BaltCap backs Impuls

The investment, worth around €2m, comes from the Lithuania SME Fund, which closed at €20m in 2010, and gives BaltCap a controlling majority shareholding in the company. An undisclosed amount of debt has been taken on for equipment financing.

BaltCap will support the company through active participation in the board, and financing for organic growth and potential add-on acquisitions.

Kornelijus Čelutka, investment director at BaltCap, stated that industry penetration of fitness clubs is comparatively low in Lithuania and that recovering purchasing power and increased health awareness offers opportunities for growth.

Company
Impuls operates eight fitness clubs throughout Lithuania; five in the capital, Vilnius, and three in other large cities. The company was founded in 2004 and is based in Vilnius, Lithuania.

People
Investment director Kornelijus Čelutka and senior associate Šarūnas Stepukonis worked on the deal on behalf of BaltCap.

Advisers
Equity – PricewaterhouseCoopers (Financial due diligence); TGSL (Legal).

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• Topics
• Nordics
• Expansion
• Consumer
• Lithuania
• Baltcap Management Ltd