BaltCap sells Caffeine to Reitan Convenience

The sale ends a six-year holding period for BaltCap, which backed the business (then trading as Coffee Inn) through its €20m growth equity vehicle, BaltCap Lithuania SME Fund.

It is the fifth exit completed by BaltCap in 2018, all of which have been trade sales.

The size of the business has more than doubled during the holding period. At the time of BaltCap's original investment, the company operated 28 shops in the Baltic region; it now operates 60.

Reitan has 2,250 stores in seven countries, including Narvesen shops in Norway, Latvia and Lithuania, 7-Eleven in Norway, Sweden and Denmark, Northland in Norway, Pressbyrån in Sweden, R-kioski in Finland, R-kiosk in Estonia, and Lietuvos Spauda in Lithuania. It generated a turnover of NOK 89bn in 2017, and employs 37,000 people in the Nordic and Baltic regions.

Previous funding
BaltCap backed Caffeine (then Coffee Inn) with up to €2m of debt and equity in 2012.

The funds were earmarked to finance the future growth of the business in Lithuania and other countries.

Company
Caffeine was founded in 2007 by four Lithuanian entrepreneurs. The business is headquartered in Vilnius and operates 60 coffee shops across all three Baltic states.

People
BaltCap – Kornelijus Celutka (partner).
Reitan Convenience – Johannes Sangnes (CEO).
Caffeine – Nidas Kiuberis (head of coffee and communications).

Advisers
Equity – Porta Finance (corporate finance); Ellex Valiunas (legal).

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• Topics
• Exits
• CEE
• Consumer
• Baltcap Management Ltd
• Trade sale
• Lithuania