On 6 November, the winners of the Baltic M&A and Private Equity Awards will be announced as part of the Baltic M&A and Private Equity Forum 2019. This is now the sixth year that we will be celebrating the achievements of the Baltic M&A industry.
The M&A, private equity and venture capital transactions of the year are selected by a committee consisting of market professionals and experts. The committee selects the winning deals according to criteria such as deal value and strategic importance to the Baltic region, complexity, innovation, financing structure, and involvement of regional representatives.
All eligible transactions should have been completed within the past 12 months. Therefore, the nominees do not include some major transactions that have been announced but not yet closed. However, the committee may supplement the list of nominees if a significant transaction is completed prior to selection of a winner.
Members of the 2019 Awards Committee are:
- Enn Listra, Dean and Professor of Finance and Banking at TalTech School of Business and Governance
- Jānis Skutelis, Partner at FlyCap
- Jūratė Azelionyte, Fund of Funds Manager at the European Investment Fund
- Jūratė Majauskienė, Associate Partner at Summa Advisers
- Kristiina Koort, Managing Director, Estonian Private Equity & Venture Capital Association
- Raimonds Slaidiņš, Senior Partner at Ellex Klavins
Nominees for the Baltic M&A Deal of the Year 2019:
- o Schwenk Zement KG: acquisition of Baltic and Nordic assets of CEMEX S.A.B. de C.V. This EUR 340 million transaction included acquisition of the local Latvian CEMEX company (owner of the Broceni cement plant with a production capacity of around 1.7 million tonnes, several quarries and ready-mixed concrete plants as well as a marine terminal) plus other assets in Estonia, Lithuania and the Nordics.
- o Silverlake Axis Ltd: acquisition of 80% of SIA X Infotech Group. The transaction, valued at a cash consideration of EUR 17.6 million, will enable Silverlake, a listed software solutions provider from Malaysia, to expand its geographical reach and business operations internationally and will provide a stronger platform for the expansion of X Infotech, which operates in the prospective field of software solutions for digital identity documents and financial smart cards.
- o First State Investments Limited: acquisition of an 85% stake in Utilitas Energy Group. This EUR 320 million transaction ‒ financed by several credit institutions ‒ will enable Utilitas to strengthen its position as Estonia’s largest district heating company and leading renewable power producer, at the same time allowing First State Investments to expand its presence in the Baltics.
Nominees for the Baltic Private Equity / Venture Capital Deal of the Year 2019:
- o BaltCap: acquisition of 70% stake in SIA Energia Verde. BaltCap, an Estonia-based private equity and venture capital fund, acquired a 70% stake in SIA Energia Verde, operator of a combined heat and power plant located in the Riga region. With this investment BaltCap will be a step closer to achieving its goal to invest at least 40% of the fund in climate change mitigation projects.
- o Sonarworks: completion of a 5 million EUR Series A financing round. Sonarworks is a global leader in digital sound calibration technologies. The new financing allows the company to accelerate time-to-market and to develop its cutting-edge sound calibration and personalization consumer products. The financing round was led by Practica Capital, a venture capital fund from Lithuania, and Karma Ventures, a venture capital firm from Estonia, with participation of several other investors from Turkey, Estonia and Latvia.
- o Blackstone Group LP: acquisition of 60% stake in Luminor Group AB. Luminor Group AB is a holding company for a banking group operating in Estonia, Latvia and Lithuania. This transaction, involving a cash consideration of EUR 1 billion, will allow Luminor to offer superior customer services and to expand its presence in the Baltic region through the launch of innovative products and services.
- o Apax Partners LLP: acquisition of Baltic Classifieds Group OU. Apax Partners, a UK-based private equity firm, acquired Baltic Classified Group, a company with a portfolio of online classifieds ads services in the Baltics. The portals operated by Baltic Classified Group in the three Baltic states generate more than 50m monthly visits in aggregate. Apax Partners plans further investments and support to enhance the value that the company provides to advertisers and consumers.
Nominees for the Outbound Deal from the Baltics 2019:
- o SIA Karavela: acquisition of a 100% stake in Larsen Danish Seafood GmbH. Acquisition of the German canned seafood producer for an undisclosed consideration will allow Latvian company Karavela to diversify its product range and strengthen the position of the Larsen brand in the German market. Larsen employs a workforce of around 200 employees.
- o Tahe Outdoors OU: acquisition of BIC Sport S.A. Tahe Outdoors OU, an Estonia-based company manufacturing and distributing kayak, canoe and paddling equipment, acquired BIC Sport S.A., a France-based company that manufactures windsurfing and surf boards to combine the strengths of both brands, manufacturing facilities, and technological know-how, allowing them to improve their global reach and profile. Transaction value – EUR 6 million.
- o Lietuvos Energija Renewables UAB: acquisition of Pomerania Invall Sp. z o. o. This transaction of undisclosed value will allow Lietuvos Energija ‒ a subsidiary of the state-controlled Lietuvos Energija ‒ to expand and diversify its operations and increase its market value, ensuring a stable return for the Lithuanian State. The buyer intends to complete the construction of Pomerania wind farms by 2021 and will invest a total of EUR 127 million.
- o Thermory AS: acquisition of Siparila Oy. The combination of Estonian-based Thermory AS, a leading global producer of thermally modified wood and sauna materials, and Siparila, a Finnish leading wood processing company with interior and exterior solutions, creates a group with over EUR 100 million in revenues and helps Thermory significantly expand its product portfolio.
About The Baltic M&A and Private Equity Forum 2019
In cooperation with Sorainen, the leading business publications in these three countries – Dienas bizness (Latvia), Äripäev (Estonia) and Verslo žinios (Lithuania) – are organising the 10th annual Baltic M&A and Private Equity Forum. Every year, the forum gathers over 200 representatives from private equity and venture capital funds plus investment bankers, consultants, lawyers, business executives and owners from Lithuania, Latvia and Estonia. This year, the forum will be held on 6 November in Riga.