BaltCap Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, BaltCap has acquired 4 companies. It has also invested in 1 other.

BaltCap’s most common sectors for investment are healthcare services (13%) and retail (10%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (66%) and growth capital (25%). In total, BaltCap has invested in 1 US state and 8 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 Activity101
    • M&A Buy Activity73
    • M&A Sell Activity28
  • Total Sectors Invested 34
  • Total Countries Invested 8
  • M&A Buy/Sell Connections 14
  • M&A Advisors 7

BaltCap

J.Jasinskio 16b,
Vilnius, LV-1046
Latvia,
+371 67214225
www.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, however the Firm will not invest in gambling, arms or hard liquor manufacturing, financial services, real estate, insurance or environmentally hazardous businesses. For VC transactions, BaltCap's minimum investment size is €300k, and for buyouts, €3 million. The Firm will consider both majority and minority positions. BaltCap was formed in 1995 and has offices in Tallinn, Riga, and Vilnius.


Investment Criteria

Sectors of Interest: Aerospace, Beverages, Building Materials, Business Services, Construction, Consumer Services, Distribution, Engineering, Machinery, Manufacturing, Media, Packaging, Retail

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

Geographic Preferences: West US, United Kingdom, Eastern Europe, Scandinavia

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 3 -
Enterprise Value 5 40
values in millions of EUR

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (1.4/yr) # 66 1 4 2 - - 73
vol $2M $2M
Sell (1.6/yr) # 20 2 - 5 1 - 28
vol $48M $48M
  101

Most Recent M&A

Company Date Value Type
auto24 AS 2019-08-23 - Add-on Acquisition
Tallinn, Estonia · www..auto24.ee
KOOL Latvija LLC 2018-11-07 - Stake Purchase
Riga, Latvia · www.kool.lv
InMedica klinika 2018-10-15 - Secondary Buyout
Vilnius, Lithuania · www.inmedica.lt
Coffee Inn 2018-10-03 - Add-on Acquisition
Vilnius, Lithuania · www.coffee-inn.lt
Kaarli Hambapolikliinik OÜ 2018-10-03 - Buyout (LBO, MBO, MBI)
Tallinn, Estonia · www.khp.ee
AS TREV-2 Grupp 2018-05-25 - Add-on Acquisition
Tallinn, Estonia · www.trev2.ee
SIA Runway 2018-05-16 - Add-on Acquisition
Riga, Latvia · www.runway.ee
Magnetic MRO AS 2018-01-03 48M EUR Add-on Acquisition
Tallinn, Estonia · www.magneticmro.com
Anaerobic Holding SIA 2017-12-21 - Buyout (LBO, MBO, MBI)
Iecava, Latvia
Sanoma Baltics AS 2017-03-15 - Divestiture
Tallinn, Estonia · www.kuldnebors.ee
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
FCR Media Baltics SIA 2008-02-01 Truvo Belgium Comm. V 2016-07-01 1
Tallinn, Estonia · www.fcrmedia.com Antwerp, Belgium
Ecoservice UAB 2014-03-31 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 5 (15%) - 9 (12%) -
Retail 2 (6%) - 7 (10%) -
Business Services - - 5 (7%) 2M (100%)
Construction - - 4 (5%) -
Information Technology 1 (3%) - 4 (5%) -
Engineering 3 (9%) - 3 (4%) -
Food 1 (3%) - 3 (4%) -
Internet Software and Services - - 3 (4%) -
Software 2 (6%) - 3 (4%) -
Beverages - - 2 (3%) -
Consumer Products 1 (3%) - 2 (3%) -
Environmental 2 (6%) - 2 (3%) -
Furniture 1 (3%) - 2 (3%) -
Manufacturing - - 2 (3%) -
Media 2 (6%) - 2 (3%) -
Renewable Energy 1 (3%) - 2 (3%) -
Aerospace 1 (3%) - 1 (1%) -
Apparel/Textiles - - 1 (1%) -
Communications - - 1 (1%) -
Consumer Services 1 (3%) - 1 (1%) -
Digital Media 1 (3%) - 1 (1%) -
Distribution - - 1 (1%) -
Electrical Equipment 1 (3%) - 1 (1%) -
Energy Services and Equipment - - 1 (1%) -
Life Science 1 (3%) - 1 (1%) -
Machinery 1 (3%) - 1 (1%) -
Marine - - 1 (1%) -
Medical Products 1 (3%) - 1 (1%) -
Metals/Mining 1 (3%) - 1 (1%) -
Oil/Gas Exploration 1 (3%) - 1 (1%) -
Packaging 1 (3%) - 1 (1%) -
Restaurants - - 1 (1%) -
Staffing 1 (3%) - 1 (1%) -
Technology Hardware 1 (3%) - 1 (1%) -
Total 33 - 73 $2M

Acquisitions By Geo

State/Country Current # Value All-time # Value
Latvia 16 (48%) - 26 (36%) 2M (100%)
Estonia 10 (30%) - 24 (33%) -
Lithuania 3 (9%) - 17 (24%) -
United Kingdom 1 (3%) - 2 (3%) -
United States 1 (3%) - 1 (1%) -
  California 1 (3%) - 1 (1%) -
Sweden 1 (3%) - 1 (1%) -
Switzerland 1 (3%) - 1 (1%) -
Domestic 16 (48%) - 26 (36%) 2M (100%)
Cross-border 17 (52%) - 46 (64%) -
Total 33 - 72 $2M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 15 (45%) - 48 (66%) 2M (100%)
Growth Capital 14 (42%) - 18 (25%) -
Divestiture 3 (9%) - 4 (5%) -
Stake Purchase 1 (3%) - 3 (4%) -
Total 33 - 73 $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

260M EUR

Established

1995

Specialist/Generalist

Generalist

Leadership

Matts Andersson

Founder & Senior Adviser

Peeter Saks

Managing Partner

Martin Kodar

Managing Partner

Simonas Gustainis

Managing Partner

Dagnis Dreimanis

Managing Partner

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