Livonia makes 10x on Qvalitas sale to BaltCap

BaltCap will acquire a 72% stake in the company through the SBO. The investment was made alongside the company's management team, which will hold a 28% stake in QA following the closing of the deal.

With the sale of QA, Livonia has fully realised its legacy portfolio, which was built with €15m of capital invested from 2005 as a means of establishing a track record before the GP raised its first buyout fund. Livonia acquired a stake in then-struggling QA in 2009 and backed one subsequent merger and an add-on acquisition for the company.

The buyout is the fifth transaction from BaltCap Private Equity Fund II, the GP's second buyout vehicle. It follows two acquisitions by the small-cap fund in December 2015, which included Dental Invest Estonia. Now-renamed Unimed, Dental Invest Estonia's CEO Erki Mölder is also an investor in the holdco acquiring QA.

Company
Founded in 1996, Qvalitas Arstikeskus is a provider of general healthcare and specialised medical services.

The company operates eight locations in Estonia, employing 100 people.

People
BaltCap – Martin Kõdar (managing partner).
Livonia Partners – Mindaugas Utkevičius (founding partner).
Qvaltias Arstikeskus – Tõnu Velt (CEO).

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• Topics
• Buyouts
• CEE
• Healthcare
• Exits
• Baltics
• Baltcap Management Ltd
• Estonia
• CEE healthcare
• Livonia Partners