Arkna Karjatalu grows cereals and dairy cattle. As one of the few dairy farms, Estonian Native Breed cows are also represented in the Arkna cattle.

NCFA helped Arkna Karjatalu in finding buyers for the 400-head dairy cattle.


NCFA role: Sale of assets
Activity: Agriculture


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.

estonia latvia lithuania
NCFA role: Sell side M&A
Activity: Architectural glass processing


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.

estonia lithuania
NCFA role: Sell side M&A
Activity: Operation of car parks


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.

estonia finland
NCFA role: Sell side M&A
Activity: Manufacture of bread, pastry goods and cakes

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.

estonia latvia lithuania
NCFA role: Sell side M&A
Activity: Manufacture of saunas, sauna material and thermowood


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.

estonia norway
NCFA role: Sell side M&A
Activity: Sale and rental of reverse vending machines


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.

estonia netherlands
NCFA role: Sell side M&A
Activity: Manufacture of log cabins

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.

estonia latvia lithuania
NCFA role: Sell side M&A
Activity: Machine and metal industry


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.

estonia france
NCFA role: Sell side M&A
Activity: Manufacture of planed timber products

TextMagic, established in 2001 and headquartered in Cambridge, UK, provides text messaging and telemarketing services for businesses, agencies and developers. On average over 40 million messages are sent annually through TextMagic platform.  

NCFA advised the management in an MBO transaction.

united kingdom estonia
NCFA role: Buy side M&A (MBO)
Activity: Bulk SMS services

Nordic CF Advisory OÜ

Valukoja 8 (Ülemiste City), 11415 Tallinn Estonia