Welcome to our newsletter, which covers the latest developments in BaltCap and its portfolio.
We are proud of the milestones reached by the BaltCap-backed companies covered in this issue. Bold steps to further internationalise these businesses, as well as remarkable recognition from clients and industry peers, confirm that our companies provide sustainable services and products that make a positive impact.
In February, we also reached an important milestone in the investigation of the misconduct of the former manager of the BaltCap Infrastructure Fund, and announced the main results. Our part of the investigation is now complete, and the rest is being carried out by the respective state institutions. BaltCap has taken all necessary steps to safeguard against similar risks in future, and we have made all relevant improvements in our organisation.
We are working with Infrastructure Fund investors to find a solution to the incident in order to close this chapter. At the same time, we have continued to work on creating outstanding value and delivering exceptional returns to our investors.
Looking ahead—our funds perform well, portfolio companies are generating solid returns, and we are well on track with our mission of building successful businesses in the Baltics.
Peeter Saks
Managing Partner
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BaltCap completed the acquisition of VKG Elektrivõrgud
BaltCap now owns 100% of VKG Elektrivõrgud, the second-largest electricity distribution network operator in Estonia after the state-owned Elektrilevi. BaltCap sees the company as having significant potential for horizontal growth both with electricity and grid-based services.
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BaltCap exits Karell Kiirabi, Estonia’s biggest private ambulance service provider
BaltCap Growth Fund portfolio company Pihlakodu is selling 100% of its subsidiary to the owners of a local retirement home chain called Südamekodud. During BaltCap’s holding period, the company established a strong management team, succeeded in upgrading its fleet and stations, and increased its revenue by around 50%.
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BaltCap-backed infrastructure modernisation completed in Poland
The PPP project of BaltCap portfolio company IZIM and the Polish municipality of Lubań is successfully completed as the sports complex of MOSiR is officially opened after renovation. With the modernisation, the functionality of the sports hall and swimming pool were widened, and the energy class of the buildings was increased, leading to a decrease in energy consumption and related costs.
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Weekend and Rahva Raamat among the best e-shops in Estonia
The Estonian E-Commerce Association held the people’s favourite e-shop contest for the fourth time this year. BaltCap portfolio companies picked several awards. Weekend was voted best e-shop in Estonia, and was also the winner in the clothing and footwear category. Rahva Raamat won in the sports, hobbies and pets category.
– Read more (in Estonian)
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Tradehouse Pretty Curious launched a showroom in Finland
The brand new showroom in Espoo helps Tradehouse to move closer to its beauty fans across the gulf. This is yet another step in the company’s journey towards internationalising its business in the Nordics and Baltics.
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BaltCap-backed Krekenavos continues steps towards green energy targets
The Krekenavos meat processing company in Lithuania is taking another important step to fulfil its sustainability goals by adding eight new electric vehicles and charging stations to its fleet. The vehicles will be charged using green electricity generated by the company’s own solar power plant.
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Gemma first in the Baltics to receive the BREEAM certificate
BaltCap-backed Gemma’s purpose-built Vievis care facility for the elderly has received a BREEAM certificate level of “Excellent”. This is the first certificate in the Baltics granted to a retirement facility. BREEAM is an international science-based sustainability assessment standard for real estate assets. Its categories evaluate energy and water use, health and well-being, pollution, transport, materials, waste, ecology and management processes.
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Workland to launch two new coworking centres
BaltCap portfolio company Workland announced the launch of new coworking centres in Tallinn and Vilnius. The new locations will add 4200 m2 and 450 workspaces to the Workland office network of 16 offices spanning across the Baltics and Finland.
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BaltCap-backed Lemon Gym invests in upgrading its gyms
Lemon Gym invested 500,000 euros to fully modernise its largest club in Riga. In addition to expanded space, new exercise areas and top notch equipment, a brand-new design has also been introduced. The Lemon Gym chain has 19 fitness clubs across the Baltics.
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BaltCap welcomes back Lena
BaltCap team welcomes back Lena Valdmane from parental leave. Lena will take on a new role as a Compliance Assistant. When she previously carried out compliance tasks related to Latvian companies, she will now focus on AML checks across the BaltCap portfolio. Lena holds a master’s degree in Information and Library Management from the University of Latvia.
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BaltCap and Kristjan Kalda at FUNDS ON STAGE
The EstVCA member event invited local funds on stage to give an overview of their fundraising, deals, and team and portfolio updates from 2023. BaltCap was represented by our founding partner, Kristjan Kalda.
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Martin Kõdar at the Invest Europe Investor Reporting Guidelines webinar
The Invest Europe Professional Standards Committee has updated Investor Reporting Guidelines, aiming to reflect recent market and regulatory developments. Along with industry peers, BaltCap partner Martin Kõdar introduced the renewed guide at a webinar dedicated to the event.
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Maido Lillemets on sustainable finance at TalTech
BaltCap’s Head of Legal and Compliance was a guest lecturer in the Tallinn University of Technology’s Master’s level course on sustainable investing. Maido introduced BaltCap’s sustainability framework, and discussed EU sustainability regulations as well as their implications.
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Third semester of the tailored PE & VC course in Estonia’s top universities
Created in cooperation with the Tallinn University of Technology, Estonian Business School, and the EstVCA, the course introduces the role of PE/VC funds in company growth and in the wider ecosystem. BaltCap is proud to be on board with Martin Kõdar and Kristjan Kalda as lecturers.
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Finance Estonia seminar brings together 100+ female students
Riin Savi, Head of Organisational Culture at BaltCap, participated in a panel discussion titled “Women in Finance” organised by Finance Estonia and TalTech. The event aimed to inspire female students in their career choices and to talk about career opportunities and challenges in the financial sector.
– Read more
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25+ years
track record
4
investment strategies
120+
platform investments
40+
investment professionals
6 countries
with branch offices
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€900m
capital raised to date
70+
exits
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