BaltCap

BaltCap is a prominent independent private equity firm specializing in small and midmarket buyout and expansion capital investments across the Baltic States. Established in 1995, the firm manages various private equity and venture capital funds, totaling over EUR 260 million in capital and having made more than 60 investments. With a strong presence in Estonia, Latvia, and Lithuania, BaltCap operates local offices staffed by an experienced team of professionals. The firm is committed to responsible investment practices, having been a signatory of the United Nations Principles for Responsible Investment since 2008. Additionally, BaltCap manages the BaltCap Infrastructure Fund, which focuses on greenfield projects in sectors such as energy and clean technology, and aims to invest in multiple projects within the Baltic region. The firm is also engaged in providing financing for established companies with growth potential, seeking to build a diverse portfolio of investments.

Sandijs Abolins-Abols

Partner

Sandra Aile

Investment Director

Šarunas Alekna

Partner

Matts Andersson

Partner and Senior Adviser

Kornelijus Celutka

Partner

Dagnis Dreimanis

Managing Partner

Simonas Gustainis

Managing Partner

Andrei Haritonov

Associate Director

Martins Jaunarajs

Partner

Heidi Kakko

Growth Fund Partner

Kristjan Kalda

Founding Partner

Maciej Kopanski

Investment Director

Oliver Kullman

Partner

Martin Kõdar

Managing Partner & Member of Investment Committee

Marius Miškinis

Investment Director

Eneken Napa

Financial Director

Astra Neimane

Investment Director

Matiss Paegle

Investment Director

Juris Parups

Investment Director

Juri Pervjakov

Financial Director

Robertas Petrauskas

Associate Director

Kristjan-Mart Piirsalu

Investment Associate

Janis Pranevics

Associate Director

Peeter Saks

Managing Partner & Board Member

Sten Sonts

Investment Director

Liudas Stembra

Investment Director

Peteris Treimanis

Investment Director

Criss Uudam

Investment Director

Astra Šepa

Investment Director

Past deals in Estonia

Kaarli Hambapolikliinik

Acquisition in 2018
Kaarli Hambapolikliinik OÜ provides dental care services. The company was founded in 1998 and is based in Tallinn, Estonia. As of November 2, 2018, Kaarli Hambapolikliinik OÜ operates as a subsidiary of DenCap Investeeringud OÜ.

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. Founded in 1961, the company undertakes projects such as the construction and reconstruction of roads, bridges, railways, and public water supply and sewerage systems. TREV-2 Grupp also designs and builds district heating systems and operates various quarries for gravel, sand, and limestone, producing asphalt and mineral construction materials. Additionally, the company manufactures and sells traffic control devices and offers temporary traffic management solutions. Its operations aim to enhance the quality of life and safety for the community by providing reliable and sustainable infrastructure solutions.

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.

auto24

Acquisition in 2017
Auto24 is a marketplace for used and new cars with sales information by local car dealerships in Estonia. The company 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 company specializing in pumping systems and related equipment, operating primarily in Eastern Europe. Founded in 2013 and headquartered in Riga, Latvia, the company offers a comprehensive range of services, including equipment rental, project scheduling, cost calculations, delivery, installation, and sales of various pumping systems. Its product offerings include well point dewatering pumps, sewage pumps, submersible pumps, and a variety of accessories, alongside trench shoring systems and power generators. UPRENT caters to diverse industries such as construction, agriculture, mining, and emergency services, addressing needs like sewage pumping, groundwater purification, and industrial reservoir cleaning. The company prioritizes customer satisfaction by maintaining open communication, actively addressing customer feedback, and tailoring services to meet specific requirements. With branches in Latvia, Lithuania, Estonia, and Poland, UPRENT aims to deliver efficient solutions that minimize energy costs and enhance operational effectiveness.

Fitek

Acquisition in 2016
Fitek 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 financial processes, offering services that encompass purchase invoice management, document workflow, and sales invoice solutions. Fitek aims to reduce customer costs by streamlining and accelerating financial operations, serving over 1,000 clients across the Baltic states, Nordic countries, and Central Europe. Its clientele includes leading banks, telecoms, public sector institutions, and various industries. The company employs more than 130 qualified professionals across its offices in Tallinn, Riga, Vilnius, and Bratislava, helping customers save significant resources—up to five times—dedicated to financial processes.

EKT

Acquisition in 2015
Eesti Keskkonnateenused operates as a providers of waste management and municipal services. The company collects secondary raw materials, construction waste, and other waste. The company also provides road and street maintenance in some areas. The company has applied an integrated health, safety, and environmental management system based on ISO 9001, ISO 14001, and OHSAS 18001 standards. Eesti Keskkonnateenused was founded on 1998 and is headquartered in Tallinn, Estonia.

Dental Invest Estonia

Acquisition in 2015
Dental Invest Estonia is a dental healthcare provider.

BPT Hansa

Acquisition in 2015
BPT Real Estate AS is a property and asset management firm based in Tallinn, Estonia, with additional offices in Riga, Vilnius, Warsaw, and St. Petersburg. Founded in 2001, the company offers a comprehensive range of services, including asset management, property management, and investment fund management. Its asset management services encompass business projections, reporting, lease negotiations, and recommendations for property development. In property management, BPT focuses on tenant relations, facility management, and financial oversight. The firm also provides support services such as budgeting, project management, and feasibility studies. BPT Real Estate caters to property owners, institutional and private investors, and portfolio owners primarily in the Baltic Sea region, leveraging its extensive market knowledge and expertise to deliver high-quality, innovative strategies in commercial real estate.

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 is a global provider of aircraft maintenance, repair, and overhaul (MRO) services, established in 1995 and headquartered in Tallinn, Estonia. The company has built a strong reputation for delivering comprehensive technical care solutions for airlines, asset owners, OEMs, and operators. Its service offerings include heavy and line maintenance, engine solutions, integrated engineering, and component repairs, as well as the supply of spare parts and consumables. In addition to these services, Magnetic MRO engages in asset management, providing support for asset acquisitions, end-of-life management, and technical assistance during leases. The company also operates an e-platform, EngineStands24.com, facilitating the leasing and purchasing of aircraft engine stands. With over 15 locations worldwide, including major cities like Miami, London, and Dubai, Magnetic MRO continues to expand its international presence through new business units, acquisitions, and partnerships.

Medicap Holding

Acquisition in 2008
Medicap Holding offers medical services such as blood work, lab tests, diagnostic services, and more. Medicap Holding provides medical laboratory services to family physicians, the providers of ambulatory and stationary, occupational health care centers, medical care, and private individuals.

Energate OU

Acquisition in 2008
Energate OU operates in the development of natural gas networks, distribution, and sale of natural gas. Energate OU owns and operates over 120km of gas pipelines around the two main cities in Estonia, Tallinn and Tartu. Energate OÜ has a network license for the development of natural gas networks and the sale of natural gas today in 5 network areas. Natural gas networks are being developed and gas is sold today in 2 network areas in Tallinn and its immediate vicinity. In addition, Energate OÜ has the right to develop natural gas networks in the Harku and Kohila rural municipalities and in the northern part of Rakvere and neighboring neighboring municipalities. Energate OÜ sells natural gas to households and businesses. Energate OU was founded in January 2008 and is based in Tallinn, Estonia.

Tallinna Pesumaja

Private Equity Round in 2006
Tallinna Pesumaja OÜ, founded in 2000 and headquartered in Kohila, Estonia, specializes in laundry and textile rental services catering to hotels, hospitals, and restaurants. The company employs advanced technology, including automated sorting line washing machines and an electronic RFID-based washing management system, to enhance operational efficiency. It prioritizes environmental sustainability by utilizing eco-friendly detergents, as well as conserving water and energy in its processes. As of September 2019, Tallinna Pesumaja operates as a subsidiary of Lindström Oy, further solidifying its position in the textile service industry.

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 OU

Acquisition in 2005
IT Koolituskeskuse is a provider of training in information and communications technology in Estonia.

Officeday

Private Equity Round in 2004
Officeday is the office supplies and service provider in Baltics. The company is a reliable business partner for its clients in Lithuania, Latvia and Estonia offering innovative and top quality office supply decisions needed for clients’ successful business growth. Officeday has the largest office product retail chain in Lithuania, operating 20 shops in the largest cities as well as smaller ones.

INTRAC

Acquisition in 2002
Intrac Group supplies tracked and wheeled machines for forestry, material handling, and earthmoving to customers in the Baltic States. Its service network includes stationary workshops and mobile service vans. The company serves customers in various areas, including forestry, port operations, medium sized industries, farming, quarries, and construction businesses in Estonia, Latvia, and Lithuania.

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.

Vipex

Acquisition in 1998
AS Vipex is an Estonian limited liability company which was established in 1992. Vipex is a representation and distribution center for building materials and home supplies. Vipex represents several strong and well-known brands in Estonia and Eastern Europe.

A. Le Coq

Acquisition in 1998
A. Le Coq is the oldest and biggest drinks manufacturer in Estonia. Our product portfolio includes 11 different product groups. The main product group is beers, followed by juices, waters and soft drinks, and the remaining product groups such as ciders, light alcoholic beverages, Active juice drinks, sports and energy drinks, syrups and kvass. The company is dedicated to the preservation and development of good drinking culture in Estonia by valuing old manufacturing traditions as well as taking an innovative approach to updating its product portfolio so it can offer consumers new and healthy flavour combinations. A. Le Coq holds the leading position on the Estonian drinks market in the categories of beer, juice, and long drinks and ranks a strong second in the production of water, soft drinks and cider.

Standard AS

Acquisition in 1996
Standard AS is the specialist in furnishing projects in the Baltic States. AS Standard is the leading furniture manufacturer in the Baltic States. The enterprise has existed since 1944. The company has two primary business directions: StandardPro offers hotel and public space furnishing solutions; StandardOffice focuses on offices and interior design. The greatest strength and advantage of Standard over many other interior design companies is that we offer complete solutions, from initial consultations to the handover of the completed project. When you choose Standard as your partner, you receive everything you need to furnish your premises from one convenient source. Each project is dealt with at Standard by a professional project manager supported by a team of experienced specialists. Furniture is designed and produced in accordance with the client’s wishes and maintaining the product’s original and distinctive features. Standard offers a wide range of ready-made office furniture solutions that you can view on our website and in the product catalogue. All of Standard’s furniture is manufactured at our own production facilities using modern and environmentally friendly technologies and high-quality materials. Standard also offers delivery and installation as additional services. The result is always a stylish and most comfortable room. Standard has decades of experience in provision of furnishing solutions and the company has expanded into all regions of the world. Our activities have earned deserved recognition and we have completed many large projects not just in the Baltic States but in Finland, Sweden, Germany, the Netherlands and Russia as well.

EMV Ltd.

Acquisition in 1996
Skanska EMV AS offers construction services.it offers general construction, civil engineering, special works, and real estate and project development.