Advertising
Advertising
NCFA role: Capital raising
Activity: Manufacture of illuminated signs and banners
Agriculture
Agriculture
Construction and building materials
Construction and building materials
Klaasimeister is a leading float and specialty glass processor specializing in providing insulated glass units and other glass products to complex facade projects. The company was established in 1997 and today operates a modern state-of-the-art production facility in Estonia.
Klaasimeister currently employs ca 90 people and generates around EUR 15 million of revenue. Throughout its history Klaasimeister has successfully serviced customers across Scandinavia and completed some of the most marquee projects such as Oslo airport, Victoria Tower in Stockholm, Helsinki library among others.
NCFA advised the shareholders of Klaasimeister and conducted the process in selling the shareholding to pan-Baltic private equity fund Livonia Partners.
NCFA role: Sell side M&A
Activity: Architectural glass processing
Fenestra produces quality, energy conserving wood-aluminium windows and balcony doors. Fenestra Estonia was a subsidiary of Fenestra Finland, a leading window and door manufacturers in Scandinavia before its bankruptcy in 2014.
NCFA provided a business valuation of the Estonian entity for the local management to support the planned MBO transaction of Fenestra Estonia business operations.
NCFA role: Business valuation
Activity: Manufacture of doors and windows
Ehitustehnika, headquartered in Estonia, operates a mobile and tower crane and other heavy construction machinery rental business in Scandinavia and the Baltics. The company operates more than 50 cranes with lifting capacity ranging from 4-40 tonnes.
Ehitustehnika’s revenues exceed EUR 15 million and it employs ca 50 people.
NCFA provided a business valuation for the shareholders.
NCFA role: Business valuation
Activity: Tower and crawler crane rental services
NCFA role: Capital raising
Activity: Processing of float glass
Consulting
Consulting
Hyde & Associates is a law firm specialized in telecommunications law and practice. The company’s core business services consist of regulatory assessment service (RAS) and audit and licensing, which is divided into licensing work and licensing management. Its clients are global corporationsand NGOs like Visa, Transocean, UltiSat, UN, diplomatic missions etc.
NCFA provided a business valuation for the shareholders.
NCFA role: Business valuation
Activity: Legal advisory services for telecom sector
Food and beverage
Food and beverage
Hagar produces bakery products in Estonia. Its products include breads and buns, pastries, other bakery products, pizzas and sandwiches. Ingman Group is a family office, which sold its ice cream business “Ingman” to Unilever in 2011. Since then, Ingman Group has made several investments in Estonia and Scandinavia. Ingman Group acquired Hagar in 2013 with a plan to expand the bakery business into Scandinavia.
NCFA advised Ingman Group in divesting its shareholding/assets and business in Hagar to Eesti Leivatööstus.
Eesti Leivatööstus, headquartered in Tartu, is one of the largest Estonian conventional bakery and pastry products manufacturers.
NCFA role: Sell side M&A
Activity: Manufacture of bread, pastry goods and cakes
Hagar produces bakery products in Estonia. Its products include breads and buns, pastries, other bakery products, pizzas and sandwiches. Hagar was part of Estonian private equity house Masa Kapital.
NCFA advised Masa Kapital in capital raising from Finnish Ingman Group.
Ingman Group is a family office, which sold its ice cream business “Ingman” to Unilever in 2011. Since then, Ingman Group has made several investments in Estonia and Scandinavia. Ingman Group acquired Hagar in 2013 with a plan to expand the bakery business into Scandinavia.
NCFA role: Capital raising
Activity: Manufacture of bread, pastry goods and cakes
Rigas Piensaimnieks is one of the leading Latvian dairy companies. Darby Overseas Investments had provided a convertible mezzanine loan to the company, which it failed to service. As a result, Darby Overseas Investments converted its mezzanine loan and became the majority shareholder in Rigas Piensaimnieks.
NCFA provided a business valuation of Rigas Piensaimnieks for Darby Overseas Investments in relation to the conversion of debt to equity.
Darby Overseas Investments, focusing on emerging markets, is part of US investment management company Franklin Templeton Investments. Franklin Templeton Investments is listed in NYSE, its shares are included in Standards & Poor’s 500® index and its assets under management exceed 5 billion dollars.
NCFA role: Business valuation
Activity: Manufacture of dairy products
Furniture
Furniture
NCFA role: Capital raising
Activity: Hotel, office and public space furniture manufacturing
Machine and metal
Machine and metal
Family business HeTi Pere is a metal working company and a subcontractor to many well known industrial companies like Metso, Andritz, Sulzer etc.
NCFA advised the sellers and conducted a full sales process involving several Scandinavian strategic players. HeTi Pere’s 100% shareholding was eventually sold to pan-Baltic Technobalt Group.
Technobalt Group is pan-Baltic conveying and material handling solutions provider, mainly focusing on machinery used for mining, quarrying, recycling and loading. Technobalt Group employs over 100 people and has revenue of ca EUR 20 m.
NCFA role: Sell side M&A
Activity: Machine and metal industry
Marsalis Metall, headquartered in Estonia, manufactures structural steelwork and metal structures for various construction purposes. The company’s steel girders, trusses, pillars and welded girders can be found in several office, storage, industrial and commercial buildings as well in residentail buildings and different public facilities in Scandinavia.
Marsalis Metall’s revenues exceed EUR 25 million and it employs ca 100 people.
NCFA provided a business valuation for the shareholders.
NCFA role: Business valuation
Activity: Manufacture of steel structures and machinery
NCFA role: Capital raising
Activity: Manufacture of steel structures and machinery
Weldmet Solution is an Estonian company, involved in sheet and profile metal products manufacturing. Stainless steel products form a large portion of the products. The company produces rubbish bins, benches, collection boxes, rails etc.
NCFA advised Weldmet Solution in raising EU funding to finance additional machinery.
NCFA role: Capital raising
Activity: Manufacture of steel components
Packaging
Packaging
NCFA role: Business valuation
Activity: Corrugated paper and paperboard container manufacturing
Real estate
Real estate
NCFA role: Business valuation
Activity: Real estate agency services
Recycling
Recycling
Sterotek RVM was engaged in resale and lease of Tomra reverse vending machines in Estonia.
NCFA advised the sole shareholder of Sterotek RVM in one-on-one negotiations where Tomra Europe and the majority shareholder of Sterotek RVM entered into share swap transaction and established a joint venture to cover the whole Baltics.
Tomra is a global, leading reverse vending machines and sorting solutions producer, headquartered in Norway. Tomra is listed in Oslo stock exchange, has revenues of ca EUR 6 bn and 3500 employees.
NCFA role: Sell side M&A
Activity: Sale and rental of reverse vending machines
Tallinn Recycling Center operates the landfill for managing the waste of Tallinn and its surroundings for the next 40 years. It’s surface area is 67 ha and the service area covers up to 500,000 inhabitants.
NCFA advised Tallinn Recycling Center in raising EU funding to improve its composting ability and collection of gas.
NCFA role: Capital raising
Activity: Waste management
Textile
Textile
Silvano Fashion Group is involved in design, manufacture, wholesale, franchise and retail of women’s lingerie. The group developes six lingerie, beachwear and underwear brands: Milavitsa, Lauma Lingerie, Alisee, Avelin and Laumelle for ladies and Hidalgo underwear for men.
The company has ca 700 branded own retail and franchise stores in 23 different countries. Silvano Fashion Group has more than 2000 employees in 5 countries and it generates revenue of ca EUR 60 million. The company is listed in Nasdaq OMX Tallinn and Warsaw Stock Exchange.
The private equity house, owning majority of Silvano Fashion Group, became distressed and unable to service its debts. NCFA provided a fairness opinion for the shareholders in relation to foreclosure of pledged shares by the debtors.
NCFA role: Fairness opinion
Activity: Manufacture of women lingerie
TMT/IT
TMT/IT
NCFA role: Buy side M&A (MBO)
Activity: Bulk SMS services
Trade and service
Trade and service
Citypark is one of the largest Estonian parking operators, operating around 6,500 parking spaces in Estonia.
NCFA advised Citypark’s shareholders in divesting their shares to Lithuanian Unipark in one-on-one negotiations.
Unipark – a trademark used by UAB Stova, subsidiary of Lithuanian Modus Group, operates in car retail, renewable energy and real estate businesses in the Baltics. Modus Group has about 700 employees and a turnover of ca EUR 270 million.
NCFA role: Sell side M&A
Activity: Operation of car parks
NCFA role: Capital raising
Activity: Technical service of events
NCFA role: Capital raising
Activity: Technical service of events
Wood processing
Wood processing
Ha Serv is one of the leading wooden sauna components, ready-made saunas and thermal wood products manufacturers in Europe. With sales of more than EUR 20 million, Ha Serv exports most of its production all over the world.
NCFA advised the majority shareholder of Ha Serv and conducted a full sales process, including several European strategic players and regional financial investors. Ha Serv was eventually sold to Livonia Partners.
Livonia Partners, established in 2015, is a pan-Baltic private equity house with funds under management reaching EUR 80 million. Ha Serv was the first investment for Livonia Partners.
NCFA role: Sell side M&A
Activity: Manufacture of saunas, sauna material and thermowood
Lasita Maja is one of the leading log cabin manufacturers in Estonia with revenues exceeding EUR 30 m.
NCFA advised the sole shareholder of Lasita Maja in one-on-one divestiture negotiations with Dutch Outdoor Life Group. The transaction was executed in two stages. Initially OLG acquired 40% in 2014 with a call option to acquire the remaining 60%. In 2016, OLG executed the option partially, acquiring additional 50%. The founder continues as a CEO, holding 10% shareholding.
Outdoor Life Group is headquartered in the Netherlands and is one of the leading timber garden products groups in Europe with revenues of ca EUR 170m.
NCFA role: Sell side M&A
Activity: Manufacture of log cabins
Puidukoda, located in Estonia, is involved in production and marketing of planed timber products and profiled boards made of Nordic softwood. Roughly 70% of the production is exported to more than 20 countries worldwide. The company’s sales reach EUR 25 m and it employs ca 100 employees.
NCFA advised the majority shareholder in divestiture process and conducted a full sales process involving several European and Asian strategic players. Puidukoda’s majority shareholding was sold to French Protac.
Protac is part of Group Rose – a timber group, located in Lamballe, Brittany, France. In addition to planed timber products, Groupe Rose is also one of the leading farm builders in France. The consolidated sales of Group Rose reach ca EUR 75 m and the group employs roughly 250 employees.
NCFA role: Sell side M&A
Activity: Manufacture of planed timber products
Bole is the world’s first industrial manufacturer of curved floor boards – bolefloors. The production process of the floors is an outcome of a perfect combination of traditional woodworking machinery and highly sophisticated computer algorithms. Bole’s high quality floor boards follow the trees natural growth.
NCFA advised Bole in attracting series A funding (equity, debt, grants) by conducting a full scale capital raising process.
NCFA role: Capital raising
Activity: Manufacture of curved wood flooring