BaltCap Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, BaltCap has acquired 7 companies. It has also invested in 12 others.

BaltCap’s most common sectors for investment are healthcare services (11%) and business services (10%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (55%) and growth capital (24%). In total, BaltCap has invested in 1 US state and 9 different countries. Its largest (disclosed) acquisition occurred in 2010 when it acquired Primekss SIA for $2M.

In the last 3 years, BaltCap has exited 6 companies. The Firm’s most common exit type is trade sale (58%). BaltCap’s largest (disclosed) exit occurred in 2018 when it sold Magnetic MRO AS for $48M.

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M&A Summary

  • M&A Total Activity121
    • M&A Buy Activity93
    • M&A Sell Activity28
  • Total Sectors Invested 36
  • Total Countries Invested 9
  • M&A Buy/Sell Connections 14
  • M&A Advisors 7

BaltCap

Tartu mnt. 2,
Tallinn, 10145
Estonia
+372 665 0280
www.baltcap.com
info@baltcap.com

BaltCap is a private equity and venture capital group focused on investing in the Baltic States of Latvia, Estonia, and Lithuania. The Firm looks to fund buyouts, buy-ins, and growth capital needs. BaltCap is a generalist investor and will consider opportunities in a wide range of sectors. The Firm will consider both the majority and minority positions. BaltCap was formed in 1995 and has offices in Tallinn, Riga, Vilnius, Helsinki, Stockholm, and Warsaw.


Investment Criteria

Sectors of Interest: Agriculture, Business Services, Consumer Services, Electronics, Environmental, Food, Furniture, Healthcare Services, Information Technology, Internet Software and Services, Machinery, Marketing, Metals/Mining, Real Estate, Renewable Energy, Retail, Software, Technology Hardware

Target Transaction Types: Buyout (LBO, MBO, MBI), Growth Capital, Venture

Geographic Preferences: United Kingdom, Eastern Europe, Scandinavia

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 5 20
Enterprise Value 10 50
values in millions of EUR

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (4.4/yr) # 71 3 5 2 7 5 93
vol $2M $2M
Sell (1.6/yr) # 20 2 - 5 1 - 28
vol $48M $48M
  121

Most Recent M&A

Company Date Value Type
UAB Gemma Health Center 2020-05-01 - Growth Capital
Vilnius, Lithuania · www.gemma.lt
AB Krekenavos agrofirma 2020-04-01 - Buyout (LBO, MBO, MBI)
Kėdainiai, Lithuania · www.krekenavos.lt
Mėsa LT 2020-04-01 - Buyout (LBO, MBO, MBI)
Čečetai, Lithuania
Logmore 2020-04-01 - Venture
Jyväskylä, Finland · www.logmore.com
Sensible 4 Ltd. 2020-02-01 - Venture
Espoo, Finland · www.sensible4.fi
IZIM sp. Z o. O (Inwestycje Infrastrukturalne) 2019-11-01 - Venture
Warszawa, Poland · www.izim.pl
Combinostics Oy 2019-11-01 - Venture
Tampere, Finland · www.cneuro.com
Einride 2019-10-01 - Venture
Stockholm, Sweden · www.einride.tech
auto24 AS 2019-08-23 - Add-on Acquisition
Tallinn, Estonia · www..auto24.ee
Bolt Technology OÜ 2019-07-01 - Venture
Tallinn, Estonia · www.bolt.eu
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
FCR Media 2008-02-01 Truvo Belgium Comm. V 2016-07-01 1
Tallinn, Estonia · www.fcrmedia.com Antwerp, Belgium
Ecoservice UAB 2014-04-01 AB specialized transport 2015-04-28 1
Vilnius, Lithuania · www.ecoservice.lt Šiauliai, Lithuania · www.abst.lt

M&A by Sector

Sector Current # Value All-time # Value
Healthcare Services 3 (8%) - 10 (11%) -
Business Services 4 (11%) - 9 (10%) 2M (100%)
Information Technology 4 (11%) - 8 (9%) -
Retail 2 (5%) - 7 (8%) -
Food 3 (8%) - 5 (5%) -
Internet Software and Services 2 (5%) - 5 (5%) -
Software 3 (8%) - 5 (5%) -
Construction - - 4 (4%) -
Consumer Services 3 (8%) - 3 (3%) -
Environmental 2 (5%) - 3 (3%) -
Renewable Energy 2 (5%) - 3 (3%) -
Beverages - - 2 (2%) -
Consumer Products - - 2 (2%) -
Engineering - - 2 (2%) -
Furniture 1 (3%) - 2 (2%) -
Manufacturing - - 2 (2%) -
Technology Hardware 2 (5%) - 2 (2%) -
Aerospace - - 1 (1%) -
Agriculture 1 (3%) - 1 (1%) -
Apparel/Textiles - - 1 (1%) -
Communications - - 1 (1%) -
Digital Media - - 1 (1%) -
Distribution - - 1 (1%) -
Electrical Equipment - - 1 (1%) -
Electronics 1 (3%) - 1 (1%) -
Energy Services and Equipment - - 1 (1%) -
Life Science - - 1 (1%) -
Machinery 1 (3%) - 1 (1%) -
Marine - - 1 (1%) -
Marketing 1 (3%) - 1 (1%) -
Media - - 1 (1%) -
Metals/Mining 1 (3%) - 1 (1%) -
Oil/Gas Exploration - - 1 (1%) -
Packaging - - 1 (1%) -
Real Estate 1 (3%) - 1 (1%) -
Restaurants - - 1 (1%) -
Total 37 - 93 $2M

Acquisitions By Geo

State/Country Current # Value All-time # Value
Estonia 7 (19%) - 29 (32%) -
Latvia 12 (32%) - 26 (28%) 2M (100%)
Lithuania 10 (27%) - 26 (28%) -
Finland 4 (11%) - 4 (4%) -
United Kingdom 1 (3%) - 3 (3%) -
Sweden 2 (5%) - 2 (2%) -
Poland 1 (3%) - 1 (1%) -
United States - - 1 (1%) -
  California - - 1 (1%) -
Domestic 10 (27%) - 26 (28%) -
Cross-border 27 (73%) - 66 (72%) 2M (100%)
Total 37 - 92 $2M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 8 (22%) - 51 (55%) 2M (100%)
Growth Capital 14 (38%) - 22 (24%) -
Venture 13 (35%) - 13 (14%) -
Divestiture 1 (3%) - 4 (4%) -
Stake Purchase 1 (3%) - 3 (3%) -
Total 37 - 93 $2M

Exits by Deal Type

Type Total # Value
Trade Sale 24 (86%) -
Trade Sale - Public Company 2 (7%) 48M (100%)
Secondary Sale 2 (7%) -
Total 28 $48M

Top M&A Advisors

Financial Deals
Superia Corporate Finance
 2
Alpha Advisors UAB
 1
Seabury Capital LLC (Seabury Group)
 1
Legal Deals
SORAINEN
 1
Raidla Lejins & Norcous
 1
TGS Baltic
 1

Deal Values

buy # Total
< $100M 1 $2M
TOTAL $2M
Largest Primekss SIA
$2M (2010-10-18)
sell # Total
< $100M 1 $48M
TOTAL $48M
Largest Magnetic MRO AS
$48M (2018-01-03)

M&A Connections

Deals %
Acquired from
Strategic(s)
100%
4 100%
Exited to
PE Firm(s)
9%
1 9%
Strategic(s)
91%
10 91%

Investor Summary

Size

Middle-Market

PE Assets

400M EUR

Established

1995

Specialist/Generalist

Generalist

Leadership

Kristjan Kalda

Founding Partner

Dagnis Dreimanis

Managing Partner

Martin Kodar

Managing Partner

Peeter Saks

Managing Partner

Simonas Gustainis

Managing Partner

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