BaltCap exits VLT

The exit comes 11 years after BaltCap's first investment in the company. During the investment period, BaltCap helped expand VLT's production capacity and export efforts, according to the GP. The company reached sales of €3.2m in 2014.

BaltCap stated it exited because the investment was past its deadline and the firm did not see a way to considerably increase the value further. The company approached strategic buyers as well, but eventually opted for a management buy-back. 

Earlier this month, BaltCap invested in Latvian chocolatier Pure Chocolate, a company with a reported turnover of €3.35m. It held a second close for its BaltCap Private Equity Fund II in July 2014.

Company
VLT is based in the Latvian city of Valmiera and has 60 employees. It was founded in 1992 as a retailer for agricultural equipment; since 1998, the company has been producing egg trays and cartons from moulded fibre. It supplies poultry producers in the Baltic countries and Poland.

People
Sandijs Abolins-Abols is a partner at BaltCap.

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