BaltCap

BaltCap, established in 1995, is a leading independent private equity firm specializing in small and mid-market buyout and expansion capital investments across the Baltic States. With a team of 16 professionals and offices in all three Baltic countries, BaltCap manages multiple funds totaling over EUR 260 million. Since inception, it has completed over 60 investments, focusing on sectors such as business services, healthcare, industrials, technology, and consumer goods. BaltCap is a signatory of the United Nations Principles for Responsible Investment and a member of key European and Baltic private equity and venture capital associations.

Sarunas Alekna

Investment Director

Dagnis Dreimanis

Managing Partner

Marek-Andres Kauts

Investment Director

Maciej Kopanski

Investment Director

Oliver Kullman

Partner

Vineta Kutkevica

Financial Director

Martin Kodar

Managing Partner

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

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 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.

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
Post Service SIA is the largest private postal operator in Latvia, specializing in automated last mile delivery solutions. The company provides a range of services including the delivery of letters, direct mail, batches, and small packages. With a workforce of over 400 employees, Post Service SIA operates forty parcel delivery and shipment terminals across the country. Additionally, the company develops and exports automated parcel terminals to meet the needs of other postal operators and courier services. Headquartered in Riga, Latvia, Post Service SIA combines technological innovation with a dedicated team of professionals to enhance postal delivery efficiency.

Blue Bridge Technologies

Venture Round in 2013
Blue Bridge Technologies, founded in 2007 in Latvia, specializes in developing and implementing innovative IT solutions aimed at modernizing business processes and enhancing service accessibility, particularly within the healthcare, health insurance, and wellness sectors. The company has established its expertise in automating process and document flows, leveraging its proprietary software that integrates seamlessly with existing systems. Their integrated SaaS platform connects healthcare payers, providers, and patients, offering features such as a practice management system, real-time automated health insurance transaction processing, and a patient portal for appointment booking and telehealth services. Through collaborations with healthcare providers, insurance companies, and representatives from the spa and fitness industries, Blue Bridge Technologies has gained substantial experience in facilitating efficient healthcare delivery and ensuring smooth insurance reimbursement.

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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