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Baltcap Latvia Fund Presentation YOUR PRIVATE EQUITY PARTNER IN THE BALTICS ESTONIA Tartu mnt. 2, 10145 Tallinn, Tel +372 6650280, Fax +372 6650281 LATVIA Ulmana gatve 119, Marupes pag., Rigas raj, LV-2167, Tel +371 7214225, Fax +371 7356 395 LITHUANIA J.Jasinskio 16B, 1112 Vilnius, Tel +370 52546713, Fax +370 52546978 www.baltcap.com • One of the leading private equity and venture capital firms in the Baltics • Local investor with offices in all three Baltic countries • 11 investment professionals LITHUANIAN PRIVATE EQUITY & VENTURE CAPITAL ASSOCIATION • €130m in four fund generations • Baltcap has done 38 investments, 23 exits • Solid institutional investors (EIF, EBRD, SEB and Swedbank pensions, Gjensidige, Erste Bank, etc.) Finnish team + Baltic offices & teams Management moved to MBO, BaltCap team local advisers established Baltics, new team fully independent established in Lithuania BaltCap1995 … 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 1995-1997 2000-2001 2001 2007 Baltic Baltic Baltic BaltCap Investment Investment SME Fund Private Equity Fund I & II Fund III €13.8m Fund $25.0m €36.1m €58m Under the EIF’s JEREMIE initiative BaltCap seeks to establish two new VC funds with target size €30m to make investments into SMEs in Latvia and €20m to make investments in Lithuania 1 Investments in Baltics – mainly SMEs in various industries AS Klaipeda Invest AS Western UAB Kraitene AB Snaige Informacines UAB Voira UAB Ashburn Invest SIA DEPO DIY International Hotel Tehnologijos SIA Hanzas AS MicroLink Shipyard Elektronika Frocen foods White goods Information Information Retail of Electronic DIY retail chain production payments opertor Entry: 2000 production tehnology Electronic component technology children’s goods Exit: 2003 Entry: 1999 production Entry: 2001 Entry: 1998 Entry: 1999 Entry: 1999 Entry: 2005 Entry: 2001 Exit: 2001 Exit: Entry: 2005 Exit: 2006 Exit: 2003 Exit: 2001 2004 Entry: 2002 Exit: 2005 AB Kauno Audiniai AB Naujoji SIA Zetcom Ringuva UAB Daily Quattromed SIA DT Mobile INTRAC UAB Interinfo AB Svyturys Service HTI Laborid Group AB UAB Savy Textile production Virtual mobile Chemical Retail of office Machinery trade Brewery Retail of moblile operator Construction production supplies Medical phones Yellow pages, book Entry: 1997 Laboratories Entry: 2005 and portal Exit: 2003 Entry: 1996 Entry: 2004 Entry: 2002 Entry: 1998 Entry: 2003 Exit: 2007 Entry: 1998 Exit: 2002 Exit: 2007 Entry: 2008 Exit: 2006 Entry: 2008 Exit: 1999 Exit: 2003 OÜ Energate AS Ecometal AS V&K Holding AS Vipex AS EMV SIA JLM Group (Videoplanet) SIA V.L.T. SIA Papifabrika Koolitööde AS NutriTech Ligatne (E-School) Baltics OÜ Batteries recycling Video rental chain Wholesale of Construction Bakery Papermill Gas distribution Software solution Sports drinks construction materials Moulded fiber for schools production packaging Entry: 2001 Entry: 2003 Entry: 1998 Entry: 1996 Entry: 2005 Entry: 2004 Entry: 2008 Entry: 2005 Entry: 2004 Exit: 2007 Exit: 2004 Exit: 2005 Exit: 1997 Entry: 2004 Exit: 2006 IT Koolitus AS NeoQi AS A. Le Coq AS Standard AS Teede-REV 2 keskuse OÜ SIA Adam Auto EGeen OÜ Tallinna Pesumaja International IT training Body care Brewery Office furniture Road construction Car dealership Clinical research production equipment Laundry house organisation Entry: 2005 Entry: 1996 Entry: 1998 Entry: 2005 Entry: 2006 Entry: 1998 Exit: 2008 Entry: 2004 Entry: 2005 Exit: 2001 Exit: 2004 Exit: 2003 Fund status • Baltcap was selected by EIF to establish VC funds in Latvia and Lithuania in a thorough selection process that ended in July • Latvian VC fund status: • Initial closing at EUR 20 million planned for November • €6 – 8 million of private money in various stages of commitment (majority of investments shall come from local pension funds) • LPA agreement in finalization stage with EIF and negotiations opened with private investors • Latvian limited partnership structure being put in place • Lithuanian VC fund status: • Initial closing at EUR 14 million planned for December • €4 - 6 million of private money in various stages of commitment (majority of investments shall come from high net worth individuals and local pension funds) • LPA agreement negotiations opened with EIF • Lithuanian limited partnership structure being put in place 3 Investment strategy • Investment per company shall be between € 300k to 3m with average being € 1.7m • Expect to make 15 – 20 investments in Latvia and 10 – 15 in Lithuania until end of 2013, on average 3 to 4 per country per year • Reviewed sectors which Baltcap considers interesting to invest in: • Manufacturing • Industries underdeveloped by EU standards • Energy (renewable) and utilities • Services (B2B, B2C, outsourcing) • ITC • Actively working on pipeline in both funds since June • Formal application process being put in place due to high interest • Additional people fully dedicated to Jeremy are being recruited 4 Investment strategy • Selection criteria: • Professional and experienced management • Product / service with strong local demand or globally competitive • Clear and defendable core competencies • Clear growth prospects / expansion potential • Innovative approach • Transparent operations • Exit strategy • Reasonable valuations • Expect to take significant minority / majority shareholding in investee companies • Historically have invested in 3 to 5% of cases shown to us 5 Healthy pipeline being built up in both countries Industry Description Country Initial investment Add-on Competitive Source (€m) equity process EqV EV Manufacturing Food / capacity expansion LAT 1.5 7 - No Entrepreneur Healthcare/Manufactu Medical equipment / capacity LIT 1.5 6 1.5 Yes Entrepreneur ring expansion Manufacturing Electronics / capacity LAT 1 6 - No Entrepreneur expansion Manufacturing Ingredients for food & LIT 1.5 7.5 - No Related business Ceo beverage industry / capacity expansion Energy (several) Co-generation / start-ups LAT/ LIT - - - No/Yes Entrepreneurs/Invest- ment Bank Utilities Waste management/ LIT 1 4 2 Yes Investment bank recycling / expansion ITC Specialized IT solutions / new LIT 1.5 4-5 1.5 No Entrepreneur product ITC Information services / new LAT 1.5 3.5 - No Entrepreneur / Baltcap product Healthcare Clinic / expansion LAT 0.5 3 1 Yes Investment Bank Services Vending / expansion LIT 0.5 1 1 No CEO 6 Market gap Supply of Financing Demand for Financing • Economic recessions • Entrepreneurs seek to sustain, • Bank credit crunch strengthen and develop further their businesses • Low availability of institutional private equity and venture capital • Credit crunch increases the need for equity capital • Expanding deal flow, both quality and quantity wise • The JEREMIE program shall be an important vehicle in supporting local entrepreneurs in Latvia and Lithuania to help reviving local economies • Baltcap will operate in a market gap with the high demand for equity financing and shall have opportunity to pick attractive investments at good terms • Baltcap aims to provide attractive returns to private investors for them to continue investing in venture capital in general and JEREMIE programs in particular in the long-run 7.
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