BaltCap Relinquishes DEPO Stake To ABLV PE-backed MBO

The management team of Latvian DIY department store chain DEPO has just gone through a Management Buy-Out that transfers the 72 percent stake formerly held by BaltCap back into the hands of the management team. The MBO is being backed by ABLV Private Equity Fund and the move will allow the management team to develop the company even further, and help maintain the positive growth rates achieved in the past. BaltCap came into the picture in 2004 with an investment that supported DEPO’s growth and profitability through one of the worst financial crises in recent memory, and has now graciously agreed to step back and let the MBO push through. Recently posted sales figures show a robust EUR 125 mln, with nine stores spread out across Latvia that employ more than 1,000 people; with a strong trend of growth and sustainability behind it, the management now faces new opportunities in terms of further developing the business that is already on the path to becoming a market leader in Latvia.