BaltCap

BaltCap is an independent private equity firm established in 1995 and based in Tallinn, Estonia. It specializes in buyout and growth investments primarily in small to mid-sized unlisted companies across the Baltic States. With a strong local presence and a team of 16 professionals, BaltCap focuses on various sectors, including business and financial services, healthcare, technology, media, telecommunications, consumer products, renewable energy, and logistics. The firm has managed multiple private equity and venture capital funds, accumulating over EUR 260 million in total capital and completing more than 60 investments. BaltCap is a member of various regional private equity associations and has been a signatory of the United Nations Principles for Responsible Investment since 2008, underscoring its commitment to responsible investment practices.

Sandijs Abolins-Abols

Partner

Sarunas Alekna

Investment Director

Kornelijus Celutka

Partner

Dagnis Dreimanis

Managing Partner

Kristjan Kalda

Partner

Oliver Kullman

Partner

Vineta Kutkevica

Financial Director

Martin Kodar

Managing Partner

Marius Miškinis

Investment Director

Peeter Saks

CEO, Managing Partner

Sten Sonts

Investment Director

Sarunas Stepukonis

Associate Director

Past deals in Latvia

Baltic Ticket Holdings AS

Acquisition in 2021
Baltic Ticket Holdings AS is a ticket distribution company operating across Estonia, Latvia, Lithuania, and Belarus, serving a combined population of approximately 7 million people. Founded in 1997 in Tallinn, Estonia, the company originated with the ticket sales for a Michael Jackson concert and has since expanded its operations significantly. It manages an extensive ticketing network that includes an online platform and around 400 physical sales points throughout the region. The company merged various ticketing operations, notably including Bilesu Serviss in Latvia and BilietuPasaulis in Lithuania, to enhance its market presence. Its in-house online ticketing system, developed since 2001, supports the management of large-scale events, such as concerts and festivals, with significant ticket sales. Baltic Ticket Holdings AS is recognized for selling the largest volume of tickets for events in the Baltics and Belarus, continuously evolving its technology to meet the demands of event organizers and enhance user experience.

Kool Latvija

Private Equity Round in 2018
SIA KOOL Latvija is a fuel retail company based in Riga, Latvia, established in 2016. It operates gas stations that provide a dual service of fuel refilling and convenience shopping. The company offers various snacks and food products along with fuels that are enhanced with additives to improve technical performance and reduce consumption. In addition to its retail offerings, KOOL Latvija also provides customer loyalty cards and business-to-business cards, catering to individual and corporate clients alike. The gas stations are designed to deliver both a quick refueling experience and a comfortable shopping environment for customers.

Anaerobic Holding

Acquisition in 2017
Anaerobic Holding is a biogas plant company based in Latvia that focuses on generating electricity and heat from renewable energy sources. The company operates three biogas plants and has two divisions dedicated to supplying raw materials for biogas production. By converting organic waste into energy, Anaerobic Holding enables its clients to provide surplus heat to businesses and municipalities. This approach not only helps reduce greenhouse gas emissions but also promotes environmentally friendly practices in waste management.

UPRENT

Debt Financing in 2016
UPRENT is a pumping system rental provider which are accompanied with trench shoring systems and power generators. The company serves customers with effective products which enable to get the job done in the shortest time and with lowest energy costs. It guarantees a high level of customer satisfaction by maintaining a constant communication with customers, managing customer satisfaction measurement, identifying customer complaints and needs, and assuring appropriate service according to customer needs and requirements. UPRENT was founded on 2013 and is headquartered in Riga, Latvia.

Fitek Group

Acquisition in 2016
Fitek is a financial process automation solutions and services provider for enterprises and public sector. The company operates in Estonia, Latvia, Lithuania, and Slovakia. Fitek is founded in 1995. The company's services cover most of financial process, from purchase invoice management and document workflow to complex sales invoice solutions. Fitek lowers the costs of customers by optimizing and accelerating the financial processes. The company serves more than 1000 customers in Baltic states, Nordic, and Central European countries. The customers are leading banks and telecoms, public sector institutions, and companies from other industries. There are more than 130 qualified professionals working in Tallinn, Riga, Vilnius and Bratislava sites. Its solutions help customers to save up to 5 times of the resources dedicated to the financial processes.

BPT Real Estate

Acquisition in 2015
BPT Real Estate AS specializes in property and asset management services, catering to commercial real estate investors, owners, and tenants in the Baltic Sea region. Founded in 2001 and based in Tallinn, Estonia, with additional offices in Riga, Vilnius, Warsaw, and St. Petersburg, the company provides a comprehensive range of services throughout the real estate investment lifecycle. Its asset management services include business projections, lease negotiations, reporting, and operational representation to financial institutions. The property management segment focuses on tenant relations, facility management, and budget oversight. Additionally, BPT Real Estate offers support services such as financial administration, project management, and feasibility studies. With a strong emphasis on innovative strategies and industry expertise, the company aims to enhance the value of its clients' real estate investments through tailored solutions.

Post Service SIA

Private Equity Round in 2013
PostService is the largest private postal service company in Latvia with a team of more than 400 employees - postal agents, drivers, brigadier, regional directors, marketing masters and many other specialists. We have developed our own technological postal service solutions, which is a step ahead. We are all amateurs and professionals in our field.

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.

AGroup

Venture Round in 2011
AGroup, established in 2008 as a spin-off from the Latvian office of Robertson & Blums Corporation, specializes in human capital management solutions. The company traces its origins to 1995, when it developed its first payroll solution as an add-on to the SunSystems suite of financial reporting tools. This product, branded as HRB®, quickly gained traction in Eastern Europe, becoming a standard for payroll processing among SunSystems clients. Over the years, HRB® has expanded its offerings to include workforce management, time and attendance, and employee self-service functionalities, catering to evolving customer needs. AGroup now serves over 550 clients across 22 countries, managing more than 250,000 payrolls. The company's solutions are recognized for their multitenancy features, which have attracted independent payroll processors, including ADP for its operations in Poland. AGroup is now regarded as a leader in payroll processing and HR solutions in Eastern Europe, helping organizations streamline their operations and enhance productivity.

Zetcom SIA

Private Equity Round in 2005
ZetCOM provides telecommunication services to make and receive calls across Latvia and abroad. Its services include send and receive short messages, identify incoming calls, redirect calls to another phone number when necessary, and place incoming calls on hold. The company also provides access to Internet with GPRS data transfer and MMS sending. Its phone card offers roaming in Europe, Asia, Africa, Oceania, and America. The company was founded in 2002 and is based in R

Depo DIY

Acquisition in 2005
Depo DIY SIA is a leading DIY retailer in Latvia, established in 2004. The company operates nine retail stores located in key cities, including Riga, Liepaja, Jekabpils, Daugavpils, Rezekne, and Valmiera. With a workforce of over 1,000 employees, Depo DIY specializes in providing a wide range of building materials and home and garden products to both retail and wholesale markets. The company's commitment to quality and service has positioned it as a prominent player in the Latvian DIY sector.

OfficeDay

Private Equity Round in 2004
Officeday is a leading provider of office supplies and services in the Baltic region, specifically in Lithuania, Latvia, and Estonia. The company offers a wide range of innovative and high-quality office products, furniture, and equipment, catering to the needs of businesses to support their growth. Officeday operates the largest office product retail chain in Lithuania, with 20 stores located in major cities and smaller towns. To reach its customers, the company employs various sales channels, including retail stores, telemarketing, mail, and e-commerce, ensuring a comprehensive approach to meet the diverse needs of its clientele.

Intrac Group

Acquisition in 2002
INTRAC is a supplier of tracked and wheeled machines, catering to the forestry, construction, material handling, and agriculture sectors in the Baltic States, specifically Estonia, Latvia, and Lithuania. The company offers a diverse range of equipment, including skidders, harvesters, construction machinery, motor graders, terminal tractors, rollers, and pavers. In addition to selling high-quality machinery, INTRAC provides spare parts and related services to enhance customer support. Its service network is supported by stationary workshops and mobile service vans, ensuring effective maintenance and assistance for clients across various industries, such as forestry, port operations, medium-sized industries, farming, quarries, and construction.

A. Le Coq

Acquisition in 1998
A. Le Coq is the oldest and largest beverage manufacturer in Estonia, specializing in both alcoholic and non-alcoholic drinks. The company's diverse product portfolio encompasses eleven categories, with beers being the primary focus, followed by juices, waters, soft drinks, ciders, light alcoholic beverages, active juice drinks, sports and energy drinks, syrups, and kvass. A. Le Coq is committed to promoting a good drinking culture in Estonia by honoring traditional manufacturing practices while also innovating its offerings to provide consumers with new and healthier flavor combinations. The company holds a leading position in the Estonian drinks market for beer, juice, and long drinks, and is a strong contender in the production of water, soft drinks, and cider, also serving markets in Latvia and Lithuania.
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