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 Latvia

KOOL Latvija

Private Equity Round in 2018
SIA KOOL Latvija owns and operates fuel retail stores. The company offers snacks and fuels. It also offers customer cards and business -to-business cards. SIA KOOL Latvija was founded in 2016 and is based in Riga, Latvia.

Lightspace Labs

Venture Round in 2018
Lightspace Technologies SIA specializes in the development of advanced optical solutions and technologies for augmented reality (AR) and virtual reality (VR) displays. Incorporated in 2014 and based in Mārupe, Latvia, the company focuses on creating multifocal, accommodating AR headsets and future glasses-free 3D image displays. Their portfolio includes innovative products such as a multilayer liquid crystal switching diffuser, VR/AR near-eye display architecture, and a unity 3D rendering software plugin designed for volumetric displays. Lightspace's volumetric 3D monitor is particularly significant in sectors like medicine and security, providing real-time 3D displays with optically deep images. This technology facilitates applications such as three-dimensional microscopy, image-guided surgery, and diagnostics, enhancing both image quality and eye comfort for professionals across various fields. Recognized as a leading contributor to volumetric 3D display technologies, Lightspace continues to advance optical reality solutions by reducing the optical hardware requirements for light field display technology significantly.

Anaerobic Holding

Acquisition in 2017
Anaerobic Holding is a biogas plant company in Latvia.

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.

Lightspace Labs

Seed Round in 2015
Lightspace Technologies SIA specializes in the development of advanced optical solutions and technologies for augmented reality (AR) and virtual reality (VR) displays. Incorporated in 2014 and based in Mārupe, Latvia, the company focuses on creating multifocal, accommodating AR headsets and future glasses-free 3D image displays. Their portfolio includes innovative products such as a multilayer liquid crystal switching diffuser, VR/AR near-eye display architecture, and a unity 3D rendering software plugin designed for volumetric displays. Lightspace's volumetric 3D monitor is particularly significant in sectors like medicine and security, providing real-time 3D displays with optically deep images. This technology facilitates applications such as three-dimensional microscopy, image-guided surgery, and diagnostics, enhancing both image quality and eye comfort for professionals across various fields. Recognized as a leading contributor to volumetric 3D display technologies, Lightspace continues to advance optical reality solutions by reducing the optical hardware requirements for light field display technology significantly.

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.

Pure Chocolate

Private Equity Round in 2015
Pure is more than chocolate. Our specialists have collected knowledge with care and attention to detail for ten years which means that our production methods guarantee chocolate truffles with perfect taste and design. We are chocolate truffle experts who create a unique product with a rich taste that is perfect to celebrate every moment of life.

STENDERS

Private Equity Round in 2015
STENDERS produces and sells showering, bathing, and body care products. The company offers body care products, such as sun care products, hand care products, sauna honey, yogurts and lotions, body butter, and body and massage oils; skin care products, including creams, tonics, and lip butter; and hair care products, such as shampoos, hair conditioners, hair treatment products, and hair care products for men.

Lightspace Labs

Seed Round in 2014
Lightspace Technologies SIA specializes in the development of advanced optical solutions and technologies for augmented reality (AR) and virtual reality (VR) displays. Incorporated in 2014 and based in Mārupe, Latvia, the company focuses on creating multifocal, accommodating AR headsets and future glasses-free 3D image displays. Their portfolio includes innovative products such as a multilayer liquid crystal switching diffuser, VR/AR near-eye display architecture, and a unity 3D rendering software plugin designed for volumetric displays. Lightspace's volumetric 3D monitor is particularly significant in sectors like medicine and security, providing real-time 3D displays with optically deep images. This technology facilitates applications such as three-dimensional microscopy, image-guided surgery, and diagnostics, enhancing both image quality and eye comfort for professionals across various fields. Recognized as a leading contributor to volumetric 3D display technologies, Lightspace continues to advance optical reality solutions by reducing the optical hardware requirements for light field display technology significantly.

STENDERS

Private Equity Round in 2013
STENDERS produces and sells showering, bathing, and body care products. The company offers body care products, such as sun care products, hand care products, sauna honey, yogurts and lotions, body butter, and body and massage oils; skin care products, including creams, tonics, and lip butter; and hair care products, such as shampoos, hair conditioners, hair treatment products, and hair care products for men.

Post Service SIA

Private Equity Round in 2013
Post Service SIA operates as a private postal operator and developer of automated last mile delivery solutions. It delivers letters, direct mail, batches, and small packages. The company owns forty parcel delivery and shipment terminals. The company also develops and exports automated parcel terminals to fulfill the needs of other postal operators and courier companies. Post Service SIA is based in Riga, Latvia.

Blue Bridge Technologies

Venture Round in 2013
The company „Blue Bridge Technologies” was founded in 2007, in Latvia by the team of experienced Latvian experts especially to develop and implement new and effective IT solutions for business process modernization and service accessibility. Its specialization was defined through the years of development – process and document flow automation in healthcare, health insurance and wellness. In the basis of their products is their own developed software that can be easily integrated with other systems and helps to automate various business processes. Implementing their projects, they have received valuable experience in collaboration with health care providers, insurance companies, spa and fitness industry representatives.

Amateks

Private Equity Round in 2012
Amateks, SIA manufactures metal accessories, metal components, and complementary parts. It offers stamping, automatic assembling, lathing, computer numerical controlled (CNC) milling and turning, and welding services. The company offers its products to electromechanical, automotive, heating, microelectronics, document finishing and related industries. The company was founded in 2002 and is based in Olaine, Latvia.

SIA EKJU

Private Equity Round in 2012
SIA EKJU, founded in 1992 as a Latvian/German joint venture, is one of the largest producers of garden furniture in Latvia. Based in Riga, with a modern production facility near Cesis spanning over 12,930 square meters, the company specializes in a variety of outdoor and indoor wooden products. Its product range includes round and combined garden tables, wooden benches, fences, ecological wooden constructions, and decorative items such as sand and flower boxes. With a strong export focus, approximately 95% of its finished goods are shipped to markets in the United Kingdom, Denmark, France, Sweden, Norway, Ireland, and Spain.

Vendon

Venture Round in 2012
Vendon Ltd. specializes in vending automation software solutions, focusing on enhancing the management and control of vending machines. Established in 2008 by Lauris Liberts, the company developed its flagship product, Vendon, which offers online management capabilities including stock and billing monitoring, delivery operations, and item-level tracking. Additionally, Vendon provides features such as warehouse management, product accountability, alerts, reports, merchandising, forecasting, route management, and scheduling. The company's solutions are distributed across multiple countries, including Belgium, France, Luxembourg, the United Kingdom, Ireland, Finland, Switzerland, Poland, and Greece. Based in Marupe, Latvia, Vendon has expanded its reach to over 41 countries, positioning itself as a prominent player in the vending industry.

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 was formed in 2008, as a spin off from Latvian office of Robertson & Blums Corporation, which underwent dramatic restructuring in early 2008. Companie’s products, however, date back to 1995, when the first solution was developed as an add-on module to SunSystems suite of financial reporting tools. The solution, initially focused exclusively on payroll, gained popularity and quickly became a standard for streamlining the payroll process among SunSystems clients in Eeastern Europe. In 1998 the product was branded HRB® and released as a stand alone tool, covering payroll calculation and reporting. Hundreds of multinationals across a dozen countries were already using HRB® to calculate payroll for tens of thousands of employees at that time. In 2000, HRB® suite of products first ventured outside of its exclusive focus on payroll. A series of tools covering basic HR functionality, including workforce management were added. HRB® products continued to develop and gain recognition on the market. Product’s multitenancy features, made it attractive to independent payroll processors, some of which adopted the product to run their whole business using HRB® solutions. World leader in payroll processing – ADP – is exclusively using HRB® to run its Polish branch to date. In 2001, HRB® solutions were further enhanced with advanced Time & Attendance functionality. Web-based employee and manager serf service portal was added in 2004. Subsequently metrics management and recruitment functionality were introduced in 2006, due to customer demands. Today AGroup is one of the leaders in payroll processing and HR solutions in Eastern Europe with over 550 clients in 22 countries, calculating 250,000+ payrolls.

Runway BPO

Private Equity Round in 2011
Runway BPO is a business process outsourcing service provider in the Baltic States. As a multi-lingual and multi-tower outsourcing company, Runway Group provides Nordic, Western European, and multinational businesses with cost-effective nearshoring services, performed by over 600 employees operating in 9 offices located in the Baltics, Spain and Ukraine. Runway Group services include inbound and outbound call center services (including telemarketing, customer support and market surveying), IT outsourcing services (consisting of IT support and consulting, web, software and mobile app development, IT architecture and IT infrastructure services and other IT related services), various back office services (data collection, data entry, HR outsourcing, accounting, bookkeeping and many other back office services) as well as other tailor made BPO services adapted to the needs and requirements of clients.

EuroLCDs Ltd.

Seed Round in 2011
EUROLCDS is a new European Liquid crystal product development company with own research, industrialization and manufacturing facility. Company is developing unique functionality bi-stable and fast shutter liquid crystal display and smart glass technologies and products for EU and global industrial, transportation, medical and defense markets in sectors of emerging 3D imaging and smart glass applications. Due to right combination of own research and technological developments, knowledge with ability to industrialize 3rd party technologies EUROLCDS provides unique offering of several technologies and products combined with ability to develop customized solutions.

Oobelisk

Private Equity Round in 2010
Oobelisk is a corporate media production company planning to offer unique range of corporate media products, ranging from audio visual annual reports and yearbooks to interactive presentations.

Primekss

Private Equity Round in 2010
Primekss, founded in 1997, is a highly innovative concrete specialist based in Riga, Latvia with offices and licensees across the globe. Through its R&D efforts Primekss constantly continues to improve concrete. The company has twice received the prestigious Most Innovative Product award at World of Concrete in Las Vegas for its PrimeComposite floors and rafts, and has been a recipient of numerous prizes for innovation, in addition to other accolades across Europe.

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
SIA DEPO DIY operates stores. The company offers products in various categories, including home, garden, repair, building, zoo, rest, flowers, and more. It also offers services for cutting materials, framing, edging of plate edges, door preparation, curtain sewing, and more. The company was founded in 2005 and is based in Stopiņu, Latvia.

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.

Adam Auto SIA

Private Equity Round in 2004
Adam Auto SIA operates as a new and used car dealer. The company also offers spare parts, leasing, insurance, and old and used vehicle exchange services. It also provides vehicle’s body repair and painting, minor defects’ elimination, vehicle’s evacuation, diagnostics of vehicle, and accessories.

SIA V.L.T

Private Equity Round in 2004
The Company was established in year 1992, when it started operations as a retailer of agricultural equipment. In year 1998 the Company acquired the equipment from Huhtamaki Oyj for producing View type egg cartons and MK+ trays, this being a start of egg packaging production in V.L.T. SIA. Further on the Company acquired another production equipment from Huhtamaki Oyj and three machines from french company Ecofeutre. Thus becoming the largest producer of egg cartons and trays in Baltic states.

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.