One of the Baltic region’s leading private equity investors, BaltCap, has acquired a significant stake in business services company SIA Runway. BaltCap has acquired 40.82% of the company from it’s principle investor, Norway’s Dasha AS, via funds from the BaltCap Private Equity Fund which it manages. It is unclear how much control BaltCap will have in Runway’s future decision-making.
The deal will enable Runway to further expand its presence into western Europe and Scandinavia, even as the prospect of entering the Baltic markets is being considered. BaltCap cited Runway’s experience with the Nordic markets, good future prospects, and quality staff as reasons for believing in their future growth.
SIA Runway (www.runway.lt)
Runway provides business outsourcing services such as accounting, CRM, IT support, and other back office support to clients primarily in Nordic markets. The company is one of the leading Baltic-based providers of such services, operating from four offices in Kaunas, Riga, Tallinn, and Vilnius.
2010 revenue was € 8.01 million, up 49% compared to the previous year’s €5.39 million, making Runway one of the fastest growing companies in the European business services sector.
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.