BaltCap exits Runway to KKR-backed Webhelp

The deal also saw the current majority shareholder, Norway-based Dasha, sell its shares to Webhelp.

Under BaltCap's seven-year ownership, Runway grew from being a Baltic-only service provider to a pan-European player with call centres in the Baltic countries, Spain and Ukraine. According to BaltCap, the firm tripled in size over the period.

Previous funding
BaltCap acquired a 40.82% stake in the business in March 2011. The stake was acquired from the company's largest shareholder, Norwegian firm Dasha. Equity for the transaction was provided by BaltCap Private Equity Fund, which raised €63m at final close in December 2009.

KKR backed Paris-based call centre operator Webhelp in November 2015, when it acquired the business from Charterhouse Capital Partners.

Company
Founded in 2003 and based in Riga, Latvia, Runway provides CRM, IT support, accounting and other services to businesses in the European market. The company is currently active in the Baltic states and has offices in Latvia, Estonia, Lithuania, Spain and Ukraine.

People
BaltCap – Sandijs Abolins-Abols (partner).
Webhelp – Frédéric Jousset (co-founder).
Runway – Nils Sundling (CEO).

Advisers
Vendor – Avendus Capital (financial due diligence); Cobalt (legal).

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• Topics
• Exits
• CEE
• Support services
• Portfolio management
• Baltics
• Baltcap Management Ltd
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