BaltCap Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, BaltCap has acquired 2 companies.

BaltCap’s most common sectors for investment arehealthcare services (11%) and business services (10%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (56%) 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 1 company. The Firm’s most common exit type is trade sale (56%). 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 Activity124
    • M&A Buy Activity95
    • M&A Sell Activity29
  • Total Sectors Invested 37
  • Total Countries Invested 9
  • M&A Buy/Sell Connections 14
  • M&A Advisors 8

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, Nordic

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 ≤ '19 '20 '21 '22 '23 '24 T
Buy (1.4/yr) # 88 5 1 - 1 - 95
vol $2M $2M
Sell (0.2/yr) # 28 - 1 - - - 29
vol $48M $48M
  124

Most Recent M&A

Company Date Value Type
VKG Elektrivõrgud OU 2023-10-23 - Buyout (LBO, MBO, MBI)
Narva, Estonia · www.vkgev.ee
Ecoservice UAB 2021-05-18 - Trade Sale
Vilnius, Lithuania · www.ecoservice.lt
Baltic Ticket Holdings OU 2021-01-19 - Buyout (LBO, MBO, MBI)
Tallinn, Estonia
UAB Gemma Health Center 2020-05-01 - Growth Capital
Vilnius, Lithuania · www.gemma.lt
AB Krekenavos agrofirma 2020-04-01 - Buyout (LBO, MBO, MBI)
Kedainiai, Lithuania · www.krekenavos.lt
Mėsa LT 2020-04-01 - Buyout (LBO, MBO, MBI)
Čečetai, Lithuania
Logmore 2020-04-01 - Venture
Jyvaskyla, Finland · www.logmore.com
Sensible 4 Ltd. 2020-02-01 - Venture
Espoo, Finland · www.sensible4.fi
IZIM sp. Z o. O 2019-11-01 - Venture
Warszawa, Poland · www.izim.pl
Combinostics Oy 2019-11-01 - Venture
Tampere, Finland · www.combinostics.com
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Healthcare Services 3 (8%) - 10 (11%) -
Business Services 4 (11%) - 9 (9%) 2M (100%)
Information Technology 4 (11%) - 8 (8%) -
Retail 2 (5%) - 7 (7%) -
Internet Software and Services 3 (8%) - 6 (6%) -
Food 3 (8%) - 5 (5%) -
Software 3 (8%) - 5 (5%) -
Construction - - 4 (4%) -
Consumer Services 3 (8%) - 3 (3%) -
Environmental 1 (3%) - 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%) -
Utilities 1 (3%) - 1 (1%) -
Total 38 - 95 $2M

Acquisitions By Geo

State/Country Current # Value All-time # Value
Estonia 9 (24%) - 31 (33%) -
Lithuania 9 (24%) - 26 (28%) -
Latvia 11 (29%) - 25 (27%) 2M (100%)
Finland 4 (11%) - 4 (4%) -
United Kingdom 2 (5%) - 4 (4%) -
Sweden 2 (5%) - 2 (2%) -
Poland 1 (3%) - 1 (1%) -
United States - - 1 (1%) -
  California - - 1 (1%) -
Domestic 9 (24%) - 26 (28%) -
Cross-border 29 (76%) - 68 (72%) 2M (100%)
Total 38 - 94 $2M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 9 (24%) - 53 (56%) 2M (100%)
Growth Capital 14 (37%) - 22 (23%) -
Venture 13 (34%) - 13 (14%) -
Divestiture 1 (3%) - 4 (4%) -
Stake Purchase 1 (3%) - 3 (3%) -
Total 38 - 95 $2M

Exits by Deal Type

Type Total # Value
Trade Sale 25 (86%) -
Trade Sale - Public Company 2 (7%) 48M (100%)
Secondary Sale 2 (7%) -
Total 29 $48M

Top M&A Advisors

Financial Deals
Superia Corporate Finance
 2
Seabury Capital LLC (Seabury Group)
 1
Alpha Advisors UAB
 1
Legal Deals
COBALT Legal
 2
TGS Baltic
 1
Noor
 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)
4%
4 (4%)
Exited to
Investor(s)
3%
1 (3%)
Strategic(s)
38%
11 (38%)

Investor Summary

Investor Type

Private Equity Firm

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

FAQ

When was BaltCap founded?

BaltCap was founded in 1995.

What type of investor is BaltCap?

BaltCap is a private equity firm.

Where is BaltCap headquartered?

BaltCap is headquartered in Tallinn, Estonia.

How much capital does BaltCap have under management?

BaltCap has 400M EUR under management.

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