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Private equity in action - Case Study

PE in CEE - Fitek


Financial automation leader in CEE

Transforming a corporate orphan into a leading CEE platform for proprietary digital automation solutions




GP BaltCap GROWTH 6 add-on acquisitions
INVESTMENT EUR 10 million EMPLOYMENT 163 new jobs
SECTOR Financial Automation Solutions INVESTMENT TYPE Buyout and growth
EXIT March 2019 EXIT ROUTE Trade sale

Investment rationale
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.




In this section
Private Equity in CEE: Creating Value and Continued Growth Image

Private Equity in CEE: Creating Value and Continued Growth

11 Feb 2021
Invest Europe

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.

Download PDF 8.26 MB

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