BaltCap, the Baltic States’ leading private equity investment firm, has purchased a significant minority stake in Estonian road construction company Trev-2. BaltCap spent €3.2 million to acquire 1.5 million new shares, equal to a stake of 20.75%.
BaltCap made the acquisition based on plans to take the company public sometime in the future. It is expected that Trev-2 will be listed on the NASDAQ OMX Tallinn exchange in the mid-term. Peeter Vilipuu, Lembit Makstin and Svetlana Aleksejeva, the original founders of Trev-2, will be joined on the supervisory board by BaltCap’s Kristjan Kalda and Martin Kõdar.
Trev-2 is the leading infrastructure construction company in Estonia. The company actively works on projects in road construction, railroad construction, and the repair and maintenance of both. Trev-2 was awarded the honor of best road infrastructure construction company in 2009 by the Estonian Road Administration.
Despite an active 2010 which saw the company and its subsidiaries involved in multiple new projects, the company suffered a 2009 net loss of €1.7 million in total sales of €55 million. Next year Trev-2 and it’s subsidiaries will mark 50 years in the infrastructure and construction business.
BaltCap is a private equity and venture capital firm established in 1995. The firm is one of the leading investors in the Baltic Region, leading the way in Estonia, Latvia and Lithuania. To date BaltCap has made a total of 38 investments with 23 of them fully exited. Since it’s inception the company has raised five funds Baltic Investment Fund I and II which have been exited, Baltic Investment Fund III and Baltic SME Fund which are fully invested, and BaltCap Private Equity Fund which is still actively investing.