BaltCap

BaltCap is an independent private equity firm focused on small and midmarket buyout and expansion capital investments across the Baltic States. Based in Tallinn, Estonia, it maintains offices in all three Baltic countries and employs a team of 16 professionals who support growth across diverse sectors, including business and financial services, healthcare, industrials, technology, media, telecom, consumer, education, renewable energy, mobility, logistics, cybersecurity and mixed reality. Since its founding in 1995, BaltCap has managed private equity and venture capital funds with total committed capital of over EUR 260 million and has completed more than 60 investments. It is a member of regional private equity associations and has been a signatory to the United Nations Principles for Responsible Investment since 2008, reflecting its commitment to responsible investment practices.

Martins Jaunarajs

Partner

Marek-Andres Kauts

Investment Director

Maciej Kopanski

Investment Director

Oliver Kullman

Partner

Vineta Kutkevica

Financial Director

Marius Miškinis

Investment Director

Eneken Napa

Partner and Finance and Risk Director

Matiss Paegle

Investment Director

Juris Parups

Investment Director

Robertas Petrauskas

Investment Director

Sten Sonts

Investment Director

Sarunas Stepukonis

Infrastructure Fund Partner

Past deals in Estonia

Viru Keemia Grupp

Acquisition in 2023
Viru Keemia Grupp is an Estonian holding group of the oil shale industry, power generation, and public utility companies.

Rahva Raamat

Acquisition in 2022
Rahva Raamat is the largest and oldest retail and wholesale bookseller in Estonia, headquartered in Tallinn. It operates a chain of bookstores that provide a diverse selection of literature, including short stories, novels, magazines, and poetry. In addition to its physical stores, Rahva Raamat also operates an online bookstore, making its offerings accessible to a wider audience. The company is well-regarded for its commitment to promoting reading and providing a comprehensive range of literary works to meet the needs of various readers.

Baltic Ticket Holdings AS

Acquisition in 2021
Baltic Ticket Holdings AS is a prominent ticket distribution company operating in Estonia, Latvia, Lithuania, and Belarus. Founded in 1997 in Tallinn, Estonia, the company initially launched its services under the trademark Piletilevi by selling tickets to high-profile events, including a Michael Jackson concert. Over the years, Baltic Ticket Holdings expanded its operations, establishing ticketing networks in Latvia in 2000 and Lithuania in 2008, followed by a launch in Belarus in 2010. The company manages a comprehensive ticketing system that includes an online platform and a physical network of 400 sales points, catering to a combined population of approximately 7 million people in the Baltics and Belarus. Its in-house online ticketing system, developed since 2001, supports a wide range of events, handling significant sales volumes for major occasions like concerts and festivals. Baltic Ticket Holdings AS has become a leading ticketing provider in the region, consistently adapting its services to incorporate the latest technological advancements.

Kaarli Hambapolikliinik

Acquisition in 2018
Kaarli Hambapolikliinik OÜ is a dental care provider based in Tallinn, Estonia, established in 1998. The clinic offers a range of dental services aimed at promoting oral health and providing quality care to its patients. As of November 2018, Kaarli Hambapolikliinik operates as a subsidiary of DenCap Investeeringud OÜ, which supports its operations and strategic direction. The clinic is recognized for its commitment to patient care and professional dental services in the region.

TREV-2 Grupp

Acquisition in 2017
TREV-2 Grupp is a construction company based in Tallinn, Estonia, specializing in the construction and maintenance of infrastructure and civil engineering works. Established in 1961, the company undertakes projects such as road, bridge, and railway construction and reconstruction, as well as the design and construction of public water supply and sewage systems, including treatment plants and pumping stations. TREV-2 Grupp also operates quarries for gravel, sand, and limestone, produces asphalt, and manufactures various road safety products, including traffic control devices and street signs. In addition, the company provides road maintenance services year-round and offers auxiliary services related to traffic management solutions. Through its comprehensive services, TREV-2 Grupp aims to enhance the quality of life and safety for the communities it serves.

Auto24

Acquisition in 2017
Auto24 operates an online marketplace and classified portal in Estonia for new and used vehicles. It aggregates listings from local car dealerships and enables users to advertise and buy cars, motorbikes, boats and heavy equipment.

Kuldne Bors

Acquisition in 2017
Kuldne Börs generalist classifieds site in a variety of categories, such as construction materials, agricultural equipment, pets and household goods to name a few. Kuldne Börs was founded on 1991 and is headquartered in Tallinn, Estonia.

Qvalitas

Acquisition in 2016
Qvalitas Medical Centre is a private medical centre that offers professional general and specialist service. It provides services according to the waiting list and in the volume pursuant to the contract with the Estonian Health Insurance Fund. It also offers appointment with extra charge for medical service outside waiting list, without health insurance or without the required referral. The company strives to create new and innovative healthcare services, such as health audit and various health packages, according to the wishes and needs of customers. Qvalitas Medical Centre was founded on 1996 and is based in Tallinn, Estonia.

UPRENT

Debt Financing in 2016
UPRENT is a rental provider based in Riga, Latvia, specializing in pumps and pumping systems for various applications in Eastern Europe. Founded in 2013, the company offers a comprehensive range of services, including equipment rental, project planning, delivery, installation, and sales of various pumping equipment. Its inventory includes well point dewatering pumps, sewage pumps, drainage pumps, submersible pumps, and a variety of related equipment such as power generators, trench shoring systems, and hydraulic tools. UPRENT serves multiple industries, including construction, agriculture, mining, and emergency services, providing tailored pumping solutions for projects like sewage pumping, groundwater purification, and industrial reservoir cleaning. The company emphasizes customer satisfaction through effective communication and service adaptation to meet client needs. With branches in Latvia, Lithuania, Estonia, and Poland, UPRENT is committed to delivering efficient services that optimize operational effectiveness and reduce energy costs for its clients.

Fitek Group

Acquisition in 2016
Fitek Group is a financial process automation solutions provider based in Tallinn, Estonia, with operations in Latvia, Lithuania, and Slovakia. Established in 1995, the company specializes in optimizing and automating a wide range of financial processes, including purchase invoice management, document workflow, and complex sales invoice solutions. Fitek serves over 1,000 clients across the Baltic states, Nordic countries, and Central Europe, including leading banks, telecoms, public sector institutions, and various other industries. The company employs more than 130 qualified professionals dedicated to delivering efficient financial solutions that can significantly reduce resource allocation by up to five times. Through its innovative services, Fitek aims to enhance operational efficiency for its customers while lowering their costs.

Eesti Keskkonnateenused

Acquisition in 2015
Eesti Keskkonnateenused is a Tallinn-based waste management and municipal services provider in Estonia. The company collects and processes municipal, household, construction, hazardous and electronics waste, bio-waste, and secondary raw materials, and handles waste transportation and recycling. It offers road and street maintenance, including winter services, and provides waste collection and transfer solutions for private customers and corporate clients. The business supports customers in becoming resource-efficient while reducing environmental pollution. It operates with an integrated health, safety, and environmental management system aligned with ISO 9001, ISO 14001, and OHSAS 18001.

BPT Real Estate

Acquisition in 2015
BPT Real Estate AS is a commercial property management company based in Tallinn, Estonia, with additional offices in Riga, Vilnius, Warsaw, and St. Petersburg. Since its founding in 2001, the company has specialized in providing comprehensive property and asset management services throughout the business life cycle. Its offerings include tenant relationship management, facility management, and the preparation of property budgets and business plans. Additionally, BPT Real Estate assists clients with project management, acquisitions, dispositions, and feasibility studies, while also providing operational financial administration and support for dealings with public authorities. The company serves a diverse clientele, including property owners, institutional investors, and portfolio owners across the Baltic Sea region, leveraging its extensive market knowledge and experience to enhance the value of real estate investments.

Coffee Inn

Private Equity Round in 2012
Coffee Inn is the leading gourmet coffee chain in Lithuania, Latvia and Estonia, successfully launched in 2007 by a group of enterpreneurs and professionals.

Magnetic MRO

Acquisition in 2010
Magnetic MRO AS is a comprehensive provider of aircraft maintenance, repair, and overhaul (MRO) services, catering to airlines, asset owners, original equipment manufacturers (OEMs), and operators. Established in 1995 and headquartered in Tallinn, Estonia, the company has developed a strong reputation for its innovative and digitalized MRO solutions. Its service offerings include total technical support, heavy and line maintenance, engine solutions, integrated engineering services, component repair, and full aircraft painting. Additionally, Magnetic MRO provides asset management services, technical training, and operates an e-platform for leasing and purchasing aircraft engine stands. With a global presence and more than 15 locations, including offices in Miami, London, Amsterdam, Dubai, Guangzhou, and Kuala Lumpur, the company has established itself as a one-stop solution for the aviation industry's maintenance needs. Magnetic MRO was formerly known as Air Maintenance Estonia AS before rebranding in 2014.

Energate OU

Acquisition in 2008
Energate OÜ is a company based in Tallinn, Estonia, specializing in the distribution and sale of natural gas. Established in January 2008, it operates over 120 kilometers of gas pipelines, primarily serving the cities of Tallinn and Tartu. Energate OÜ holds a network license that allows for the development of natural gas networks in five designated areas. Currently, the company is actively developing its networks and selling natural gas in two areas within Tallinn and its surroundings, while also having the rights to extend its infrastructure into Harku, Kohila, and parts of Rakvere and neighboring municipalities. Energate OÜ serves both residential and commercial customers, supplying natural gas for heating and electricity generation.

Tallinna Pesumaja

Private Equity Round in 2006
Tallinna Pesumaja OÜ, established in 2000 and headquartered in Kohila, Estonia, specializes in laundry and textile rental services catering to hotels, hospitals, and restaurants. The company employs advanced technologies, including automated sorting line washing machines and an RFID-based washing management system, to enhance service efficiency. By utilizing environmentally friendly detergents and optimized resource management, Tallinna Pesumaja ensures high-quality cleaning while maintaining competitive pricing. As of 2019, it operates as a subsidiary of Lindström Oy.

NeoQi AS

Private Equity Round in 2005
NeoQi AS is an international company with vast experience in offering innovative SPA equipment. Estonian company established in 2001 - NeoQi AS - offers a variety of conceptual solutions for physical therapy, aesthetic medicine, wellness and spa industry, hardware cosmetology and design. Our goal is to offer to our clients full complex including quality equipment, educational trainings with our specialist, aftersales support, in addition to described services NeoQi offers wide range of cosmetics developed especially for its equipment and provides variety of SPA treatment programs.

IT Koolituskeskuse

Acquisition in 2005
IT Koolituskeskuse is an Estonian company specializing in training services for information and communications technology. The organization focuses on delivering comprehensive educational programs and consultancy services aimed at enhancing skills and knowledge in the field of information technology and communication technologies. Operating primarily within the Baltic States, IT Koolituskeskuse aims to equip individuals and organizations with the necessary tools and expertise to thrive in a rapidly evolving technological landscape. Through its tailored training solutions, the company addresses the growing demand for skilled professionals in the IT sector.

OfficeDay

Private Equity Round in 2004
OfficeDay is a prominent office supplies and service provider operating in the Baltic region, specifically Lithuania, Latvia, and Estonia. The company positions itself as a reliable partner for businesses, offering a comprehensive range of innovative and high-quality office products essential for fostering client growth. OfficeDay boasts the largest office product retail chain in Lithuania, with 20 locations in major and smaller cities, facilitating easy access for customers. In addition to its retail presence, the company employs various channels, including telemarketing, mail, and e-commerce, to reach clients effectively. With operations extending to 25 countries, OfficeDay is committed to delivering essential office solutions to support businesses in their endeavors.

SIA V.L.T

Private Equity Round in 2004
SIA V.L.T. is a Latvian company specializing in the production of egg packaging, specifically egg cartons and trays. Founded in 1992, it initially operated as a retailer of agricultural equipment before transitioning to egg packaging in 1998 after acquiring production equipment from Huhtamaki Oyj. The company further expanded its capabilities by acquiring additional machinery from Huhtamaki Oyj and Ecofeutre, establishing itself as the largest producer of egg cartons and trays in the Baltic states. SIA V.L.T. markets its products through retail chains in the Baltic countries and exports to Lithuania, Poland, Estonia, and the Russian Federation. The company's headquarters is located in Valmiera, Latvia.

Intrac Group

Acquisition in 2002
Intrac Group is a supplier of tracked and wheeled machines, specializing in equipment for the forestry, construction, material handling, and agriculture industries. The company provides a diverse range of machinery, including skidders, harvesters, construction equipment, motor graders, terminal tractors, rollers, and pavers. Intrac Group operates in the Baltic States, specifically Estonia, Latvia, and Lithuania, and serves various sectors such as forestry, port operations, medium-sized industries, farming, quarries, and construction. In addition to selling quality machinery, the company also offers spare parts and related services through a network of stationary workshops and mobile service vans, ensuring comprehensive support for its customers.

Teede REV-2

Acquisition in 1998
Teede REV-2 is a Estonian road building company headquartered in Tallinn. The company provides practically all road building services.

A. Le Coq

Acquisition in 1998
A. Le Coq is Estonia’s oldest and largest drinks manufacturer, headquartered in Tartu. It produces a wide range of alcoholic and non‑alcoholic beverages, including beer, cider, low‑alcohol drinks, juices, waters, soft drinks, sports and energy drinks, syrups, and kvass. The company holds the leading market share in beer, juice, and long drinks, and ranks second in water, soft drinks, and cider. It combines traditional production methods with innovative product development to offer consumers new, healthy flavor combinations while supporting Estonia’s drinking culture.

Vipex

Acquisition in 1998
Vipex is an Estonian limited liability company established in 1992, serving as a representation and distribution center for building materials and home supplies. The company operates as a wholesaler, offering a diverse range of products including interior decoration items, natural stones, sanitary ware, and various household goods. Vipex also specializes in outdoor and design furniture, as well as a variety of construction materials such as slates, ceramic tiles, marble, granite, and sandstone. By representing several well-known brands, Vipex has established a strong presence in Estonia and Eastern Europe, catering to the needs of the construction and home décor markets.
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