Derling has advised the shareholders of Nortal on their buy-back of 50% of the Group’s shares from the Enterprise Investors investment fund and LHV Pension Funds, regaining full ownership of the company.
The combined transaction price is EUR 15 million, based on the current equity value of EUR 30 million. Derling reports that there are 34 employees of the company among the shareholders, and that the transaction was financed by a combination of personal funds and leverage.
LHV Pension Funds entered as a Nortal Group shareholder in November 2012 and Enterprise Investors EVF I two years earlier. In the company’s press release, Nortal CEO Priit Alamae commented on the deal, saying that six years ago they reached a point where they needed investments to maximize the company’s potential for growth and expansion, and that they have since increased their revenue threefold.
Nortal is an IT company in the Baltics providing services to the public and healthcare sectors and to the private sector in the manufacturing & logistics, energy, telecom, and financial services industries.
Enterprise Investors is one of the oldest and largest private equity firms in Central and Eastern Europe.