to diversify the range of high-quality care services in Latvia for seniors and other client groups. – Read more
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BaltCap to develop a €22 million Police Headquarters PPP project in Lithuania
BaltCap and the Police Department of Lithuania have signed a contract to design, build, finance and operate the new County Police Headquarters in Šiauliai, Lithuania. It will include a new 4-storey building with an area of almost 5,200 square meters for 245 employees. – Read more
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BaltCap sells Blue Bridge Technologies to Everfield
BaltCap sells the leading medical practice management systems provider in Latvia to Everfield, a specialized software investor backed by private investment firm Aquiline Capital Partners. Blue Bridge offers a unique set of products and skills that sets them apart in the healthcare and health insurance verticals. – Read more
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BaltCap invests in leading Estonian vet clinic
BaltCap Growth Fund invested in Tiina Toomet Veterinary Clinic, the leading vet clinic in Estonia. The current owners, Tiina Toomet and Ülle Kell, are now co-shareholders of BaltCap-owned Vet Ventures, which aims to roll out a Pan-Baltic veterinarian platform. Prior to Toomet’s clinic, five Lithuanian based clinics had joined the chain.
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The ground-breaking ceremony of the British School of Vilnius’s new campus
The construction of the British School of Vilnius campus, developed by the BaltCap Infrastructure Fund, got underway. This ceremony marks an important phase in establishing a modern educational complex with an inspiring study environment for 400 children in Vilnius. – Read more
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BaltCap invests in raising the quality standard of long-term care in Lithuania
BaltCap Growth Fund portfolio company Gemma started the construction of a modern seniors’ home in Vievyje, Lithuania. The 160-bed facility is expected to be completed in October 2023. Jonas Zelba, the CEO of Care Investments, the holding company responsible for the expansion, talked about the market situation and future plans.
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Lemon Gym keeps expanding and opens a new club in Riga
BaltCap’s portfolio company Lemon Gym opened its 8th club in Latvia and 19th club in the Baltic States. The new club Plavnieki has more than 1400 m2 of space for different fitness activities. Today, more than 32 000 members enjoy the services of Lemon Gym.
– Take a look at the new club
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BaltCap Infrastructure Fund starts to construct the largest PV plant in Latvia
The first PV Power project kicked off to build a 6.5 MW PV plant in Latvia, currently the largest in the country. According to the agreement, all electricity will be sold with fixed price based on a long-term contract to one of the largest energy consumers in the Baltics – cement producer Schwenk.
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BaltCap backs outstanding students of SSE Riga
In cooperation with the Alumni Association of Stockholm School of Economics in Riga, BaltCap awarded a scholarship for outstanding study performance to Roberts Ralfs Varslavs, a second-year student at SSE Riga. Matīss Paegle was on site to present the award on behalf of BaltCap. – Read more
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Marek-Andres Kauts at TGS Baltic’s webinar, “Where will money flow?”
BaltCap’s Investment Director participated in a TGS webinar focusing on state aid and investments in energy, infrastructure, and the environment. Marek-Andres stressed that when developing the market, we should keep in mind that a self-functioning market is always better than one with strong dependence on state aid. – Read more
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Trends in sustainability reporting
Riin Savi, the lead of ESG initiatives in BaltCap, discussed the latest news in ESG reporting with colleagues from COOP Pank, Merko, and Ülemiste City at the PwC Financial Conference. Riin said we cannot escape ESG, and it is up to us to decide if ESG is merely a reporting exercise or a way of thinking that helps to develop a systematic sustainability approach for companies.
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BaltCap at Private Equity CFOs & COOs Forum
Maido Lillemets, Head of Legal and Compliance, and Juri Pervjakov, Head of Finance and Technology, participated in the forum for PE CFOs and COOs in London. Maido joined an ESG panel, where he shared experiences on streamlining and optimizing compliance processes in the ESG transition.
– Read more
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BaltCap with Neste MY raises awareness on taking climate action
BaltCap Managing Partner Martin Kõdar participated in the campaign to introduce the main steps of BaltCap’s portfolio regarding climate action: investing in renewable energy, increasing energy efficiency, optimizing transport routes, and using renewable diesel in collaboration with Neste.
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