PE in CEE - Fitek
Country: Estonia
Financial automation leader in CEE
COUNTRY | Estonia | RETURN | 3.3x |
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 |
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.
