2025 is in full swing, and we are happy to share the latest news from BaltCap and its portfolio!
Reflecting on 2024, it was a year of achieving important milestones that will continue to resonate in the months to come. BaltCap funds performed well with the aggregate total revenue of our portfolio companies reaching 1.9 billion euros and EBITDA reaching 190 million euros. Two new investments, a new co-investment from a Nordic LP, four add-ons, and a solid exit summarise our deal-track from last year. Additionally, having reached an agreement on the main terms of the recovery plan with the investors of BaltCap Infrastructure Fund I, allows us to refine plans for the future.
As we set our sights on 2025, our main focus will remain on driving the value of our 37 portfolio companies, backing their growth and success.
Additionally, building a stronger, more resilient organization stays our priority. In January we strengthened our team with two new members: Zinaida Tsukrejeva as our Risk & Compliance Director, and Kirsti Tikan as our Legal Director. Their expertise will play a key role in enhancing our corporate governance framework, and business success.
Thank you for your continued support. Here’s to a productive and prosperous year ahead!
Ege Metsandi
CEO of BaltCap
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Zinaida Tsukrejeva joins BaltCap as Risk & Compliance Director
Zinaida will ensure BaltCap’s regulatory compliance by implementing an effective risk management and compliance framework, while also monitoring the firm’s and its funds’ risk profile. She brings more than 17 years of experience in risk management in the financial sector across the Baltics. Zinaida joins BaltCap from ERGO Insurance SE, where she served as Head of Risk Management in the Baltics. Prior to that she was a manager in the Management Consulting of KPMG Baltics, guiding clients in risk management across various business sectors. Zinaida holds an International Certificate in Financial Services Risk Management from the IRM.
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Kirsti Tikan rejoins BaltCap as Legal Director
Kirsti will oversee all legal aspects of BaltCap's operations, with a focus on corporate governance, fund agreements, and the obligations of a fully licensed alternative investment fund manager. Kirsti has previously worked for BaltCap as Legal Counsel from 2011 to 2019. Prior to that she worked as Legal Counsel for Alta Capital Partners, and as an attorney at the Baltic law firm Ellex Raidla. Kirsti holds a master’s degree with distinction in Corporate and Financial Law from the University of Glasgow, United Kingdom.
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FCR Media-led consortium acquires Mono Solutions
BaltCap portfolio company FCR Media along with 1881 Group and heise have acquired an established SaaS provider, Mono Solutions, to further develop the leading European website technology provider. The combined acquisition is the first project of the three European publishers to meet the growing needs of SMEs in online marketing.
– Read more
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Workland closes its first bond issue
To drive further growth and innovation, Workland Group launched a bond issue in December 2024, resulting in 147 investments by 141 investors. The largest ticket reached €70,000, and the most common investment amount was €1000. The amount raised will be used to partially refinance existing loans. This debut marks a significant step for Workland in the financial markets, as it’s the first time the company has raised funds from retail investors and HNWI. Further tranches of this bond issue are being considered in spring 2025.
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DR.VET invests in cutting-edge medical equipment
BaltCap-backed DR.VET Lazdynai Animal Hospital is the first in the Baltics to introduce a unique nanoscope—an innovative endoscopic system that allows surgeries to be performed with minimal incisions and wounds, providing the best care for pets.
– Read more in Lithuanian
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Piletilevi rebrands for international markets as PLG | Moments That Matter
The rebranding is a relevant milestone in the company’s evolution as well as in becoming the largest ticketing operator in Central Europe. Today PGL operates in seven countries: Estonia, Latvia, Lithuania, the Czech Republic, Poland, Slovakia, and Romania. Serving a market of 79 million people, PLG facilitates 16 mln ticket sales annually with a total value of €310 million. The name PLG, derived from Piletilevi Group, preserves the connection to its original brand while adopting a more international and neutral image. PLG, and the tagline, “Moments That Matter”, reflect the company’s core values.
– Read more
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BaltCap-backed Lemon Gym opens its 24th fitness club
The new club is Lemon Gym’s 10th location in Vilnius, offering a modern and spacious sports facility for health, recovery, and fun. The key features of the new club include a recovery zone with advanced therapies, two spacious group training halls, functional and free weights areas, boxing and cardio zones, table tennis, and a sauna area. Lemon Gym fitness club chain has 24 gyms across the Baltics.
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13 active investments
1 new investment: Fitek
3 add-ons: PLG (formerly Piletilevi Group)
In 2024 BPEF III added one new platform investment by acquiring Fitek, a pre-accounting software platform for invoice management and approval workflow. Remarkable add-ons were made by PLG (Piletilevi) to expand the business across Europe. PLG acquired Ticketing Nation in Romania, and a majority stake in two Polish ticket sales platforms—Kicket.com and Biletomat.pl—and became the largest player in Central Europe, brokering tickets for nearly 320 million euros per year.
BPEF II portfolio company Workland Group launched its first-ever bond issue to raise funds from retail investors and HNWI. The first tranche resulted in 147 investments by 141 investors, the amount raised will be used to partially refinance existing loans. In addition, Workland vigorously expanded its office network in 2024, and opened three modern coworking centres, one in each Baltic capital.
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11 active investments
3 add-ons: Vet Ventures—financing the opening of new clinics in Lithuania
1 exit: Karell Kiirabi
In 2024, the Growth Fund actively advanced its portfolio both in the elderly care and pet care sectors across the Baltics. In elderly care, the facilities of the Pihlakodu chain in Estonia and Gemma houses in Lithuania were expanded and modernised to further improve the quality of care and offer the service to a larger number of people. Gemma’s Vievis house received the BREAAM Certificate as a testament to its high level of sustainability. In pet care, the DR.VET chain introduced new and expanded clinics equipped with top-tier medical technology and novel digital solutions to provide best-in-class services for pets and their owners.
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13 active investments
1 new investment: VKG Elektrivõrgud (rebranded to Viru Elekter)
In 2024 BInF II completed the acquisition of VKG Elektrivõrgud, the second largest electricity distribution network operator in Estonia. In addition to being an electricity DSO, the company is engaged in solar, electricity storage, electric vehicle charging, electricity sales, and grid O&M businesses. Anaerobic Holding completed its transition from biogas to biomethane production, with a total capacity of ca 110 GWh of biomethane annually, produced entirely from organic waste. Forest Investment increased its capacity by 14.5 MW by launching a new biomass combined heat and power plant (CHP) in Alytus, Lithuania. PV Power added four solar parks with a total capacity of 14.7 MW to its solar farms in Latvia. All of the remaining projects in Poland have been commissioned during 2024 and have entered an O&M phase.
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25+ years
track record
100+
platform investments
25+
investment professionals
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€900m
capital raised to date
60+
exits
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