BaltCap acquires 40.82 per cent of SIA Runway’s shares, the leading business outsourcing firm in the Baltic region

BaltCap, the leading private equity and venture capital investor in the Baltic States, has acquired a shareholding in SIA Runway, one of the leading business process outsourcing service providers in the Baltic States. BaltCap Private Equity Fund advised by BaltCap acquired 40.82 per cent of Runway’s shares from the company’s largest shareholder, Norwegian firm Dasha AS.

Sandijs Abolins-Abols, Investment Director at BaltCap, commented that Runway is one of the leading and the fastest growing players in the sector with solid operational experience in the Nordic market, highly qualified staff and good prospects in the market.

According to Mr. Abolins-Abols, Runway has sizable potential for further expansion in the Scandinavian and Western European markets. The company’s customers are currently serviced from four locations in the Baltic States; however, expansion to former CIS countries is being contemplated.

Nils Sundling, Managing Director of Runway said he believes that with BaltCap’s financial backing Runway will be able to capitalize on existing experience and achieve the best results.

The company specializes in business outsourcing for the Baltic region, with offices in Riga, Latvia, Talinn, Estonia, and Vilnius and Kaunas in Lithuania, providing customer relationship management (CRM), IT support, accounting and other back-offices services to Nordic businesses. The company’s revenues grew by almost half last year, around 49%, to €8.01m from €5.39m.

BaltCap is the leading independent private equity firm focusing on mid-market buyout and expansion capital investments in the Baltic States. BaltCap has strong presence in all three Baltic countries with local offices and experienced team.

BaltCap has been managing several private equity and venture capital funds with total capital of over €190 million and has made over 40 investments. BaltCap is a member of European Private Equity & Venture Capital Association, Estonian Private Equity and Venture Capital Association, Latvian Venture Capital Association and Lithuanian Venture Capital Association.

BaltCap acquired over 90 per cent of Lithuanian transport infrastructure engineering company Kelprojektas in January.

For over 12 years BaltCap has raised seven funds: Baltic Investment Fund I and II are fully exited; Baltic Investment Fund III and Baltic SME Fund are fully invested; BaltCap Private Equity Fund is actively investing. In 2010, BaltCap launched BaltCap Latvia Venture Capital Fund and Lithuania SME Fund which are established under the JEREMIE initiative managed by the European Investment Fund.

17th March 2011

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