|GP||BaltCap||GROWTH||6 add-on acquisitions|
|INVESTMENT||EUR 10 million||EMPLOYMENT||163 new jobs|
|SECTOR||Financial Automation Solutions||INVESTMENT TYPE||Buyout and growth|
|INVESTMENT||December 2015||FUND OWNERSHIP||100%|
|EXIT||March 2019||EXIT ROUTE||Trade sale|
Fitek, a provider of financial automation services, was a corporate orphan – a non-core asset of Posti Group, the Finnish state-owned postal company. With the shift to paperless solutions bound to accelerate on the back of new legislative measures, Fitek offered a market-leading platform and a solid client pool, which provided a good base for new owners to build on. A pan-Baltic management team with a vision for how to capitalize on the transition from paper to digital invoicing was needed to unlock
the platform’s potential.
Deal history and structure
BaltCap acquired 100% of the shares in Fitek in a proprietary process, following Posti’s failed attemp at a competitive auction. After the transaction, 5% of shares were sold to the MBI team. BaltCap, with EIF as a co-investor in a subsequent round, also provided expansion financing for add-on acquisitions.
The report offers an in-depth study of private equity’s role in innovation and economic development across Central and Eastern Europe through detailed case studies of companies backed by private equity investors during 2015-2019.
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