Selecta Sells its Operations in Estonia, Latvia and Lithuania to Baltcap
Leading Global Law Firm Baker McKenzie has advised Swiss-founded Selecta Group in its sale of operations in Estonia, Latvia and Lithuania to Baltcap. The three businesses employ around 75 people and generate net sales in excess of €10 million. The deal is expected to close upon receipt of the relevant merger filing approvals in the Baltics.
Selecta is a leading vending and coffee services company in Europe with a turnover of around €736 million, and employing approximately 4,100 people. The Group says that with the sale of the 3 Baltic entities, it will now have a focused geographical footprint, and can continue to strengthen its leading position in European vending and coffee services by increasing its market shares in the core markets.
BaltCap Private Equity Fund II (BPEF II) was established by BaltCap in cooperation with the European Investment Fund (EIF), through the Baltic Innovation Fund (BIF). The fund invests in small and medium-sized enterprises and capital expansion in the Baltic countries.
Speaking after this announcement, David Flochel, CEO of the Selecta Group, said: “We have been impressed by Baltcap’s knowledge of the Baltic business specificities and its ability to develop its portfolio companies. We believe our Estonian, Latvian and Lithuanian businesses will have the ideal new owner to support a continued solid, sustainable and profitable business development”.
The Baker McKenzie team advising Selecta was led by Zurich partner Alexander Fischer. Alexander Fischer said:
It was a pleasure advising Selecta on this strategic cross-border sale that will allow the company to focus on increasing market share in its core European markets.
The Baker McKenzie team included Philippine Bossy and Roger Thomi, and was assisted by Ellex as local legal advisor for the Baltics.
The financial terms of the transaction have not been disclosed.