Firm at a glance
Baltcap is a platform private equity firm headquartered in Tallinn, Estonia, with additional offices in Riga, Latvia, and Vilnius, Lithuania [S1]. The firm has raised approximately €900 million in capital to date, per public sources as of May 2025 [S1].
What they buy
Baltcap’s portfolio reflects a diversified approach across the Baltic region, with observed investments spanning software platforms, cybersecurity, healthcare, consumer businesses, renewable energy, and logistics [S2]. Recent acquisitions include Fitek (a software platform acquired in September 2024) and Viru Elektrivõrgud (an electric utility acquired in June 2024) [S2]. The firm appears to target established businesses across both traditional infrastructure sectors and technology-enabled services, with a geographic focus on Estonia, Latvia, and Lithuania.
Portfolio
Technology and Software
Fitek (software platforms, September 2024), Hansab Group (cybersecurity, August 2023), Nord Security (cybersecurity, April 2022), Verkter Group (digital, November 2020), Ridango (mobility, November 2020), Piletilevi Group (TMT, February 2021) [S2].
Consumer and Retail
IGLU Holdings (October 2023), Rahva Raamat (December 2022), Alma Littera Group (October 2022), Weekend (December 2021), Tradehouse (December 2020) [S2].
Healthcare
Adoro (November 2022), Vet Ventures (March 2022), Gemma (May 2020) [S2].
Energy and Utilities
Viru Elektrivõrgud (electric utilities, June 2024), PV Power (renewable energy, April 2022), Zvirgzdaiciu energija (renewable energy, July 2021) [S2].
Industrial and Logistics
Delamode Group (logistics, August 2023), HansaMatrix (industrial, April 2023) [S2].
Education and Infrastructure
The British School of Vilnius (December 2021), National Stadium of Lithuania (municipal infrastructure, October 2021) [S2].
Recent activity (last 24 months)
* May 2026: Exit of Workland (Estonian Operations) [S3]
* January 2026: Exit of Pure Chocolate [S3]
* January 2026: Exit of Exercise Investment (Lemon Gym and Impuls) [S3]
* January 2026: Exit of LIVIN [S3]
* October 2025: Acquisition of a children’s books and magazines publisher [S3]
* June 2025: Add-on acquisition of Ticketportal Slovakia and Czechia [S3]
How this firm fits a seller
Baltcap appears suited for owner-operators in the Baltic states seeking a regionally focused buyer with multi-sector experience. The firm’s recent exit activity (four portfolio companies divested in early 2026) suggests an active portfolio management approach with demonstrated liquidity events [S3]. For businesses in cybersecurity, healthcare services, consumer brands, or renewable energy with operations in Estonia, Latvia, or Lithuania, Baltcap’s track record shows repeated investment in these sectors. The firm’s add-on acquisition cadence (one add-on in the trailing 12 months) indicates selective but ongoing buy-and-build activity [S3].
Sources
[S1] https://www.baltcap.com (as of 2025-05-28)
[S2] https://www.baltcap.com/portfolio/ (as of 2025-05-28)
[S3] https://www.baltcap.com/newsroom/ (as of 2025-05-28)
Frequently asked questions
Does Baltcap buy software platforms businesses?
Yes, Baltcap has acquired software platform businesses, most recently Fitek in September 2024 [S2]. The firm’s portfolio also includes cybersecurity companies Nord Security (acquired April 2022) and Hansab Group (acquired August 2023), indicating sustained interest in technology-enabled businesses [S2].
What companies has Baltcap acquired recently?
Baltcap’s most recent platform acquisitions include Fitek (software platforms, September 2024), Viru Elektrivõrgud (electric utilities, June 2024), and IGLU Holdings (consumer, October 2023) [S2]. In June 2025, the firm completed an add-on acquisition of Ticketportal Slovakia and Czechia [S3].
Where is Baltcap based and how big is the firm?
Baltcap is headquartered in Tallinn, Estonia, with additional offices in Riga, Latvia, and Vilnius, Lithuania [S1]. The firm has raised approximately €900 million in capital to date, per public sources as of May 2025 [S1].
Is Baltcap still actively acquiring?
Yes, Baltcap appears actively acquiring based on recent transaction activity. The firm completed an add-on acquisition in June 2025 and a platform acquisition in October 2025 [S3]. The firm also executed four exits in early 2026, suggesting active portfolio rotation [S3].
This profile is maintained by CT Acquisitions as an independent third-party reference. CT Acquisitions is not affiliated with, endorsed by, or a representative of the firm profiled. All facts sourced from publicly available materials as of the dates cited.